In this very competitive market, it is really important to know exactly where your social media strategy stands, compared to your competitors. It’s essential to know how you could monitor and make use of competitor data to make smart decisions for your own business.
This is why it is convenient to have an expert in social media to guide you in getting to know your competitors but if you haven’t decided on getting one, here are guides and tips to provide you a clear picture of your competition. From what they’re doing well to what they’re not and everything in-between. This will help shape your strategy into a winning one.
Competitive Analysis Is…
Looking at your competitors’ social accounts and activity, as well as using social media tools to monitor it. It’s also getting a better understanding of what the social media landscape looks like in your industry.
Conduct a Competitive Analysis By
Knowing who they are, collecting data about them, and breaking that data down into something you can understand. These are key points you need to do to have a successful analysis of your competitor’s business.
Who Are Your Competitors?
The very first step to analyzing your competitors is definitely knowing who they are. It’s seems to be impossible without this step. You have to do this now and do it properly to get you in a good place. If you don’t know them yet, these are ways to know them:
1. Checkout who your audiences follow. Checkout your audiences’ social media accounts and look for similar businesses as yours. Take note of these businesses.
2. Search keywords on Google. This is a very easy way to see a list of your top competitors as the search engine will likely show you the top businesses on that keyword. Again, list them down.
Use three to five of the competitors to study. You want this number to make sure you have enough manageable data.
What Data Can You Collect From Them?
Here are data you need to be looking for from your list of competitors in order for you to conduct the analysis more effectively.
1. Know what social media platforms are they on.
2. How many followers do they have?
3. How often do they post?
4. What do they often post and how are the engagement on the posts?
How to Understand the Data You Have Collected
Once you have collected these data, use competitive analysis tools to analyze and understand them. It’s very important that you fully understand the data so that you can use it to your advantage and in coming up with your own social media strategy.
What to Keep In Mind during the Competitive Analysis?
Be Systematized and Organized
It’s hard to be keeping up with lots of data if you will not have an organized way of collating them. Make sure that you have figured out what works best for you in arranging all the information your gather around. Remember, the more data you have, the more organized and systematized you should be.
Be Objective and Neutral
Focus in understanding the data and results. Do not conclude right away but instead, try to understand why some organizations are successful, why others are not, and where you fit into that equation. Remember, always base your conclusions on the result of your analysis and not just from your observations.
Be Imaginative and Innovative
Once you get an idea on what works for your competitors, you need to imagine why it worked and then come up with new ideas and perks that will more likely give your business an edge over the others. Make sure you always follow the Golden Rules to Successful Social Media Marketing. You can come up with totally new ideas or innovate what they are doing to fit your business! Remember, the more authentic, the better.
Aside from getting ideas on your competitor’s strategies, you may also look for places they are not very good at or look for things that are lacking in their social media strategy. If you are able to cater to these unanswered needs of customers, you will do very well. Remember, anything they lack is a chance for you to do it better and give your brand an edge.
While it’s a great start to base your social media strategy on what already works for your competitors and what they are lacking, it is still a goal to come up with ideas that will make you stand out. Try to think of new and unique contents that will build interactions with your audiences. Find out where you are best at and start marketing it. Remember, anything original that’s happening in your industry will catch the attention of your target market.
Analyzing and monitoring your social media competitors should not just be done once or until you have come up with your own strategy. It is supposed to be a continuous process. You need to keep an eye on your competitors to know if there are new activities that they are doing. Also make sure to check if there are new competitors that paved their way. Get to know them and the technique they used to rise up. Remember, social media changes everyday and so as the demands and interests of your customers!
A social media competitive analysis gives you an amazing advantage by providing you with the insight and information you need to create a winning social media strategy. You need to use this wisely to have a better understanding on how things work in your industry and what your competition is doing to cope with the trends.
At this point, you are already equipped with the knowledge on how you can get to know your competitors and analyze their activities. If you need any help, you can look for best social media company to help you out in making sure that you have a good analysis and understanding of your competitors.