Competitive Analysis: Your ladder to being famous on Social Media

Spying is bad. No, not every form of spying. Being a stickybeak can sometimes be beneficial, for your organization at least. Snooping on what your competitors are doing helps you improve your marketing strategies and grow in your domain.

Competitive analysis has been a crucial strategy for a long time now because of the effective results it has given to any organization. Researching on what your rivals are up to can help you up your marketing game in this cut-throat competitive online world. You may keep an eye on their social media pages, sign up for their newsletters to have an insight what they’re promoting and monitor their ad campaigns.

Once you’re done with stalking your rivals, next step is to set a benchmark for your brand. While going through their social media and website, you’ll get to learn a lot of things which will help you grow your user base. Observe where you’re lagging behind and racing ahead of them, you’ll get to know your strength and drawbacks which will help you analyze and improve your strategies.

Manually monitoring and comparing your social media with your competitors’ is a tough task. There are numerous tools present in the market which will help you in analyzing your competitors’ performance on social media. For example, RivalIQ, Simply Measured and NUVI are some of the popular competitive analysis tools. These tools help you compare your performance with your competitors’ on social media platforms.

Let’s see a facebook competitive analysis of three random digital agencies using Simply Measured and SoTrender. Using SoTrender, you can extract the fan growth trajectory of your competitor. Once you have entered the profiles of competitors, SoTrender provides you with the growth chart in the following fashion:

This is the report of one competitor where the growth of fans is presented in a month-on-month format. Similarly, you can fetch the data of other competitors. SoTrender enables you to download the data in a powerpoint presentation, excel sheet and PDF format.

The growth trajectory shows you the period of time where a maximum number of people liked a page. Once you know the dates, you can just jump to that time on their social media page and see what kind of post led to an increase in the number of likes. It could be a paid campaign or it could be because of highly engaging content shared by your competitor.

Let us now compare the engagement of these digital agencies using Simply Measured. The following snapshot of comparison shows the number of fans and percentage of engagement of each agency:

The following snapshot shows the number of fans each agency have in comparison to each other:

Now, let’s have a look at how active these agencies are. The following snapshot depicts the number of posts they have shared:

The following snapshot shows the number of fans each agency have in comparison to each other:

Here’s the report of how engaging the agencies have been over a period of time:

The average response per post:

The verdict:

While these tools provide you with a lot of in-depth information, it is you who have to decide the parameters which are essential to help you tweak your marketing strategy and grow. To help you with the basics, let’s cut down to 3 major parameters on which you should focus:

  • Audience
  • Activity
  • Engagement

The AAE model monitors the number of fans (Audience) you and your competitors have, how many and how frequently posts are shared on social media (Activity) and the number of likes, retweets, shares, etc are garnered on each post (Engagement).

Now that you have an idea of what Competitive Analysis is, let’s help you with identifying competitors and analyze their performance on social media.

#1: Discover your competitors

This is the initial setup towards your competitive analysis strategy. It is an important parameter and should be monitored carefully. Every brand has its own goals and objectives. Look out for those brands which have similar goals to yours.

#2: Set up a Dashboard and Analyze

Now, using any tool, set up your dashboard where you would be able to see all the metrics. There would be a lot of options available to you, but choose only those which go along with the AAE model. Look out for their Audience on social media, i.e. the number of followers on Twitter handle, likes on Facebook page, the number of subscribers on YouTube, followers on Instagram, etc. Check their frequency of posting on social media platforms, monitor what kind of posts they are sharing and see how much engagement each kind of post is getting.

Once all the metrics are in front of your eyes, move towards the next step. Let us simplify this process with an example. Apple is a leading technology firm with so many top-notch competitors in the market. Let us compare and analyze their social media performance. Open an excel sheet and put together the gathered data from the tool you used to analyze in this fashion:

You can download this template here.

Now, let’s analyze the above data. Sony is the most popular brand in all sections. Simple reason is that they engage the most with their audience.

When you do an analysis for your own brand, you’ll get to know which brand is leading the market. The next step is “What” makes them outshine others? Look through their social media pages and observe the kind of posts they’re sharing with their audience. Monitor which post is most liked by the audience. You’ll get to know the demand and then start supplying that content which your audience is seeking.

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