Regular check-ins regarding performance and processes are essential for any successful business to ensure you’re staying on the pulse of trends and efficiencies – and doing so with your social media presence is no different.
There are many reasons to analyse your competitors on social media, including:
- Benchmarking where your business ranks against key rivals for metrics such as followers, share of voice and engagement.
- Learning more about your target audience and how they respond to different things.
- Discovering the communication preferences of your audience according to the platform.
- Working out the best time to post content for your target consumers.
- Getting fresh ideas for posts and videos to upgrade and refresh your content plan.
- Finding a unique selling point (USP) that will make your brand stand out from the crowd in your industry.
If this is the first time you’ve done a social media competitor analysis, it can be tricky to know where to start. What you look at may be specific to your business, industry and areas of interest, but this step-by-step guide can help guide you through the process.
You may have a decent idea of who your competitors are – but the nature of social media means audiences can reach far and wide. Google, alongside any keyword or social tracking tools you have available to you, will be your friends.
Focus on your direct competitors and cross reference your brand’s most relevant keywords with competitors also appearing for these terms. You can also use the platforms themselves to see who they recommend as similar to you.
Analyse how your sourced competitors use their different platforms – whether that’s X, Instagram, Facebook or TikTok. You can use social media analytics tools to help automate the process or carry out manual in-depth research focusing on your chosen metrics. Add all the data you find to your social media competitive analysis template.
3. Review their activity.
Consider tracking the following:
- How active they are – how often they post and what time of day.
- The types of content they publish – is it mainly videos, polls, day-in-the-life content or Stories?
- Social personas – look at things like follower demographics, interests, behaviours and content performance to create and compare social personas of different brands.
4. Identify strengths and weaknesses against your own.
Once you’re satisfied that you’ve gathered all the information you need, it’s time to get into the nitty-gritty of all that data. You can use a SWOT analysis to identify your competitors’ strengths and weaknesses against your own. This is the perfect chance to look for opportunities to improve your current social media strategy.
5. Present your findings to senior stakeholders.
Clear findings are key to understanding the data and implementing effective change. So, why not turn your social media competitor analysis into a structured presentation? Then, you can present your findings to senior stakeholders and implement the approved changes.
6. Continue to monitor your competitors’ social activity.
Keeping a live document to revisit your competitive analysis for social media will help you stay on the pulse of competitor movements, compare them with your own and remain ahead of the curve. Add this to your quarterly or annual review admin using social media monitoring tools. Track trends, timings and more to keep things fresh.