According to Sprout Social’s survey, social data is used as the main source of business insights by 85% of firms. Additionally, social media networks are a vital component of your growth plan with roughly 4.6 million users. The fact that there is severe brand competition on the internet in every business is no longer a secret. How then can you outperform your brand rivals and expand your company on social media? by conducting an analysis on social media competition.
You can strengthen your brand’s advantages, address your weaknesses, and seize opportunities by studying your competitors’ strategies. We’ll cover what social media competitor analysis is, why it’s valuable, how to go about doing it, a list of the tools you’ll need, and the procedures to take.
What is a competitor analysis on social media?
Social media competitive analysis is the act of analyzing your competitors on social media to identify possibilities and create approaches for brand expansion. By conducting this study, you may discover the advantages and disadvantages of your rivals and also create a successful social marketing plan. Additionally, it exposes essential details about your target audience, the reasons why they are drawn to rival brands, and how these companies excel at social media marketing.
Why is it vital to analyze competitors on social media?
Beyond the method you employ to look at your SEO competition, social media competitive analysis has its own benefits. You are able to:
1. Improve your social media strategy
You can develop a successful social media plan, or enhance an existing one when you comprehend how and why your rivals are outperforming your brand. Competitor analysis in social media pushes you to perform at your peak because it evaluates your strategies and output in relation to the opposition. Additionally, you can spot opportunities for brand expansion and dangers you need to avoid.
2. Make meaningful content
It makes sense that the companies whose principles and content your target customer agree with would be those they prefer to work with. Competitive analysis on social media will help you stand out to your ideal clientele. This is due to the fact that you’ll figure out what kinds and forms of material they prefer.
3. Improve your understanding of your ideal clients
By conducting a social media competitive analysis, you can learn more about your ideal clients. Understanding your client personas gives you the power to increase your marketing outcomes since you can:
- Which social media channels are used by your ideal clients?
- how they take in information
- What kind of material they are looking for
- What problems do they have that need fixing
- What time of day do they log on to social media?
4. More effective positioning and marketing
You may use your social platforms for more successful marketing by performing a social media competitive analysis. You’ll begin utilizing pertinent, underutilized social media functions and methods once you learn what’s performing for your rivals. More importantly, it gives you the freedom to develop a positioning plan that will set your brand apart from the competitors and help you establish authority in your field.
6 Social Media Tools for Competitor Analysis
You require specific social media solutions in addition to your regular analytics techniques, which we’ll cover later, to carry out competitor analysis on these platforms effectively. Below are six possibilities:
1. Not Just Analytics
Instagram and TikTok analytics are provided by Not Just Analytics, formerly known as Ninjalistics. You can track the development of competitor accounts, the hashtags they employ, and their interaction rates using our social media competition software. You only need to input and evaluate the profiles of your rivals in Not Just Analytics.
A search engine for gathering user-generated information on social media, blogging, news, and multimedia is called SocialMentions by brand mentions. As soon as you enter a competition brand, Social Mention keeps track of and displays all discussions about that brand, including who is speaking about it and what they are saying.
A social media management application called Socialbakers makes it simple to keep an eye on all of your social media accounts or monitor your brand from one location. For agencies, it functions best. With the help of this tool, you can evaluate and compare the effectiveness of your content to expand your brand. You may also evaluate up to five rival accounts using Socialbakers’ free competition analysis tools for Facebook and Instagram.
4. Sprout Social
A set of social media management tools called Sprout Social can improve brand marketing. For all company styles and sizes, it provides planning, statistics, and rival analysis capabilities. You may track the audience growth and posting schedules of your competitors using Sprout Social’s competition analysis feature.
5. Sociality. Io
A comprehensive platform for social listening, planning, and competitive analysis is called Sociality. You can learn more about your competitors’ paid ad campaigns, social media performance metrics, content strategy, and past material by using this tool for social media competitor analysis.
BigSpy is a free tool for examining the social media advertisements of your rivals. A database of adverts from many social networks is kept in this ad library.
BigSpy assists both small and large businesses in identifying campaign ideas from rival companies to improve marketing campaigns and social media strategies.
Building a strong social presence, client trust, and brand credibility is possible with the help of social media competitive analysis, which is essential to your digital marketing strategy and the growth of your brand. You can perform this research for any of your social media pages once you have mastered the aforementioned processes. To enhance your social media strategy, identify your brand objectives and transform studied, categorized analytics into context-rich insights.