Social networking is one of the powerful tools we have for marketing today. It allows us to connect with our target market in a way that was never before possible, and it gives us the ability to track and measure our results like never before. Online marketing using social media is a must for any business today.
Read more: The Do’s and Don’ts of Social Media Marketing.
One of the essential things we can do when using social media for marketing is to perform a competitive analysis. To be successful, you need to know who your competitors are and what they’re doing.
The first step in any competitive analysis is to identify your competitors. When it comes to social media, this can be a bit tricky. After all, millions of active users are on platforms like Facebook and Twitter. Read on to understand how to use a competitive social media analysis to win.
What Is Social Media Competitive Analysis and Why Is it Important?
The competitive analysis involves identifying your competitors and assessing their strengths and weaknesses. This information can then develop strategies to help you compete effectively against them.
There are many different ways to conduct a competitive analysis, but one of the most effective is to do it through social media. Social media provides a wealth of information about your competitors, including what they say about their products and services and how they interact with their customers.
Some benefits of conducting a competitive analysis on social media include:
- Gaining insights into your competitor’s strategies and tactics
- Learning about their strengths and weaknesses
- Identifying opportunities to differentiate your products and services
- Generating ideas for new content and campaigns
Steps To Conduct a Social Media Competitive Analysis
1. Define Your Objectives and Goals for the Analysis
There are several different ways you can approach a social media competitor analysis. You can focus on a specific platform like Twitter or Facebook or take a more holistic approach and look at all the different channels your competitors use.
Another consideration is whether you want to compare your performance against the competition on a single metric or if you want to take a more comprehensive approach and look at multiple metrics.
2. Identify Your Competitors
Competitor analytic tools can help you get a list of your competitors. Google AdWords’ Keyword Planner is a great place to start, as it allows you to research the keywords that your competitors are targeting. You can also use social listening tools like Hootsuite Insights and BuzzSumo to see which brands are being talked about the most online.
3. Gather Data on Your Competitor’s Social Media Profiles
Some crucial information about your competitor’s social media profiles include:
- How often do they post
- The topics they post about
- The tone/voice of their posts
- Which social media platforms are they most active on
- Any hashtags or keywords they use frequently
One option is to use a social media monitoring tool to give you detailed insights into your competitor’s social media activity.
4. Analyze Your Competitors’ Content Strategies
These include the topics they write about, the format of their content, and how often they publish.
You can use this information to improve your content strategy by emulating what’s working for them and filling in the gaps with your unique ideas.
Social media engagement metrics like shares, likes, and comments can also give insights into what content resonates with your competitor’s audience.
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