Creating a social media strategy without considering your competition can result in ineffective campaigns and wasted resources.
Imagine crafting social media campaigns that not only resonate with your target audience but also outperform your competitors. With thorough social media competitor analysis, this is more than just wishful thinking—it's entirely possible.
Begin your journey towards a more effective social media strategy. Dive deep into competitors' research and analysis, gain valuable insights, and transform your social media presence.
8-Step Social Media Competitor Analysis
To perform a comprehensive competitive analysis on social media, it is important to take into account the following steps:
1. Identify Your Competitors
Who are my direct and indirect competitors who are actively using social media?
Start by identifying who your competitors are on social media. They may be your business rivals (direct competitors) or even brands that aren't necessarily in your field (indirect competitors) but have a strong social media presence.
For instance, if you manage a law firm, your competitors might comprise other local law firms or even larger, nationally recognized establishments.
2. Choose Social Media for Analysis
What social media platforms are they using?
Determine which social media platforms your competitors are most active on.
For example, your competitor may have a significant following on LinkedIn because of their informative industry-focused content and engaging discussions. This suggests that LinkedIn is an ideal social media platform for marketing a law firm. Its professional-centric nature aligns perfectly with the legal business, and features such as posts, articles, and LinkedIn Live can be utilized to showcase thought leadership, insights from case studies, and testimonials from clients.
3. Analyze Their Content Strategy
How often are they posting and what times seem to generate the most traction? What type of content are they sharing? Is it articles, case studies, user-generated content, or blog posts? What are the common themes or messages in their content?
Look for patterns - what content (e.g., legal updates, behind-the-scenes peeks, client testimonials) appears to be resonating with their audience.
How successful are their posts? Consider likes, shares, comments, and overall engagement.
For example, you might notice that a competitor posts regular legal analysis articles that receive a lot of interaction. Or maybe posts about recent verdicts are more popular than general legal advice.
Don't reinvent the wheel when it comes to social media content. Look at what your competitors are posting and use it as a basis for your own posts. However, ensure to incorporate your unique perspective and brand voice, but don't hesitate to follow a similar format or use similar visuals.
4. Evaluate Their Engagement
How are they engaging with their audience? What is their response rate and time? Are people asking questions or expressing enthusiasm for the products? Or are the comments mostly generic, possibly automated responses?
Measure how much and what kind of interaction your competitors are getting on their posts.
For instance, you may notice that posts discussing legal updates or advice receive more attention compared to other types of posts.
5. Monitor Their Growth
What is their follower count and growth rate on each platform?
Keep an eye on how your competitors' followers are growing over time. Let's say, a sudden increase in followers for a competitor could be attributed to a successful marketing campaign, a viral post, or a notable case victory.
Are they running any social media ad campaigns or promotions? Do they use any unique social media strategies or techniques that differentiate them from others?
6. Determine Their Strengths and Weaknesses
Does their brand identity shine consistently, or do their posts seem disconnected? Are they using a compelling call-to-action in each post, motivating followers to contact them or schedule a consultation? What can be learned from their social media successes and failures?
Determine what your competitors are doing well and where they could improve. For example, a competitor might have a high level of engagement but infrequent posts, suggesting they could benefit from a more consistent posting schedule. You may identify areas where your own social media strategy could be improved based on your competitors' successes. By closely monitoring your competitors' social media activities, you can gain valuable insights and improve your own social media strategy for a competitive advantage.
7. Use Social Media Analytics Tools
Gain valuable insights about your competitors' followers by utilizing social media analytics tools such as Sprout Social and Buzzsumo, just to name a couple.This will provide you with a better understanding of their audience's demographics and interests, helping to form your own strategy.
Keep in mind that the analysis process should be ongoing, as social media trends and strategies are constantly evolving. Continuously gather and analyze data on your competitors' performance to stay ahead and adapt to industry changes. Use social media tools to observe, learn, and improve your brand's presence.
8. Use Free Social Media Competitor Analysis Templates
Save time and effort using free social media competitor analysis templates. It includes a dedicated tab for your SWOT analysis, ensuring a thorough and organized evaluation of your social media competition. Simply download the template and input your collected data to get started.
Here are other few free templates:
Effectively monitoring competitors' social media is crucial for developing a winning strategy. Utilize this valuable information to enhance your online presence and maintain a competitive edge. Transform competitors into invaluable sources of data, insights and inspiration. Continue generating valuable content, engaging with your audience, and staying abreast of current trends. With these tips, confidently establish a strong online presence for your brand.
Let your competitors' strategies inspire and guide you toward success!
Looking for assistance in crafting a powerful social media strategy for your small business? Reach out to us and we'll do our utmost to provide you with expert guidance. Don't forget to subscribe to our blog newsletter for exciting updates, valuable insights and resources to enhance your online business presence. 👇👇👇