Social media competitor analysis is a type of analysis that is prepared by examining the use of social media and performance criteria of your competitors. It’s usually not an easy job to analyze competitors’ social media data. Although most data are public on social media, compiling and analyzing this data correctly; requires the right tools and experience.
The greatest measure of the success or failure of your performance on social media is your position among your competitors in a competitive environment. Social media competitor analysis targets your competitors as a benchmark when evaluating your company’s social media outlook.
According to a study by eMarketer, the world’s adaptation of social media to marketing has been growing rapidly since 2007. Digital marketing activities were used by 20% in 2007 and today it has increased to 90%. By using the social media competitor analysis tools and reports, you can build your social media marketing strategy according to the data about your industry, your competitors, and your target audience.
This means that if your brand still doesn’t have a presence on social media, or if your brand’s visibility on social media isn’t good, it’s a little late. But you still can strengthen that side in a short time with a little effort. Just because your competitors have been on social media for years doesn’t mean they’re doing it very well.
- Why Analyze Competitors on Social Media?
- The 4 Steps of Social Media Competitor Analysis
- Social Media Competitor Analysis on Different Platforms
- Social Media Competitor Analysis Tools
- These are the Top 5 Social Media Competitor Analysis Tools, you should try in 2020:
- What will you get at the end of the day?
Why Analyze Competitors on Social Media?
Dive deeper into your market segment.
Analyzing your competitors’ social media behavior will give you an advanced idea of how your market segment fares on digital platforms. Even if your segment is absent from social media platforms, it will help you understand how you need to build your content strategy. In this case, you might need to spend more effort to educate people about your offerings considering that the chances are high the audience hasn’t heard of your product.
Learn what works for your market in terms of social media.
Each industry does social media marketing differently. Some rely heavily on media posts, such as short video clips, infographics, product photos while others post articles and reports. What works for some businesses might not work for you when it comes to social media marketing, so take the time to study what’s already popular in your industry. Always make sure to have what’s tested in your content strategy and don’t rely only on experimental mediums and content types.
Set accurate KPI Expectations.
o set measurable goals that are realistic to your segment, you need to first understand what your competitors have achieved. Are they ahead of you or behind you? If it’s the former study how they achieved it.
Follow market trends.
Last but not least, a regular competitor analysis can help you identify any market trends, like seasonal sales, hashtags, or even social media challenges that either one of your competitors started or just participated in.
The 4 Steps of Social Media Competitor Analysis
Step 1: Identify
Start off by making a list of competitors that you want to analyze. We suggest you only include direct competitors first and optionally you can also add indirect competitors as well, but your priority should be the first group. In case, you don’t already know your direct competitors or just want to find more, you can use hashtags and keywords to search for similar companies.
Step 2: Collect
Now that you have your competitors list it’s time to study their social media profiles. You can either concentrate on one social media platform account or multiple. It’s up to you. We’ll cover the specifics for collecting data on each major platform below.
But before you get started, make sure you have prepared an Excel or Google Sheets file where you will collect all the data. This way it will be easier for you to compare your competitors’ performance. It’s important to document the process well for effective analysis.
Now, what do you need to gather and identify in this step?
- Link to Account or Username.
- Number of Followers
- Number of Following
- Engagement Rate or the Sum of Likes, Comments, and Shares (if applicable) on the last 5-10 posts.
- Post Frequency
- Link to Most Popular Post
- Link to Worst Performing Post
It is also helpful to use listening software that will help you automatically track the page’s activity over time and any reaction or comment it gets.
This is not all, in the next step you are going to gather more info and study the list above even more closely. This is just to get you started and give you a general idea of the competitors’ performance on social media. During this step, you might also identify that some of the accounts are abandoned and not worth your time as much as other active pages are.
Step 3: Analyze
You have your competitors and their social media links with basic info separated. It’s time to do the analysis. We recommend you start and spend the most time on content, which can make or break a social media strategy. Then move on to studying the engagement and the demographics.
- Content: Take a closer look at your competitor’s posts. Study their tone of voice and frequency of posting. Is it consistent? Also, look for media content, do they share videos, images, slides, and infographics? If yes, then how often? Do their visuals have a custom design?
- Ads: If possible, also take a look at the promoted content. Ads are a good indicator of how each competitor is presenting itself to new audiences. All major social media platforms present free, first-party tools for everyone to see the ads that pages are running. With Facebook, it’s Ad Library, which you can also use to study Instagram Ads. Twitter offers Ads Transparency Center. And LinkedIn has the tool integrated into its interface. You can see the Ads section in each company’s LinkedIn page, on the left sidebar.
- Reactions: Check the number of likes and other reactions the posts are getting. In the case of Facebook and LinkedIn which let users react with different emojis, make sure to check which type of reactions they get the most.
- Responses: Take the time to also study the comments people leave under the posts. Are they mostly positive or negative? How do people interact with the brand on social media?
- Demographics: Study the accounts that follow and interact with the page on social media to get a general idea of the demographics your competitor is able to reach. You can either do this manually or use a tool.
- Evolution: Go back to the beginnings of the company page and see how their page evolved over the years. Analyze their previous approaches and see how they compare to the current approach. Is it more or less effective? Any content mistakes that you can learn and avoid?
- Positioning: Take a look at the about/bio section and make a note of how the company positions itself. Which sector it aims to target and what is their mission statement?
Step 4: Implement
Finally, now it’s time to implement your findings into your own social media content strategy. Don’t be afraid to experiment to see what works the best for you. It might be a mix of different things, you just have to find your own formula.
Social Media Competitor Analysis on Different Platforms
If you want to know the specifics of competitor analysis on each social media platform, we’ve got you covered. Below find the links to detailed guides about the process on each platform.
Facebook isn’t just a place where brands can share content and connect with their audiences, it is also a great source for market research. With most businesses having a Facebook page, it becomes much easier to monitor their efforts on the platform and compare it to yours to identify points of improvement.
If Twitter is the place where brands keep in touch and interact with customers, Facebook where they connect with new audiences, and LinkedIn where B2B businesses connect with customers, Instagram is where all these brands show their visual side. And we all know that looks do matter in marketing. Especially in Social Media Marketing.
Studying your competitors and what they are up to on Instagram will definitely help you hit your social media targets more accurately and with fewer failed attempts. In this article, we will present a checklist of the things you need to study on your competitor’s Instagram page.
LinkedIn is one of the most centralized sources of businesses and their employees on the web. This not only makes it a great space to promote your brand but to also conduct an insightful social media competitor analysis and keep an eye on the competition and market trends.
Twitter excels at helping brands connect with their target audience and stay in the loop with what their customers share about their brand. With the vast majority of brands utilizing social media giant’s benefits, the platform itself becomes a very good source for conducting a competitor analysis.
Social Media Competitor Analysis Tools
Why use 3rd party Social Media Auditing tools?
- Time-Saver: Social media audit tools get you the information you need in significantly less time than it would take you to do it manually. Whether it’s a single-page analysis or comparing different competitors’ performance, such tools are equipped well to accomplish these tasks quickly.
- Extra Information: When analyzing manually, calculating the engagement rate of a specific page becomes a hassle. And social media platforms don’t let you see the engagement rate of a page that doesn’t belong to you. Thankfully, auditing tools are here to save the day. And they do it very well!
- Easy to Review: By using a tool, you don’t need to set up an Excel or Google Sheet to gather the info. Reports generated by these tools also have visual representations of data which not only is present to look nice but makes the data much easier to process.
In this article, you can find the top 5 competitor analysis tools in 2020 for social media.
These are the Top 5 Social Media Competitor Analysis Tools, you should try in 2020:
With the Social Media Competitor Analysis tool from Sociality.io, all competitors are in one report. You can prepare your Facebook, Instagram, Twitter, and YouTube competitor analysis reports in a few minutes. You can measure your own performance with your opponent’s detailed fan and interaction charts, analyze competing page content with comparative reports and review your own content strategy.
Sociality.io offers many different features for all your needs:
- PPT and Excel reports
- Retrospective data
- Content analysis
- Sharing by email
- Sharing times
- Comparative charts
- Graphic descriptions
- Interaction rate
- Unlimited number of reports
Socialbakers is one of the world’s largest social media statistics portals offering in-depth analysis of social media. Socialbakers, which strengthens its infrastructure every day, has been working since 2009 to measure and analyze the social media work of companies and maximize the effectiveness of social marketing campaigns across all major social networks.
3. Sprout Social
One of the tools you can use to measure your social media accounts is Sprout Social. In particular, you can examine your followers in detail according to their demographic characteristics.
Covering the most effective social media tools, Hootsuite is one of the most effective tools for managing, analyzing and listening to content. You can use Hootsuite to follow your competitors’ social media activity, look for specific keywords and hashtags and see how their customers perceive them.
With Brandwatch’s Competitor Analysis tool you can learn how your brand performs against your competitors. Gain and use your new insights to shape and improve your social media strategy. Measuring customer perceptions and sentiment instantly helps add context to your competitor analysis.
What will you get at the end of the day?
The most important goal of using a social media tracking platform is to reach and draw meaningful results from social media communication. By examining social media and using this information, it is possible to get important information about products, brands, and competitors and to gain important insights.
With competitive analysis, your marketing team, product team, sales representatives, public relations professionals, customer relations managers, business development teams, and many more departments can find opportunities such as; building social media marketing, content marketing, and digital marketing strategies to suit their areas. Comparing negative and positive conversations about your competitors provides a deep insight into the performance of many departments in your company.
All competitors on one report
No more spending hours for competitor analysis, no more taking wrong decisions due to missed out information.