People and businesses exchange 20Bn messages each month. Facebook business insights reveal that 61% of US shoppers messaged a business in the past three months. With the unprecedented increase in social media penetration rates across the globe, social media networks became crucial for consumer-business communication.
Nowadays, so many businesses focus on social media marketing instead of traditional marketing channels. That’s why you need to analyze your competitors’ social media presence too and see how it reflects their competitive strength.
We’ll talk about how you can conduct a competitor social media analysis, but before that, let’s talk about why it’s a must.
6 ways why competitor analysis is crucial
- Reveals the main business objectives
- Gives clues about the target audience
- Offers a general understanding of competitors’ weaknesses and strengths
- Shows what type of content is more favorable than others
- Reveals which competitor dominates a social media network
- Illustrates which influencers dominate the industry
All of the information you’ll gather with a social media analysis can drastically improve your business strategy.
Look at how ASOS (which has a 7% share of the UK clothing market) interacts with customers.
All their social media content appeals to young people. Therefore, their target audience is young people.
Now that you’ve determined their target audience, it’s time to find out what type of content young people love to see. Like every other age group, young people like to see the content they could relate to. There is a simple way to find out how many people relate to a piece of content. Likes!
Look at these two posts. One is created to promote a product and it has 64 likes. The second tweet is not promotional, but 303 people liked it. But wait a second. Which post converted more customers? More importantly, which type of content is more beneficial to a business in the long run? To answer all of these questions, we need to look at more than one example.
A single example doesn’t bring much accuracy into an analysis. You need to make a competitor analysis comprising more than a few competitors and evaluate many factors to obtain a meaningful result.
How to conduct a competitor social media analysis
Step 1: Define competition
Assuming you already know who you compete with, the first step is to define the strongest five. (It could be more than five, but it can get too complicated)
Step 2: Collect data
Here is a list of the info you must collect from each competitor social media channel:
Audience type & size & growth
Frequency of the new posts
Which types of content get the most engagement
What are the most popular content they’ve created
The percentage of promotional content
Which competitor focuses on/dominates which social media platform
Step 3: Data analysis
Avoid the erroneous practices
Suppose 1 out of 5 competitors create 20% more promotional content than others. As you might expect, it has the smallest audience among all. We can’t say that the difference is caused by the too promotional content, but we can say they are strongly correlated.
Focus on what others miss
Or, say the analysis revealed that 4 of the competitors focus on their Instagram presence. Twitter, on the other hand, looks like an abandoned land. What if you build an audience on Twitter that will eventually follow you on other platforms too. Rather than starting from a competitor dominated platform, extend the competition to another one.
Adopt successful practices
What if your analysis illustrates the fact that as the frequency of the posts increases, the audience also increases. You were scared of boring out your followers, but now that you’re proven wrong, you can post more frequently.
Data analysis provides so many useful insights. However, it’s also time-consuming. Luckily, there are social media analytics tools like Quintly, which offer advanced data analysis.
There is a strong correlation between the rising social media and internet penetration rates and the increasing smartphone usage around the globe. In relation to that, the growing e-commerce industry is becoming more and more interlinked with social media platforms. Today, many companies execute major marketing campaigns on social media platforms instead of mass media, and that’s exactly why every online retailer must conduct a competitor social media analysis. To do so, you must follow these three steps:
- Define your competition and limit the analysis to 5 most important competitors
- Collect the following data for each of the competitors:
- Audience type & size & growth
- Frequency of the new posts
- Which types of content get the most engagement
- What are the most popular content they’ve created
- The percentage of promotional content
- Which competitor focuses on/dominates which social media platform
- Analyze the data to find loopholes, learn what you should avoid, and adopt the strategies that are proven to be useful