Social Media Marketing Strategy Guide - part 4
Analyzing Your Competitors On Social Media
By The Héméra Agency
Perhaps the most influential aspect of a social media marketing strategy is who your competitors are and what they are doing.
Sure, you can create your strategy from scratch in absence of outside information but how productive would that be? Is it not better to see what your competitors are doing so that you can replicate their success or avoid their failures? If your competitors are on social media, they have made it just that much easier to understand their audience. There is tremendous value in knowing what other companies with similar products are doing, and we are going to help you figure out how to get the information you need.
How to perform a social media competitive analysis
Identify your social media competitors
If you have just started your business you may need to do a little research to determine who the players are in your field. A simple Google search should help you get started, just use keywords customers would use to find your business. Technically you should have performed some kind of competitor analysis when you put together your product offering but you will be surprised by the number of your competitors using social media to reach the customers you want.
Once you have a Google list of competitors you can start finding them on the various social media platforms. That in itself is a good indication of where your target audience may be. Pay attention to the brands that are most active on social media. They are the brands you should be learning from and benchmarking yourself against.
After you have narrowed down your competitors you can start gathering data on them. This will be different for each platform but there are some commonalities that you will find across all the channels. This is what you should be looking out for:
Follower count is important but dig a little deeper and get a general feel for their type of followers. Look at their posts, the kind of content they create, and the feedback they get from their audience.
Compare profiles. What do their profiles say about their companies and products? What have they included in their business description?
Engagement. How many likes and comments are your competitors getting. Are there certain posts that get more than others? Read all the comments you can, the feedback from followers will give you a wealth of information.
Top posts. Are their posts performing well? What kind of posts is getting the best reactions? Do they use product photos, videos, infographics? Use this information to improve your content.
Hashtags. What hashtags are they using? Hashtag strategy should be an important component of your social media strategy so you need to know which ones are most popular and will get you in front of your target audience. We have a comprehensive social media kit that explores hashtags further.
Analyze their activity
Once you have spent some time exploring your competitor's feed you should easily be able to see how active they are. How often do they post? What is the length of time between their posts? When was the last time they posted? Do they respond to comments?
The second part of analyzing their activity is looking at the type of content they post. Is it promotional, educational, transactional? Get as much detail as you can about their last 10 posts and calculate what percentage have a call to action. By now you should have a good idea of their brand voice as well. That will be useful when you start creating your content.
If you want to take your analysis a little deeper you could try out social listening. Where are your competitors mentioned? What are people saying about them?
In the end, it is about comparing your business metrics and data to the competition. Besides giving you the information you need to create your social media strategy, you will already have an advantage over them because of your intimate acquaintance with their digital footprint.
In our next installment, we will be tapping into your inner storyteller, finding a narrative that perfectly describes your business and products.
If you need any help with finding your target market let us know, we are experts and always open to sharing our experience!