Wondering how and why you should perform a competitor analysis via social media? Keep on reading to see what we uncovered.
What is Social Media Competitor Analysis
Ever wonder how some brands have loads of followers and are constantly getting natural engagement online? A thorough social media competitor analysis helps identify your competitors’ strengths and weaknesses to develop a working social marketing strategy.
Overall, this is the process of analyzing your competitors through various social channels to help identify new opportunities for your business and help grow your brand by implementing different approaches.
Doing this research also helps identify why your target audience might be interested in competitor brands and how brands target them through social media marketing. The overall goal is to find out relevant information about your target audience and then implement new strategies to build your brand.
5 Steps to Follow
Per some great suggestions from Moz, listed below are a few steps to take when conducting your social media competitor analysis:
- Narrow down your brand goals and metrics – Before analyzing any competitors, it’s important for your brand to figure out your brand goals. Are you looking for more followers? More reposts? More replies? Etc.
- Identify brand competitors – There are a variety of ways to identify competitors. Whether it be on a local scale on Google Maps, a national scale via domain dominance, or revenue. Gather your list, then search on specific social channels to see if they are active.
- Collect and analyze data – Based on your goals, start analyzing their accounts to measure various metrics.
- Implement a social media strategy – Try putting together a SWOT analysis defining your brand’s strengths, weaknesses, opportunities, and threats to help make business decisions.
- Keep tabs on account progress – Even after conducting competitor analysis, the job is not done. It’s important to keep tabs on your own brand profile along with your competitors so you can stay up to date on current social media trends.
Alongside following the steps listed above, there are also specific social media tools that help identify efficient competitor analysis on social platforms.
Some that Moz suggested include:
These platforms build brand growth through social media management tools and identify what competitors are doing to target potential customers, which in return will benefit your business.
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