Competitive Analysis of Social Media Marketing

Social media networks are being used to build brand awareness as well as to drive traffics to webpages and get more engagements. This introduction defined social networks as a competitive space. Therefore, we need to conduct a competitive analysis of social media marketing. A social media analysis of the competition their strategies in your business can give you valuable insights into what works in your industry

We have to be careful about know the state of other competitors too caught up in comparing yourself to others and which some areas you might need to improve and much more.

What is Competitive Analysis and Why it's Essential?

A competitive analysis is a critical path in your marketing plan. It’s a process of benchmarking your results against the competition of your industry, so you can identify opportunities growth as well as strategies that aren’t performing as well as they should.

Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses and compare those with your own product or service. A competitive analysis is a critical part of your company marketing plan.

This study will help you to figure out:

  • Firstly, Who are your competitors on social media?
  • Secondly, How much traffic your competitors are receiving and from where?
  • How many social media followers to your competitors have?
  • Similarly, What type of Contents is your competitive posting to their online channels?
  • How are they speaking to their consumers?
  • In short, What are your competitor’s weaknesses and what can you do to crush them?

How to Conduct a Competitive Analysis on Social Media

1.Identify who your competitors are by social media competitor analysis: If your property is a local cloths shop, you’re not necessarily competing directly with a fruit shop owner. That means understanding of your competitive will help you develop a clear picture of who you’re really competing against online.

Firstly, identify your social media competition and the platforms they are on. The easiest way to find a social media competitor analysis is Google. This consequently lets you find the keywords consumers search for.

  • Identify your competitive keyword and check ranking for those keywords in google.

Choose some of the keywords through which your business will rank in search engines. For example, if your business is about Cars, you would google Latest car

google-search

To rule out like this market place, you have to specify a website of your own market as well as check their social media activity. However, This is an effective way to link social media profiles on the site.
Meanwhile, to find relevant keywords for your brand you can use the tool Google Adwords Keyword Planner.

  • Check who appears in social searches for those keywords.
The google ranks brands may not rank on social netoworks. As you are conducting social media competitor analysis, as a result, you have to put more focus on social search results.

2.Find out what similar brands your audience follows on social media: To have a good knowledge of your competitor’s social media roaming, you can use social media tools. For example,

Facebook book insights likewise Twitter analytics can give you good insights about your competitors’ activity on social media.

To know about the brands your competitors’ are following on Facebook:

  • Open Facebook Audience Insights
  • Use the left column to enter the demographics of your target audience or scroll down to Pages in the left column and enter your existing Facebook Page under People Connected to
  • In the top menu, click Page Likes
social-media-competitive-analysis-capture

Here some clear data of your audience. Rather than checking on your whole audience, batter you can find out your target audience Now that you know who your competition is via the above social media competitor analysis. Let’s find out their activity on social media.

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3.Audit scope of competitor activity as a competitive analysis of social media marketing: There might be older, more established companies with their loyal client and a large amount of fans on social media or might be new competition coming out of your place in the market.

The goal is to have a clear idea of how other competitors are using social networks. Since you have found out your social media competitor lets gather data on their activity.

  1. Firstly, Determine the followers or active users they have and what type of comment are they getting? is this always from the same customer or it varies??
  2. Behave like a follower or customer and start following them, interact with them with a post, reply, questions, etc.
  3. Observe their dedication, point out their response time, their appreciation towards customers, check whether the interactions are most of automation or organic.
  4. Make note of their followers and the growth rate, engagement rate, how often they post likewise what patterns do they use.
  5. Find out their content type of posts and what unique strategies do use to drive traffics as well as to increase engagements to pages.

Social Media Competitor Analysis Tools

As far as have talked about the how-to gather data from social platforms. But to know your competition in a large picture you can use the following social media competitor analysis tools.

1. Sprout Social competitor analysis: This tool will give you to analyze your competitors’ activities on social media from multiple points of view. To track the fundamental metrics of your competitors you can use their Sprout’s suite of competitive reports.

2. Phlanx instagram comparator analysis: This tool provides you the information about your competitors’ Instagram presence and active followers. It will also give an idea about their organic or legitimate following. Phlanx’s engagement ratio is calculated based on the number of followers an account has versus the rate that followers interact with content (likes, comments, etc).

3.social blade calculator analytics: It assesses followers counts on the likes of Twitter, Instagram, and YouTube among other services. Although often used to assess the popularity of celebrities and YouTubers, there are some interesting insights here for marketers.Social Blade provides a day-by-day follower update as well as a live follower count

Do a SWOT Analysis as a Competitive Analysis of Social Media Marketing

To get a clear knowledge about competitors first structured their strengths and weaknesses, similarly, find out the opportunities and threats you may find.
  • S – Strengths
  • W – Weaknesses
  • – Opportunities
  • – Threats

Strengths of Analysis of Social Media Marketing: Find out the lists of strengths you are better than your competition. Make the matrix suing FQR criteria,

Frequency: Are they consistently continuing the activity regularly ??

Quality: Do they maintain the degree of quality?

Relevance: Are you making relevant content for the audience?

Subsequently, check these criteria for each channel you want to compare against your competitors.

Weaknesses of Analysis of Social Media Marketing: Now find out the lists your competitors are lagging behind. You may focus on these areas meanwhile work for improvisation via several tests and evaluating your social media strategy.

Check for each social media network properly. And where you may have a higher number of followers but the competitors may have a better growth rate. Or the engagements in Instagram is better than the number of followers.Check for the time consuming and expensive social activity of competitors.

Likewise, check for their gap in realistic markets where you can be the fittest in class.

Opportunities of Analysis of Social Media Marketing: As you now know the ins and outs of the competition so you can have potential advantages.

After gathering sufficient knowledge about competitors as well as recent updates and trends social media world, therefore, you can determine the opportunities areas.

Threats of Analysis of Social Media Marketing: Threats are your weaknesses from which others may take benefits. Eventually, Small businesses with a high growth rate can be a threat to a bigger business with stagnant growth. Every startup can result as a bigger threat.for this you have to keep a keen eye to the industry since threats come from outside your organization.

Choose The Best Social Media Video Platform for Live Streaming

You have to choose the best social media channels for business after you’ve completed your competitive analysis on social media. However, it all depends on your strategies and business goals according to which you social media channels for business

Use facebook for social media video platform:

Facebook can be an effective platform among social media channels for business. There are approximately 2 billion monthly active uses on Facebook. Besides Facebook has the most targeted ads it is the best platform for digital marketers to market on.

Facebook advertisements have the power of influencing people which as a result make purchasing a product.

Tips:

  • Visual contents get more clicks
  • Post the link manually
  • Ask open-ended questions
  • Make use of the Question feature
  • Offer a conversation starter
  • Respond to comments, questions
  • Share thoughts about your life experiences
  • Give appreciations

The reasons You should be on Facebook,

  • No of users
  • Gather more leads saves money
  • Targeted audience build brand loyalty
  • Increase your web traffic
  • Facebook dominates social Sales

Twitter for social media video platform: Twitter is the platform where you can directly have expert interactions. It has 3 billion-plus accounts eventually 330 million monthly active users.80% of Twitter uses have mentioned a brand in a tweet. So you can choose twitter among the other social media channels for business.

Importantly, for a start-up business, twitter can be a considerable marketing channel. You can easily realize after the successful competitive analysis that this is an extremely effective channel in online reputation.

The reasons you should be on twitter,

  • Create brand awareness
  • Marketing new products
  • Provide information
  • Manage online reputation
  • Connect to customers
  • Boost sales with special offers and discounts

Instagram for social media video platform:
800 million-plus accounts active every month consequently 500’million plus accounts active every day.

80% of accounts follow a business on Instagram meanwhile almost 40’billions posts are shared to date.

The reasons You should be on Instagram,

  • Visual content centered on storytelling
  • Hashtag
  • Generate sales
  • Influencer marketing

Youtube for social media video platform: Above all, Videos are dominating the market world. Almost 5’billion videos are watched every day. the number of people uses Youtube -1300000000, as well as almost half views, come from a mobile device. Youtube have 30’M visitors per day and it’s a huge amount of visitors for social media marketing. 

The reasons you should be on Youtube,

  • Capture attention
  • High Traffic Volume
  • Viral Marketing
  • Social Media Marketing Integration
  • Video creates much more influence than image or text

Linkedin for social media video platform: The total number of Linkedin users is 500’million and 40% of users use Linkedin per day. 40’million students and recent college graduates are on Linkedin.

If your business helps people to expand their networks and conduct business in a better way, it has a place on Linkedin. Use Linkedin groups to establish your business as an expert on certain topics.

Since it’s the best platform to advertise for the category business and if your business falls into that category, you can rate the platform as the effective one like other marketers.

Conclusion

In the end, always try to compare with your data and matrices with yours to evaluate your success. Conduct a competitive analysis related study to make adjustments to your strategy.
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