Every business has its list of competitors.
Some are giants of the industry who have stamped their mark for over a century, with legions of followers and loyal customers across different social media platforms.
Whereas some are new kids on the block, with a solid foundation and team ready to make their mark on the existing marketplace. Regardless of the type of business or industry you’re in, you will be facing tough competition.
The secret to a successful company is always staying a step ahead of their closest competitors. With social media as the number one mass media platforms for all brands, competitor analysis and social media intelligence is something every brand needs in order to stay relevant in their businesses.
Especially when it comes to digital marketing.
Keep reading to learn more about social media competitor analysis and how you can use it to collect meaningful insights to have an advantage over your competitors.
Social media competitor analysis is a collective intelligence of competing brands compiled to help marketers to study and understand business behaviours, marketing strategies, customer interaction and much, much more.
Thanks to social media, brands have switched their marketing strategies based on valuable insights and meaningful data to stay relevant in their businesses. More importantly, it has enabled you to gain access to information that was previously scattered across the world wide web – and now, allowing you and your team to gain valuable knowledge in studying the strengths and weaknesses of your closest rivals.
Hold on! Is this legal? Yes. It is perfectly legal.
Analyzing your competitors on social media is not a sneaky, unorthodox way to have the upper hand when it comes to marketing success. Instead, with the right tools and some guidance, you can tap into the gold mine of publicly available, and share-able data.
With competitor analysis, not only you can study competitive rival brands, but you can also benchmark and enhance your social media content performance throughout various industries.
As mentioned earlier in this article, social media has become this massive marketing platform for brands across industries. From small business owners, to traditional corporate giants – everyone is running their marketing campaigns on social media, creating awareness and utilizing it as an extensive PR tool to communicate with the public.
The potential success of your business performance relies on fine-tuning your social media marketing strategy and as well as to benchmark your performance with the rest.
Measure Your Paid Strategy
Paid campaigns can spiral out of control and eat up your budget if not monitored closely. Therefore, it is always good to keep track of the type of content your competitors are promoting and estimate total spending of their campaigns with the right analytics tool. Then you will be able to understand how their big-paid campaigns performed and you will have a proven benchmark to work out your upcoming strategies.
Create Better Content
Content will forever be king and you will need a steady stream of good content to keep people buzzing about your brand. It is always good to be in the know of the current & emerging trends. And usually, a few top brands will be the first to pick out these trends. Their campaigns are often observed, replicated and modified by other brands for their marketing needs. This allows you to stay ahead of the curve and find what your audiences love and tap into other campaign ideas across social media pages.
Make Smarter Marketing Decisions
Have a better overview of your social media marketing strategies with a comprehensive competitor analysis report to make informed and smarter business decisions. Most traditional CMOs are ignoring the importance of social media intelligence. In contrast, with social media competitor analysis, you are empowering your marketing team with valuable, ongoing social data and priceless information that stamps you on to top the rest.
Conduct A Multi-Dimensional Analysis
Another simple, yet effective method would be categorizing your competition in various tiers. This allows you to differentiate the advantages and disadvantages of your competitors in an organized way.
Here’s an example of how a smart social media competitor analysis tool can help you identify business opportunities for your brand to stay ahead from the rest.
Start Comparing Your Content & Influencers
Look into what type of content your competitors publish more often, and keep track of their engagement rate. Also, identify their top-performing posts and dive deep to understand why their content is attractive to their audiences. If your brand belongs in the same industry, the chances of you discovering impactful content will be higher and you can use it to leverage your future campaigns.
Influencers or key opinion leaders (KOLs) play a big part in branding these days. Especially when they have a strong base of followers. Brands tend to aim for the most impactful KOL to get their messages across their target audiences. By using the robust influencer analysis tool, you can measure the effectiveness of the KOL that your competitors hired, and maybe engage them for your own branding purpose. Or else you can always search for a more KOL with more influential power for your marketing goals.
· Areas your brand is underperforming
· Discovering new social media campaign strategies
· Understanding the value, and results of paid campaigns
Solving all the above with meaningful competitor metrics helps your brand move into the right direction in optimizing your social media performance.
Without valid data to support your brand, generating good content to engage your target audience may not yield the best result. Similarly, competitor analysis should be conducted regularly to update your team on the latest information on your competitors and their market position.
Social media competitor analysis is an essential aspect that needs close attention for a successful marketing strategy and should be included as an important part of your business decisions. Use it wisely to understand your competitors as well as to benchmark your own performance to see where you stand in your industry.
It can be overwhelming to analyze and compile so much analytical data, but the process can be eased with a comprehensive social media analytics platform or tools that are available for marketers out there.