10 Steps to a Social Media Competitor Analysis

You may have read about doing a social media competitor analysis, but did you know that it can help you understand what your competitors are doing? Here are 10 steps to a social media competitor analysis:

Ten steps for a thorough competitor study on social media.

1- To begin your social media competitor analysis, you should identify your top competitors. You can use some tools to determine your competitors. Put in your mind that there are direct competitors and indirect competitors. This doesn’t mean listing every competitor, but instead, it means identifying the five or so you think have the highest influence over your customers from your direct ones. Your competitors are businesses that offer or sell the same product or service as you do. 

2- The next step in conducting a social media competitor analysis is to define your competitive goals and KPIs. To do so, you should gather data on their websites, content, and audience to get an idea of what they’re up to.

3- Identify which platforms your competitors are using mostly.

4- Once you’ve completed your social media competitor analysis, you should take action. Don’t just copy your competition’s strategy; refine yours to be better than your competitors. 

5- In addition to improving your social media strategy, you can also learn about their social media crisis. A social media competitor analysis can help you identify a social media crisis before it begins.

6- Making a SWOT analysis of your competitors will help you highlight your strong points.

7- Study your social media presence. Regardless of your industry, there are plenty of ways to make your social media presence more effective and relevant. A thorough social media competitor analysis requires plenty of research and data, but the results are worth the effort. 

8-  While you can create a single social media competitor report, it’s better to hire a professional social media analyst and you can find him in Fly Pie by the way. This social media analyst can keep a regular tab on their competitors’ activities. Most businesses find monthly or quarterly analysis to be the best timeframe for social media competitor analysis. When done correctly, social media competitor analysis will reveal a lot about your industry and your competition, helping you strategize better for your own success.

9- After gathering data, you can create a detailed social media strategy for your business. 

10- By using a social media competitor analysis, you can establish benchmarks in your industry, identify low-performing content strategies, and identify your overall approach to social networks. 

The information you gain from a social media competitor analysis will help you decide whether you should adopt the same strategy or not. If you’re looking to learn about the tactics and content of your competitors, competitive analysis is the first step.

Benefits of doing a social media competitor analysis

• Performing a social media competitor analysis can be beneficial for business owners in several ways. Often, social media engagement drops dramatically due to algorithm changes. However, this analysis can provide a wealth of insight into your audience and your own business. Social media competitor analysis can help you identify these changes and take appropriate action. By following a few simple steps, you can perform a thorough analysis of your competitors and improve your overall strategy.
• Using a SWOT framework to analyze competitors can help you identify strengths and weaknesses in your strategy. The analysis should provide actionable recommendations based on the findings.
•  Using some tools can help you generate social media reports based on your competitor analysis. The software allows you to export the reports into several different formats, including interactive links. You can then use the results to create new campaigns, promote existing ones, and even increase your brand’s presence in social media.
• Doing a social media competitor analysis can help you create a buyer persona, identify new strategies and target audiences. 
• Knowing your audience can help you align your marketing efforts, avoid pitfalls, and stay ahead of the competition. The method you use for this type of analysis can vary widely, depending on the goals and needs of your business. 
• In addition to identifying potential trends, conducting a social media competitor analysis can help you determine which social media content is engaging the most audience and which posts are not.
• Once you know your audience, you can then identify the affinities of your potential customers. 
• Using social media competitor analysis tools, you can benchmark your content against competitors’ content, and you can also learn how to create better, more engaging content. 

Social media competitor analysis is a powerful strategy for business growth. There are many benefits to doing a social media competitor analysis, but knowing the purpose will help you get the most out of it.

Tools to do a social media competitor analysis:

There are several tools available for social media competitor analysis. Some of them are free, while others charge a monthly subscription fee. BuzzSumo offers a free seven-day trial, while the paid plans are Pro, Plus, Large, and Premium. Another popular tool is Google Trends, which shows how popular keywords are over time and how many people are talking about them. You can also create reports from these tools to analyze your competitors’ social media activity.

Performing a social media competitor analysis can be a great way to determine how well your business stacks up against your competition. By analyzing your competition, you can identify where you can improve and where your business can improve. You can also use visual techniques such as SWOT analysis to determine your competitors’ strengths and weaknesses. You can also make use of free social media analytics tools to collect data on your competitors’ profiles and compare them to your own. The resulting data can help you identify areas for growth and improvement for your business.

Another tool for social media competitor analysis is Awario. This platform makes mention monitoring a breeze. It monitors mentions of your brand in real-time and provides useful analytics in branded reports. You can even add links to the domains of your competitors to perform a social media competitor analysis. You can also use Mentionlytics to track brand mentions. And don’t forget to keep an eye on brand mentions.

Another tool to perform social media competitor analysis is Owler, which allows you to search over 150 million sources for information. It offers free and premium plans, including customizable competitive analyses and premium support. The free version is useful for low-level analysis, while the paid versions start at $99 for more data. However, you should consider paying for a full-featured version if you want more features. As a business owner, you should always keep an eye on the competition and its strategies to stay ahead of the game.

Creating a competitive analysis report

Creating a competitive analysis report for social media marketing is critical to ensure your marketing strategy is in sync with your customers. It is imperative to identify your competitors and their strengths and weaknesses, as well as any new or emerging companies that have entered the market. You must also consider industry trends and the wider forces driving change. Knowing what your competitors are doing is essential for convincing skeptical stakeholders and other business owners. However, the best way to gather this data is through interviews.

If you’re using a tool such as Mention, you can create a competitive analysis report using its powerful tools. You can set up separate alerts for each competitor and see the data from each one separately. Exporting the data is quick and easy. You can also view a live dashboard to analyze competitor performance over time. You can even select advanced filters to get a detailed picture of your competitors.

Social media competitive analysis can also help you determine if you’re competing against a smaller brand with high follower growth or a large one with a large following. Additionally, it can help you gain insight into industry-wide changes that affect your position in relation to competitors. Industry-specific reports from Hootsuite and Twitter can help you find new trends and identify patterns. Once you’ve established your competitors, you can create a competitive analysis report for social media.

Depending on the stage of your business’s growth and goals, your competitive analysis report can be as detailed or as brief as you want it to be. A startup may want to focus on a general market study, while an established business might dive into a specific emerging competitor. Either way, a strong competitive analysis report can reveal exactly what your business needs to out-compete its competition. To do this, you should audit your competitors’ products, determine their unique selling proposition, and create a brief profile of each.

Automating the process

When it comes to social media competitor analysis, you can make the entire process easier by using a tool. These programs usually come with templates that are tailored to different platforms and marketing teams. After entering your competitors’ profiles, you can analyze their posts and see if they’re engaging with their target audience. After you’ve completed the process of compiling your competitors’ data, you can use the results to tailor your own social media strategy and post quality content.

Automating the process of social media competitor analysis is a common task for social media managers. There are several different tools to choose from. Choosing the right one is crucial. Those with more experience should choose a tool that prioritizes solid reporting. For those with a lot of social media profiles, a tool that provides a complete overview of the brand’s presence across all platforms is a must-have.

Another useful tool is the Facebook Ad Library, which allows you to view the ads of your competitors. Keeping track of influencers is an important part of social media competitor analysis, as they have a huge impact on how their followers view advertised products. However, finding them manually is tedious and time-consuming. For this, you can use a social media competitor analysis tool such as Media toolkit. Its database is updated in real-time, making it easier to identify the right people to follow in order to gain an edge over your competition.

Besides social media monitoring tools, you should also use monitoring tools. Some of these tools will help you create custom reports for specific competitors, based on their sentiments and data streams. This way, you can understand your audience better and find the most effective social media channels for your brand. Apart from automating the process of social media competitor analysis, these tools also help you keep track of your competitors’ brand mentions and other activities online.