Whenever taking a strategic approach to your social media marketing, it’s important to consider the factors that are external to your business. The competitive environment will be critical to shaping your strategy, and understanding what your competitors are doing will help you to design a marketing campaign that allows you to break through the noise and get noticed by your audience.In the industry, we call this strategic competitor analysis. If you’re starting a social media marketing campaign for the first time, or if you want to improve on the work that you’ve already been doing, then competitor analysis should be one of your top priorities.
Social Media Competitor Analysis Will Provide You with Key Insights
Monitoring your competitors’ campaigns will allow you to:
- Discover the companies and brands that have the strongest presence on social media.
- Learn what conversations are happening in your niche.
- Identify the buzz topics that are garnering the most response from your target market.
- Know when prominent influencers are talking about your brand or your competitors.
What Kind of Data is Most Important When Performing Competitor Analysis?
Identifying competitors within your niche will be a relatively simple process. You may even know of most of them already. From here, the real data collection begins. Competitor social media presence should be identified on all of the major platforms, including Facebook, Twitter, Instagram, and sometimes LinkedIn depending on your industry and your audience. Follower count is a key metric, and will tell you how much of an audience baseline your competitors have. The largest follower count will usually come from Facebook, with Instagram and Twitter trading second place, depending on the business, industry, and the type of content that is shared. In addition to follower count, it’s important to know how active the followers are. People talking about a social media page, brand, or product, can be tracked manually or through specialized software. Hashtags provide opportunities to find buzz around a product or a brand, so it’s important to correlate specific hashtags to specific competitors. Growth is also important, and the increase in followers and conversations can be tracked on a weekly or monthly basis. Likes and shares can also be tracked. Individual comments and conversations can be read and recorded, and will provide insights into how customers think, and how successful brands interact with them. All of this data is readily available through social media, and you can find this information simply by looking at the social media accounts of your competitors. Of course, this would be heavily time consuming based on how many competitors you have, which is where software can play an important role.
Using Software to Organize Your Social Media Competitor Analysis
You could perform competitor analysis using your own tools, keeping track with basic documents and spreadsheets. The problem with this approach is that you can quickly become inundated with data, which can be disruptive and difficult to interpret. Purpose built software tools are available, including cloud based solutions like Mention social media monitoring. Mention is one of the leading names in competitive monitoring and analysis, and is a worthwhile investment for small business owners who are looking to get the most powerful tool on a limited budget. Understanding why competitor analysis is important is the first step, and now it’s time to start incorporating the principles into your overall marketing strategy. If you’re looking for the highest quality article content for social media or any of your marketing channels, Low Price Articles can provide fully customized content from experienced writers who will help you to succeed.