Your Guide to Social Media Competitive Analysis | Social Media Statistics & Metrics | Socialbakers

Your Guide to Social Media Competitive Analysis | Social Media Statistics & Metrics | Socialbakers

No matter what kind of business you have, you will be facing competition. These might be older, more established companies with loyal clientele and a legion of fans on social media, or they might be new competition coming out of the woodwork trying to destabilize your place in the market.

Getting the edge over your competitors is absolutely essential if you want your business to succeed, but that’s easier said than done – just knowing who they are and what they sell isn’t enough to beat them.

This is where social media competitive analysis and competitive intelligence come in.

What exactly is social media competitive analysis, and how do you collect the relevant intelligence? How do you use it? Read on to find out.

What Is Competitive Analysis and Why Is it Essential?

Competitive analysis is the collection and analysis of competitor information and intelligence on their business behaviors, customers, and more.

It has long been a mainstay of business practice, and crucial for your business’s success. But with the advent of social media and web analytics, the way you should conduct a competitive analysis report has changed.

These days you will have to look to more sources of information than you would have in the past. On the bright side, this also means that the information you are able to collect on rival firms has expanded dramatically – allowing you to build a very detailed profile of who your competition is, where their weaknesses are, and how you can exploit them to get ahead of the game.

Note that competitive analysis isn’t some kind of shady espionage. You won’t have to rifle through anyone’s drawers or piece together shredded receipts for the information you need. There is a staggering wealth of valuable, publicly available data that you can tap into with the right tools and guidance.

Another important thing to keep in mind when planning to do a social media competitive analysis is that you shouldn’t just be thinking of your immediate competitors. To really get the edge, you’ll need to expand your research and benchmark your performance against your industry and region.

The Benefits of Competitive Analysis

The benefits of conducting a comprehensive social media competitive analysis are impressive. From identifying rival firms and fine tuning your strategy, to benchmarking your performance and getting ahead, social media competitor analysis will touch every aspect of your business performance and potential success.

Measure and Finetune Your Strategy

By running a social media competitive analysis, you’ll be able to compare and contrast key aspects of your competitors’ strategies and gauge how well your own strategy is performing in different social media environments.

See Where You Rank

You’ll also see where you rank in your market, your region, or your industry. This is a great way to pinpoint your immediate competitors, especially if you’re using it to look at social media platforms and where you rank on each.

Tailor Your Paid Strategy

In line with this, it’s also good to keep track of the content your competitors are promoting, and where. You’ll be able to see how paid-heavy their strategy is and work to either match it or work around it.

Pick Up on Useful Market Trends

Another major benefit of your social media competitor analysis will be in spotting and making use of market trends. With the right tools, tapping into the wealth of data social media can provide you with can allow you to look beyond your present, put your performance into context, and help you build a picture of your future.

This can allow you to stay ahead of the curve in what’s ‘in’ and what’s falling out of style so that your content stays fresh and engaging. It will also allow you to avoid potential gaffs – and in an environment where any errors are very, very public, and mistakes can be screenshotted, the importance of this perk can’t be overstated.

To make the most of this particular benefit you’ll need the right social media competitor analysis tools. Namely a social media listening tool, and a source of content inspiration that you can rely on to spark your creativity and keep you in-the-know when it comes to what others in your market are publishing.

Put Your Performance Into Context

This data comes together to allow you to track your performance in tandem with your competition – allowing you to look beyond your individual performance and put your data into context.

Let’s say, for example, that your engagement has been dropping lately. Just looking at your own data you might assume you’re doing something wrong. But comparing your data to content from your competitors can show you if that assumption is correct or if something else is happening.

Let’s say that you see their engagement has been dropping too. This may point to algorithm changes affecting your reach, rather than mistakes on your part.

Make Smarter Strategic Decisions and Investments

With a comprehensive social media competitive analysis report, you will have a better view of the playing field and be better placed to make informed and effective business decisions for better investment and strategy.

Many companies underestimate the importance of social media competitive intelligence, but with a well-defined and ongoing data collection strategy, the information you’ll have at your fingertips is invaluable and priceless.

Competitive insights like these are one of the key elements that can take your business decision-making from good to great. You’ll be able to adjust where needed to catch up or shore up your lead to stay ahead of the competition.

How to Do a Social Media Competitive Analysis

Start Small

When you’re getting started with your competitive analysis, it can seem like a monumental task. Don’t get lost in all the things you could be doing – it’s ok to start small with your analysis and slowly build on the data you have.

It’s more important for your data collection to be accurate and relevant. So let’s get started with your immediate surroundings and go deeper as you expand your analysis.

Start with your immediate competition. These would be the competitors you are likely already actively working to beat.

This is an important stage because it’s a stepping stone to a more comprehensive understanding of what your competition really looks like.

You’ll want to categorize your competition into a few key groups:

Primary Competition
These are your most obvious competitors. They are targeting the same audience you are, and/or they have a similar product to what you are selling.
Tertiary Competition
Tertiary competitors are not your direct competition, but they are businesses that may still take up market share or become a problem when you want to expand your business or product range in the future. If you have a business selling plants, a tertiary competitor might be a florist.
Each competitor will have different advantages and disadvantages, and it’s important that you understand their performance in a multidimensional way.

Here you can make use of some excellent online tools. In particular, you’ll want to get your hands on a robust tool for head-to-head comparisons of your business against the competition.

Once you have identified other businesses in your space, categorize them and map out the strengths that make them a threat to your business, along with the weaknesses that you can exploit to gain the upper hand.

You’ll also want to delve into their market position a little more. Find out who their customers really are, and what drives them to purchase from your competition. Is it price? Quality? Convenience? Compare your findings to the marketing copy they publish to decipher more information about their strategy.

One sneaky way to gather even more information is to sign up for whatever newsletters and educational content they have. You should also follow their blog and track their social media.

You can even purchase their product to see their buyer’s journey and user experience are like. Or start the buyer’s journey and then abandon it. If it’s an online retailer, for instance, you can put an item in your cart, then leave the site and wait to see if they have an email series set up to encourage you to return to your purchase.

Every piece of information you collect like this is something you can leverage in the future to improve your own market position.

Expand Your Analysis

After your immediate competition, it’s time to expand your reach and understanding of the playing field.

One great place to get started here is by doing a similar comparison to what you started with – but with a larger set of your competitors all at once. You could do this manually, but thankfully you won’t have to – with Socialbakers head-to-head comparisons, you can select up to ten competitors at once for an immediate and comprehensive view of how you stack up.

In this comparison stage, you will also want to increase the scope of your analysis to look at more than just your immediate surroundings.

Look for competition within your industry and region – and maybe even spend some time thinking about areas you might have missed in your first pass, like competitors who might be conducting business in other languages. These are businesses you might miss with searches in only your native language, but they could still be eating up market share.

Another way to find competition you might have missed initially is by looking at your audience’s affinities. By this we mean the pages and brands your followers and customers also like. Sometimes these are harmless, and they can be an excellent opportunity to learn how to reach your audience more effectively, but you may also discover that your audience is also flirting with one or more of your competitors!

If you haven’t run a target audience analysis yet, you’ll definitely want to do that as well. But don’t worry, we have a guide for that too! Target Audience Analysis: Everything Digital Marketers Need to Know
Tracking down your audience’s affinities can be a time-consuming manual process, but if you’re using Socialbakers you can discover your audience’s affinities and more in moments. Socialbakers Suite even segments your audience into personas based on interests and demographics to give you a granular view of your audiences and how they might interact with your content.

Give it a try with our free persona mapping tool.

Dig Deep With Benchmarks

At this stage of your social media competitor analysis you’ll want to benchmark your content performance against a wider set of industry, regional, and market players.

Dive into both your paid and organic benchmarks to really get a feel for what’s working and what’s not – in context.

On the organic side, go platform-by-platform for a multidimensional view of your content’s success on social media vs. your competition. Connecting your social media to an inclusive, all-in-one social media management platform is the easiest way to consolidate this data, but there are also free social media competitor analysis tools that can help you out.

Free Social Media Competitor Analysis Tools:

One thing to keep in mind though is that it’s not just your image and text content that’s important to benchmark. Videos are becoming increasingly important across every social media network, and it’s imperative that you benchmark your video performance against that of your competition as well.
On the paid side, it’s your ads and promoted posts that you’ll want to be keeping track of. Compare costs with other businesses in your industry and region with ads benchmarks.

But why not take it a step further? Dig up the posts your competition is promoting to get a feel for their strategic goals and the type of content you’re up against.

Benchmarking your paid strategy against the competition is an excellent way to improve and make informed business decisions around your promotions – with a more comprehensive view, you’ll be able to reduce costs and improve click-through rates.

If you’re not sure which posts you should be promoting or how to recognize posts with potential, why not try one of these free tools?

How to Optimize Your Performance With Social Media Competitive Analysis

Once you’ve collected the data from your social media competitive analysis, it’s time to put it to use.

First things first: identify the areas of your strategy that are performing well and where you are falling behind.

Here you will want to look into the areas of your strategy that are underperforming and consider how best you can improve – your new data should help you see where and why you are not performing quite as well as you need to be and assist you to improve those areas.

Do you need to improve your content? This is not just a question of quality. Even good content will perform badly if parts of it aren’t tailored to your audience – consider tone, the information you are publishing, and even the format.

Let’s say you have an interesting data set. Would it perform better as a bitesize infographic or as an informative article? There’s no overall correct answer, it’s all down to what your audience would be more interested in engaging with.

What about your paid strategy. Based on the data you have collected, do you need to update and re-optimize the copy?

But don’t rest on your laurels with the parts of your strategy that are succeeding! Even the areas you’re doing well in can always be improved with new data.

One example of a data-driven change in strategy comes from French fashion retail leader, La Redoute. Partnering with Socialbakers, they made some game-changing decisions and increased turnover by a whopping 40% while simultaneously decreasing their CPC by 23%. Check out the full article here.

Once you’ve gone through the full social media competitive analysis report process and updated your strategy, it’s important that you go back to check in on your progress regularly. You can do this by comparing your latest results to those of your competitors to see if your efforts at improving your strategy are paying off.

You also want to be running through a full social media competitive analysis report regularly to update the information you have on your competitors and their market position. You need to know if new players have shown up and what your competition has been up to since you last studied them.

The Takeaway

Social media competitive analysis is the bread and butter of a successful marketing strategy and should be an integral part of your business decisions. Use it to understand both your competitors’ performance as well as your own, all in the context of your industry and regional market.

When you’re looking for the data you need, a comprehensive social media management tool with analytics and listening capabilities is your most valuable asset, but there are some excellent free social media competitor analysis tools available as well to help you out.

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Trump’s 2020 attack strategy: Smear Biden over mental fitness
By Eric Bradner, Ryan Nobles and Dan Merica, CNN

President Donald Trump and his allies have zeroed-in on an attack against Joe Biden, going after the presumptive Democratic governmental nominee’s mental physical fitness in a coordinated effort using smears and innuendo to paint him as ill-quipped to be President of the United States.

Trump for months has questioned the mental skill of the opponent he calls “Drowsy Joe.” Trump last week described Biden as “a sleepy person in a basement of a home,” and he has actually repeatedly recommended that Biden did not personally write declarations issued by his project criticizing Trump’s handling of the coronavirus pandemic.

His project and the Republican National Committee have progressively focused its attacks on Biden’s tendency for on-camera verbal stumbles in recent weeks, as it looks for to define Biden after he emerged triumphant from the Democratic primary.

One example came previously this month, when Trump’s campaign launched an ad comparing Biden and Vermont Sen. Bernie Sanders, which closed with the line: “At least Bernie remembers his positions.”

https://twitter.com/parscale/status/1247928262036258816

The attacks are an early demonstration of how Trump will utilize the full Republican politician Celebration apparatus to run a scorched-earth campaign based upon personal insults and unwarranted insinuations– a heightened variation of his playbook from 2016, when Trump and his allies, without proof, called into question Hillary Clinton’s health. They have actually become a daily occurrence from Trump’s campaign, assistants and Republican allies throughout every medium possible– on social media, in campaign e-mail blasts and videos and on Trump-aligned media companies like Fox News.

Biden’s advisers and Democratic allies mention that Trump is guilty of many of the same verbal tics he is attacking Biden over, and often lies and embraces conspiracy theories.

As one Biden ally put it: “Has Trump taken his own guidance and downed a gallon of bleach yet?”

The attacks weaponize Biden’s propensity to stumble over words, utilize the wrong word or interrupt himself in the middle of long answers by stating, “anyhow,” and altering course. To fans of a former vice president who in December 2018 called himself a “gaffe maker,” those long-time spoken tics have always belonged to Biden’s public persona. They are made more forgivable to his advocates by Biden’s openness about conquering a stutter.

Aside from periodic jousts amongst assistants on Twitter, Biden’s project has mostly neglected the Trump project’s attacks.

Biden-world’s view is that the political and media landscape has actually shifted because 2016, when every Trump attack on a rival was treated as novel and took command of the project narrative on social media and cable news.

His consultants pointed to Trump’s stopped working efforts to guide the political discussion in the 2017 Virginia governor’s race, when he and his GOP allies cautioned of the MS-13 gang, in addition to the 2018 midterms, when Trump’s message concentrated on caravans of refugees approaching the US-Mexico border.

” The misapprehension that whatever Trump wishes to speak about is inherently efficient and that he gets to act as the media’s at-large task editor has actually been closed,” a Biden consultant said.

As Biden has adapted to marketing in the age of coronavirus– knocked off the campaign path and rather transmitting occasions and interviews from a transformed rec room in his basement in Delaware– Trump’s project is seizing on every on-camera miscue, with conservative Trump allies such as Fox News host Sean Hannity then magnifying them.

” His sharpness, or absence thereof is on screen every day, every time he talks,” Trump project spokesperson Tim Murtaugh informed CNN in response to concerns about the technique. “His failure to keep a train of thought going is obvious.”

Biden frequently looks down at his notes, which Trump’s allies have actually mischaracterized as Biden dropping off to sleep. Trump’s boy Eric Trump tweeted a seven-second video from Biden’s online broadcast with Hillary Clinton on Tuesday, along with the hashtag “#SleepyJoe.”.

https://twitter.com/EricTrump/status/1255213748811374596.

Robby Mook, Hillary Clinton’s 2016 campaign supervisor, said Trump “always projects his biggest weakens on his challenger in an attempt to deflect criticism from himself.”.

” What is very clear is the White Home thinks his presidency will be evaluated on how properly he is managing coronavirus, so it makes ideal sense that he is now attempting to accuse his challenger of incompetence, which is ridiculous.”.

The attacks resemble how Trump’s campaign pursued Clinton in 2016, Mook noted. Trump and his campaign frequently cast the former secretary of state as sick or unhealthy, a technique that was further elevated after Clinton stumbled after a September 11 occasion in New York due to concealed pneumonia.

” I simply see a pattern regularly from 2016 all the way through now, which is, he attempts to predict his most significant issues onto his opponents so he gives the media a false equivalence to attempt to muddy the water,” Mook stated. “Part of the factor he was so obsessed with calling Hillary Clinton dishonest is because he is probably the most deceitful individual to win the White Home.”.

Biden advisers argue that Trump’s efforts to caricature Biden won’t overcome the same qualities that insulated him in the Democratic primary: After 5 decades in the public eye and eight years as President Barack Obama’s No. 2, voters feel like they know him.

Biden frequently expresses distaste for attacks on his rivals’ character. His aides say that by questioning Biden’s mental capability, the President is guiding the project toward concerns of character and fitness.

” This is asinine to tee up– since it’s 10,000 times even worse for him,” a Biden adviser stated.

As an example of how easily Trump could be parodied, Biden’s assistants indicated a video from The Daily Show in which Fox News hosts and analysts’ comments about Biden’s mental skill were interspersed with videos of Trump’s own verbal flubs.

Biden spokesman Andrew Bates tweeted The Daily Program’s video, which has been seen 3.6 million times on Twitter, on March 25, in action to Trump spokesperson Matt Wolking tweeting: “When is the last time Joe Biden was lucid?”.

https://twitter.com/AndrewBatesNC/status/1242886701002960896.

” Triggering voters to assess prospects’ mental states is a devastating proposal for Donald Trump, so we’re never going to prevent him from going there,” Bates said.
– CNNPolitics.

Trump’s 2020 attack strategy: Smear Biden over mental fitness By Eric Bradner, Ryan Nobles and Dan Merica, CNN President Donald Trump and his allies have zeroed-in on an attack against Joe Biden, going after the presumptive Democratic governmental nominee’s mental physical fitness in a coordinated effort using smears and innuendo to paint him as ill-quipped to be President of the United States. Trump for months has questioned the mental skill of the opponent he calls “Drowsy Joe.” Trump last week described Biden as “a sleepy person in a basement of a home,” and he has actually repeatedly recommended that Biden did not personally write declarations issued by his project criticizing Trump’s handling of the coronavirus pandemic. His project and the Republican National Committee have progressively focused its attacks on Biden’s tendency for on-camera verbal stumbles in recent weeks, as it looks for to define Biden after he emerged triumphant from the Democratic primary. One example came previously this month, when Trump’s campaign launched an ad comparing Biden and Vermont Sen. Bernie Sanders, which closed with the line: “At least Bernie remembers his positions.” https://twitter.com/parscale/status/1247928262036258816 The attacks are an early demonstration of how Trump will utilize the full Republican politician Celebration apparatus to run a scorched-earth campaign based upon personal insults and unwarranted insinuations– a heightened variation of his playbook from 2016, when Trump and his allies, without proof, called into question Hillary Clinton’s health. They have actually become a daily occurrence from Trump’s campaign, assistants and Republican allies throughout every medium possible– on social media, in campaign e-mail blasts and videos and on Trump-aligned media companies like Fox News. Biden’s advisers and Democratic allies mention that Trump is guilty of many of the same verbal tics he is attacking Biden over, and often lies and embraces conspiracy theories. As one Biden ally put it: “Has Trump taken his own guidance and downed a gallon of bleach yet?” The attacks weaponize Biden’s propensity to stumble over words, utilize the wrong word or interrupt himself in the middle of long answers by stating, “anyhow,” and altering course. To fans of a former vice president who in December 2018 called himself a “gaffe maker,” those long-time spoken tics have always belonged to Biden’s public persona. They are made more forgivable to his advocates by Biden’s openness about conquering a stutter. Aside from periodic jousts amongst assistants on Twitter, Biden’s project has mostly neglected the Trump project’s attacks. Biden-world’s view is that the political and media landscape has actually shifted because 2016, when every Trump attack on a rival was treated as novel and took command of the project narrative on social media and cable news. His consultants pointed to Trump’s stopped working efforts to guide the political discussion in the 2017 Virginia governor’s race, when he and his GOP allies cautioned of the MS-13 gang, in addition to the 2018 midterms, when Trump’s message concentrated on caravans of refugees approaching the US-Mexico border. ” The misapprehension that whatever Trump wishes to speak about is inherently efficient and that he gets to act as the media’s at-large task editor has actually been closed,” a Biden consultant said. As Biden has adapted to marketing in the age of coronavirus– knocked off the campaign path and rather transmitting occasions and interviews from a transformed rec room in his basement in Delaware– Trump’s project is seizing on every on-camera miscue, with conservative Trump allies such as Fox News host Sean Hannity then magnifying them. ” His sharpness, or absence thereof is on screen every day, every time he talks,” Trump project spokesperson Tim Murtaugh informed CNN in response to concerns about the technique. “His failure to keep a train of thought going is obvious.” Biden frequently looks down at his notes, which Trump’s allies have actually mischaracterized as Biden dropping off to sleep. Trump’s boy Eric Trump tweeted a seven-second video from Biden’s online broadcast with Hillary Clinton on Tuesday, along with the hashtag “#SleepyJoe.”. https://twitter.com/EricTrump/status/1255213748811374596. Robby Mook, Hillary Clinton’s 2016 campaign supervisor, said Trump “always projects his biggest weakens on his challenger in an attempt to deflect criticism from himself.”. ” What is very clear is the White Home thinks his presidency will be evaluated on how properly he is managing coronavirus, so it makes ideal sense that he is now attempting to accuse his challenger of incompetence, which is ridiculous.”. The attacks resemble how Trump’s campaign pursued Clinton in 2016, Mook noted. Trump and his campaign frequently cast the former secretary of state as sick or unhealthy, a technique that was further elevated after Clinton stumbled after a September 11 occasion in New York due to concealed pneumonia. ” I simply see a pattern regularly from 2016 all the way through now, which is, he attempts to predict his most significant issues onto his opponents so he gives the media a false equivalence to attempt to muddy the water,” Mook stated. “Part of the factor he was so obsessed with calling Hillary Clinton dishonest is because he is probably the most deceitful individual to win the White Home.”. Biden advisers argue that Trump’s efforts to caricature Biden won’t overcome the same qualities that insulated him in the Democratic primary: After 5 decades in the public eye and eight years as President Barack Obama’s No. 2, voters feel like they know him. Biden frequently expresses distaste for attacks on his rivals’ character. His aides say that by questioning Biden’s mental capability, the President is guiding the project toward concerns of character and fitness. ” This is asinine to tee up– since it’s 10,000 times even worse for him,” a Biden adviser stated. As an example of how easily Trump could be parodied, Biden’s assistants indicated a video from The Daily Show in which Fox News hosts and analysts’ comments about Biden’s mental skill were interspersed with videos of Trump’s own verbal flubs. Biden spokesman Andrew Bates tweeted The Daily Program’s video, which has been seen 3.6 million times on Twitter, on March 25, in action to Trump spokesperson Matt Wolking tweeting: “When is the last time Joe Biden was lucid?”. https://twitter.com/AndrewBatesNC/status/1242886701002960896. ” Triggering voters to assess prospects’ mental states is a devastating proposal for Donald Trump, so we’re never going to prevent him from going there,” Bates said. – CNNPolitics.

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