Although companies have been using the Internet to promote their brands since its inception, the rise of social media platforms has shifted the marketing strategies of the world’s best-performing brands. A robust social media presence has become a vital requirement for any company or individual with a brand to promote.
Whether you manage business accounts on Facebook, Twitter, TikTok, or any other prominent social media platform, it is critical to monitor what your competition is doing on the same platforms. Learn what information you can gain with advanced metrics tools and how these insights can help you boost your business and gain an edge over others in your industry.
Monitoring the competition’s social media accounts to gain insights into their strategies is a form of competitive analysis and is a common element of today’s marketing strategies.
Although visiting your competitors’ social media accounts is just one of the first steps of a more comprehensive competitive analysis, it can help you get the following insights:
Spying on the competition’s social media accounts helps determine current marketing and customer engagement trends. It can also help you identify opportunities that competing brands haven’t yet tried, which social media strategies work better than others, and what problems and solutions your audience and potential customers respond to.
Although the ideal frequency at which you should conduct social media competitive analysis varies depending on factors such as your business sector, the number of competitors, and the age of your social media accounts, finding a regular pace is crucial. Regularly conducting social media analysis, whether monthly or quarterly, is critical to refresh your insights and ensure your information on your competition is up-to-date.
Social listening involves searching for keywords relevant to a business, such as brand names, product names, and hashtags on social media platforms.
The purpose of a social media listening strategy is to collect data, analyze posts and conversations about your brand or products, and determine overall sentiments and opinions about your business.
Focusing a social listening strategy on your brand has many benefits. You can do the same with competitors to gain valuable insights into how customers feel about them and their products.
The following questions answered by a social listening strategy include:
Every business with a social media presence competes for the same objective: funnel traffic toward their websites and products.
While there are many ways to improve your traffic, knowing how well your competitors are doing is equally critical. The most efficient method is to use social media monitoring tools.
Social media monitoring tools track and analyze the content of a company’s social media posts, providing quantitative and qualitative insights. As with social listening, you can use analytics tools on your accounts and your competitors’ to obtain the following:
Besides social listening and monitoring tools, a few additional ways to look into how your competitors use social media to boost their brand awareness, traffic, engagement, and sales.
Establish a list of your competitors and research which social media platforms they use and how active each account is. Besides staples such as Facebook, Twitter, or Instagram, you may want to know whether competing businesses are highly active on other platforms such as Snapchat, LinkedIn, or TikTok.
Broaden your definition of a social media platform and check whether competitors use other websites with social elements, such as YouTube, Pinterest, WhatsApp, or Telegram.
Besides knowing how many they have, paying attention to who your competitors’ followers are can provide valuable insights:
To complete your social media comparative analysis, check whether your competitors are running ads on social media platforms. Most prominent platforms allow companies to purchase ad space and increase their presence.
If your competition does use ads, analyze every detail and ask the following questions:
You can also use social listening techniques to determine whether your audience is talking about competitor ads and their reactions and general sentiments.
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