3 Keys to Performing a Social Media Competitive Analysis
A well executed competitive analysis can help your marketing team’s ability to make informed decisions to better optimize social media marketing efforts and drive real business results. However, for many people, the task of actually performing one can be daunting.
Here are a few pointers to help you better understand the competitive landscape on social and how you’re performing against your competitors:
1. Identify your competitors
It is wise to begin your analysis with exploratory research on the industry in which you compete on social. It is important to note that your business competitors may not be the same as your competitors on social media. They are not neccesarily the same thing. For example, a social competitor is a brand that is producing similar content and are competing for a similar target audience with your own. For example, Red Bull and GoPro.
2 . Metrics are the backbone to your analysis
Once you’ve identified your competitors, your next step is to determine where you stand in relation to them. For example, based on your competitors performances, provide yourself with a benchmark for your own. You need insight into how many people see their content, if the content is resonating with their audience and how your competitors are interacting with their fans. Tools such as eValue analytics can easily provide you with important metrics including a score for Engagement, Responsiveness and Impact to benchmark against your main competitors.
3. Deeper dive into competitor’s content and social strategy
A) Understand which competitor’s content is driving higher engagement.
This part requires a qualitative analysis of your competitor’s content. For example: Is the brand using personalized hashtags? Are they being consistent with their posts? Or are they missing out on conversations by not having a consistent posting strategy. Are they engaging users in contests? Are their posts meaningful and worthy of customer engagement? Is their branding consistent? Their content strategy must adequately reflect the interest of their target market segments.
The above analysis will give you an understanding of your competitors’ social and content strategy. This will, in turn, help you find your ‘White Space’ – a unique positioning that content is not addressing yet, that will allow you to differentiate yourself from your competitors and have a voice on social that you can own.
Are you ready to see how you stack up against your own competition?
Get more information on how eValue can help you achieve a data-backed competitive analysis.