Nowadays more people are using social media as a means to earn money than ever before. There are multiple platforms to choose from, and a multitude of topics to focus on. Naturally, this leads to very aggressive competition, and it is becoming increasingly harder to achieve success on social media.
On the other hand, there is an advantage to increased competition. It allows you to study your rivals and learn from their mistakes. This process is known as analyzing your competitors. Keep reading for more on what it is, how to do it, and why you should get started now.
Defining Competitive Analysis
It isn’t complicated. Competitive analysis, as the name suggests, is the practice of observing the ups and downs of opponents in your field (social media in this case). From this observation, you should be able to deduce the keys to their success and their weaknesses which you can use to get ahead of them. This is a standard marketing and business strategy and should apply to your social media business as well.
Find Your Competitors
You might not already know who you are rivaling. A little bit of research can help you find the competition that you are up against. First, you need to define yourself, before trying to identify or define others. Define what keywords people will be searching for when looking for you. For example, if you are a technology content creator on YouTube, research keywords such as “Tech YouTuber” and “Technology” on YouTube and other search engines. The highest-ranking pages are your competitors because you aim to be the highest-ranking for those keywords. In simpler terms, you should be trying to become the most popular social media content creator, and thus should find out who is currently the most popular.
Also, as you are aiming for a specific audience, you should look into other content that your target audience is consuming. People are usually consuming different types of social media on multiple platforms. There are many types of content being created and consumed for and on different social media. By looking at other social media that your audience follows, you can easily find out who your competition is. Note that you should only focus on a few of these competitors to avoid wasting time.
How To Analyze Competitors on Social Media
Research for your rivals on the social media accounts can be a source of inspiration for you. First and foremost, you should be able to determine their habits. There are a few questions to ask about your rival’s social media:
- Which platform are they using?
- Do they post regularly or haphazardly?
- Can you define their ‘style’ easily?
- What is missing in their social media?
- Which posts generate more engagement, and what’s special about them.
Why Is It Important To Analyze Social Media Competitors
Competitive Analysis is a useful tool in finding market trends and filling in the gaps in a market. To simplify, using this strategy can help you create content that is more popular among viewers. Also, you will be able to understand what content is missing on social media. In this way, you can easily cater to the needs of your target audience and gain more popularity. After all, social media is an overblown popularity contest, isn’t it?
Additionally, this analysis will be a source of inspiration to create more content. Seeing the success of others, you will be even more motivated to succeed yourself. You will also learn to refine your content in such a way that is unique to you and not a copy of what is already available on social media.