Businesses use social media to increase their reach and maximize impact. Staying relevant in your messaging and strategy is important.
How can you outshine your competitors and excel?
Begin with a social media competitive analysis to understand market trends, explore potential opportunities, and figure out your limitations. Here’s how:
Understand your competitor’s content strategy.
Go over your competitor’s content strategy with a fine-tooth comb. Examine it carefully. Find out if they are sharing content from other sources. What type of material are they posting? What are the engagement metrics for that content? Doing this, you can figure out what content strategy will work for your business.
Track the content and publishing time.
Identify the content category–images, infographics, videos, or other media types. Keep a track of the traffic attracted by a specific content type.
Understand the content mediums. Which social media channel brings more engagement to a particular content?
Analyze the time when your competitors are posting content. By viewing the public engagement rates of your competitors, you’re essentially getting free market research!
Check what special offers are being offered by your competitors. You can offer discount codes or other interesting offers to entice visitors and convert them.
Use Engagement Trends.
Get involved in the conversations. Become familiar with what kinds of posts get the response you’re looking for. Keep a tab of your mentions and respond right to build a brand following.
SWOT Analysis of your competitor’s activity
Do a SWOT analysis of your competitor’s activity to learn about the ways to revamp your strategy and have heads up to threats, if any.
Tools for social media competitive analysis
BuzzSumo, Facebook Analytics, Brandwatch, and Hootsuite Streams are some powerful tools that give you a better portrayal of the analysis. Use them to tap fresh opportunities and align your tactics to come on the top.
Chase your competitors. This will help you compare your business metrics and make required changes to add more feathers to your brand’s cap.