Business owners are well versed in the art of using social media to get more customers. However, beyond just engaging with social platforms, to step up your game, you might also need to perform a deep social media competitor analysis. This will help you understand the strengths and weaknesses of your competitors, and effectively position you in the market. You can then use insights from the data to inform a successful digital marketing strategy.
Here’s a five-step guide on how to do social media competitor analysis:
Step 1: Find out who you’re competing with:
If you’re a local business, you probably already know the names and social media profiles of your competitors. If you’re an e-commerce business or sell globally, then you may have to dig a little deeper to understand your competitors. You can start by querying search engines and social media pages for businesses offering similar services or products. One of the best ways to identify your primary competitors is to use Google search. Try Googling key terms related to your business niche or expertise. You should also search social media sites, using hashtags that are related to your area of business, such as #dentist.
Step 2: Filter your competitor list:
Once you have compiled a list of competitors, it’s best to filter the list to a manageable size by looking at who is following the competitors’ profiles. You can identify your direct competitors by seeing if their followers overlap with any your customers. It’s also a good idea to keep the list on the shorter side to avoid getting overwhelmed. There are thousands of competitors online, but you only need to collect data for the ones that are closest to your business.
Step 3: Check out their social media presence:
Social media competitor analysis can help you identify numerous business elements, including what your competitor’s social media presence is like. You need to see which social media websites on which your competitors are active. While the majority may be mainly on Facebook, Google+ and Twitter, other may have expanded onto Instagram, Pinterest, LinkedIn and YouTube.
The first step in analyzing their strategy is to make detailed notes about their social media presence. This can help you identify which social media strategies are making them successful and what is holding them back. You can also look at their follower lists to find hot leads for your own similar business.
To gain insight into how fast your competitors are growing on social media, note the number of followers that they have on each social media platform. Then check the numbers again after a couple of weeks.
Step 4: Keep an eye on competitors’ posts and engagement:
If social media followers are interested in the content that a brand posts, they will remain connected with it. The one thing that businesses with a large fan base and following on social media websites have in common is that they regularly post interesting content. This encourages their user base to engage with them, leading to more opportunities for their business.
In order to understand how your competitors are engaging their audience, look at all their posts as a whole. You can copy and paste their posting history onto a word document, and then highlight the times and frequency of their posting schedule. Also note when they use new content, and look at the level of engagement the posts receive. The number of likes and shares are good indicators of how well that content was received.
The insights you can gain from looking at the details of your competitors posts can put you in a better position when planning your own digital marketing strategy. Analyzing how often your competitors are adding something new to their social media profiles can also help you budget for new media assets.
Step 5: Look at their strengths and weaknesses:
In order to beat your competition on social media, you have to understand their social media marketing strategy. One way to do this is to analyze their posts and engagement numbers. Figure out which types of posts get the most traction with their users. Then try using similar posts on your social media profile. Similarly, you can take note of the types of posts that don’t get much engagement. You can then make sure to avoid making the same mistakes in the future.
Another strategy for social media competitor analysis is to go through the comments that customers have made on your competition’s social media posts. The comments will give you insight into the typical concerns and queries faced in your area of business. This data can help you improve your own service based on relevant customer feedback.
Analyzing your competition on social media can help you gain an in-depth understanding of what your competitors are doing right to attract customers. Social media competitor analysis gives you the chance to get an edge on your competition by understanding their strengths and weaknesses.
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