In the ever-evolving world of social media , businesses have come to understand the incredible potential it holds as a marketplace. Yet, despite its popularity, many are hesitant to invest the necessary time and energy into thorough planning and preparation. One of the most effective strategies for ensuring the success of your social media marketing campaigns is conducting a detailed competitor analysis.
Ignoring competitor analysis is one of the biggest mistakes that can be made when launching a social media strategy. Without defining clear goals and understanding the tactics to achieve them, you’re essentially setting sail without a map. And let’s be honest, no one wants to be lost at sea—or in the depths of the Metaverse.
Why Competitor Analysis Matters
Competitor analysis not only allows you to gather fresh ideas, but it also provides a clear benchmark for growth and engagement expectations. These insights can be cross-referenced with your own results, offering valuable feedback for your strategy. Unfortunately, many businesses overlook this crucial step when establishing their social media presence. Yet, competitor analysis often turns out to be one of the most insightful and valuable studies a marketer can conduct before getting started.
Here are some key points to consider when conducting competitor analysis for social media:
Identify Your Competitors and Their Social Networks
While you probably already have a good idea of who your competitors are, it’s wise to double-check their presence on social media. Those who may seem like minor competitors in general might have mastered social media in ways you haven’t considered.
Explore all networks to see which ones they utilise. Facebook and Twitter are not the only platforms out there! Some businesses achieve significant brand awareness and engagement through platforms like Instagram, Snapchat, Pinterest, and LinkedIn, especially for B2B interactions.
Consider Their Social Media Voice and Activity Rates
Remember, social media was created by humans , for humans. If your competitors have mastered it, their social media voice will reflect that, often differing from their general professional tone. It will typically be more personable.
Do they use humour? Have they adopted a friendly, helpful tone to encourage interaction? Whatever it is, consider how it affects audience engagement. Additionally, analyse the frequency at which they post on each network. Do they post with the fervour of a caffeine-fuelled millennial on a meme-sharing spree, or do they pop up as sporadically as your old school friend who only posts on Instagram once a year?
Examine Following and Engagement Ratios
This step is crucial for gathering data that will help you analyse your results down the line. Analysing engagement rates also gives you a good idea of how popular each competitor is with their audience compared to others.
Depending on how thorough you want your analysis to be, this can be a time-consuming process. If one competitor has lower engagement on their posts compared to others, consider why. Do they engage actively with their audience? Is there something about their content that could be affecting it? Perhaps their posts are about as exciting as watching paint dry, or maybe they’re posting content that doesn’t resonate with their audience.
Identify the Style of Content That Works for Them
Content is the golden word in social media marketing. It’s what entices your audience to engage with your brand and increases your reach. By measuring how successful each piece of content (video, live, graphics, polls, competitions, etc.) is with their fans, you can gain a better idea of what might work for you.
Is their content as engaging as a cat video compilation, or is it as thrilling as a documentary about the history of paperclips? Understanding what style works for them can provide insight into what might work for you.
Observe How They Integrate Their Channels
Social media was designed for integration. Many companies succeed on social media because they create excellent blog content on their websites and share it through their social channels. If their content is popular with their audience, there’s a good chance it could be for you too. Take note of how they integrate their channels.
Incorporating Keyword Competitor Analysis
In addition to the points above, incorporating keyword competitor analysis can provide deeper insights into how your competitors are positioning themselves online. Look at the keywords they rank for and the keywords they target in their content. This can identify and opportunities for you to act on.
Final Thoughts
Competitor analysis is not a one-time task but an ongoing process that should be integrated into your social media strategy. It allows you to stay ahead of the curve, adapt to changes, and continuously refine your approach. By taking the time to understand your competitors, you can identify opportunities to stand out and ultimately achieve greater success in your social media marketing efforts.
So, grab your metaphorical magnifying glass, and channel your inner detective. Who knows, you might uncover a few surprises along the way!
