Effective Competitor Analysis for Social Media Greatness
Social Networking occupies an interesting position in the minds of companies right now. Businesses have grown to understand the potential that it offers as a marketplace, however, due to it being so mainstream, many are unwilling to invest time and energy into planning and preparation. One of the biggest mistakes that can be made in the preliminary stages is launching forward without defining clear goals and establishing what tactics will help them achieve those goals…
Like a great deal many things, planning is key to success on Social Media. One of the most significant ways to ensure that your Marketing Campaigns withstand the might of each Network is to carefully assess how your competitors use them. Doing so not only allows you to garner ideas, it also gives you a clear idea of benchmark expectations for growth and engagement that you can cross-reference with your own results further down the line.
Even some business that plan and intend to carry out Social Media strategies can forget Competitor Analysis from time to time. Competitor Analysis often turns out to be one of the most useful and valuable studies that a Marketer can undertake before getting going. We wrote this article to help give you an idea of the kind of points you should be considering for the best possible results…
Identify your competitors and what Social Networks they use
You probably already have a good idea of who your competitors are, however, it’s a good idea to double check that these are the same on Social Media. For example, those who you consider less prominent competitors in general may have cracked Social Media on a bigger scale than others. Look across absolutely all networks to see which they use. Remember that Facebook and Twitter aren’t the be all and end all of Social Networks - some businesses get an awful lot of traffic and engagement on things like Instagram, Pinterest and (particularly for B2B) LinkedIn.
Consider their Social Media voice and rates of activity
Social Media was created by humans for humans and more often than not your competitors voice on Social Media will reflect that and differ from their general voice on their website. Do they use humour? Have they opted for a friendly, helpful tone to encourage interaction? Whatever it is, consider the effect they might have on how their audience engages with them. After that, analyse the frequency at which they post on each network. This is often a time-consuming phase but it is useful to consider how much the audience would expect to see content.
Consider following and engagement ratios
This step helps you to gather the sort of data that will help you to analyse your results further down the line. Analysing engagement rates also gives you a good idea of how popular each competitor is with their audience in comparison to each other. Depending on how thorough you want your analysis to be, it can again be a time-consuming process, however it is important to understand the rates at which you should be aiming for. If one competitor has lower engagement on their posts by their followers than others, consider why. Do they engage actively with them? Is there something about the content that could be affecting it?
Identify the style of content that works for them
Content is key on social media. It’s what entices your audience to engage with your brand and increases your reach! By measuring how successful each content medium (Video, Graphics, Polls etc.) is with their fans you can give yourself a better idea of the kind of things that work and don’t work.
See how they integrate their channels
It’s important to remember that Social Media was created to be integrated! Many companies are successful on Social Media because they create great blog content on their own website and share it through their Social Channels. Chances are that if that content is popular with their audience, it could be for you too.