Social media is a battlefield where marketers compete for customer’s attention in today’s digital landscape. Analyzing your competition is one of the most important ways to stay ahead.
A well-structured social media competition analysis can provide critical insights, help in identifying opportunities, and optimize your strategies for attracting more followers and engaging more deeply with your audience.
Here’s how to do it effectively.
Table of Contents
Identify your top competitors
Before you begin your analysis, identify your top competitors. These are brands within your niche or business that compete for the same target demographic. Search for businesses with similar products, services, or brand positioning.
How to identify competitors:
1. Use search engines: Enter industry-specific keywords to observe which brands consistently rank high.
2. Check social platforms: Search hashtags and keywords related to your niche to see which brands are engaged.
3. Analyze your audience’s interests: Tools such as Facebook Audience Insights can help you discover which brands your audience follows.
Knowing who to monitor prepares you for an effective analysis.
Related Article: How to Create an Effective Social Media Marketing Plan
Evaluate their content strategy
What works and what doesn’t may be shown by analyzing the content of your competitors. Content variety, frequency, and engagement metrics are important factors to consider.
What to analyze:
- Content type: Do they publish images, videos, infographics, tales, or text posts? Get a feel for what makes sense to their demographic.
- Content frequency: How frequently do they post? Knowing their posting schedule can help you plan your own.
- Content theme: Take note of repeating themes. Do they prioritize education, entertainment, or product features?
- Engagement metrics: Use the number of likes, comments, and shares per post to determine what is engaging.
Use tools like BuzzSumo or Hootsuite to make this process easier and track content performance.
Evaluate audience engagement
Audience engagement measures how well a competitor engages with their followers. Analyzing these engagements may reveal possibilities to outperform them.
Engagement factors to consider:
- Response time: How quickly do they respond to comments and direct messages?
- Type of engagement: Are they building conversations or simply broadcasting messages?
- Community building: Do they have meaningful engagements, or is it one-sided communication?
Try to identify patterns in high-engagement posts and determine which content type builds active participation.
Research their follower growth and demographics
Follower growth trends might provide valuable insights into a competitor’s success. A quick surge could imply a viral campaign or savvy ad placement.
Key data points:
1. Follower growth rate: Is their audience consistently increasing, or do they have spikes?
2. Audience demographics: Knowing the age, gender, geography, and interests of their followers will help you plan your content strategy.
Tools like Social Blade can help you track your followers’ growth over time, while platforms like Instagram and Facebook provide demographic information.
Related Article: How to Develop a Social Media Calendar for Consistent and Effective Engagement
Track their social media Ads
Paid social ads are essential for digital marketing. Analyzing your competitors’ ad strategy can provide inspiration for your own campaigns while also allowing you to avoid their mistakes.
Aspects to consider:
- Ad platforms: Are they more engaged with Facebook, Instagram, TikTok, or LinkedIn?
- Ad types: Determine whether they use static images, carousel advertisements, video ads, or story-based marketing.
- Targeting tactics: While specific targeting settings are not public, you can deduce techniques based on ad text and audience engagements.
Use the Facebook Ad Library to discover what advertisements your competitors are currently running and take note of their content style and tone.
Evaluate influencer collaborations
Influencer marketing is an emerging concept that can greatly increase engagement. Check to see if your competitors collaborate with influencers and how successful their efforts are.
What to watch for:
- Type of influencer: Are they big names or small influencers?
- Engagement levels: Are the collaborations creating a lot of interest?
- Content style: Look at how the influencer portrays the product or service. Authenticity frequently leads to increased engagement.
This information might help you develop your own influencer strategy or identify potential influencers to collaborate with.
Use social listening tools
Social listening can help you gain a better grasp of how others see your competitors. Monitor brand mentions and emotions to see how successfully they are managing their reputation.
Recommended tools:
- Mention: Tracks brand mentions on the web and social media.
- Brand24: Carries out sentiment analysis and records the reach of mentions.
- Sprout Social: Provides a comprehensive snapshot of brand sentiment and audience conversations.
Understanding the tone and context of these references can help you define your brand’s voice and messaging.
Identify content gaps and opportunities
Your analysis should highlight what your competitors are doing successfully and what they are overlooking. Content gaps provide the opportunity to add value and make your brand unique.
Steps for identifying content gaps
1. Perform a keyword analysis: Use tools such as Ahrefs or SEMrush to identify keywords that your competitors rank for but you do not.
2. Assess engagement gaps: If your competitors’ audience engagement on a specific topic is low, consider exploring an alternative viewpoint.
3. Create unique content: Respond to unmet demands in your niche. Consider creating guides, how-tos, or exclusive interviews that your competitors have not yet taken advantage of.
Track your progress
Competitor analysis is not a one-time exercise. Create a strategy to regularly monitor your competitors’ strategies and adapt accordingly.
Tips for ongoing monitoring:
1. Create a competitive dashboard: To track crucial KPIs, use Excel or programs such as Google Data Studio.
2. Review quarterly: Analyze progress and change your tactics depending on what’s working and emerging trends.
Regular updates help you stay nimble and responsive to developments in your niche.
Related Article: Learn How to Identify your Target Audience on Social Media
Final thoughts
Competitor analysis on social media involves more than just spying on your competitors. It’s about understanding the market, identifying gaps, and using that knowledge to develop a strategy that distinguishes your brand.
By leveraging data-driven insights, you can fine-tune your social media efforts and gain a competitive advantage that leads to long-term success.
