How to Use Social Media to Analyze Your Competitor
It is crucial to check what other competitors are doing on social media. It will help you to provide background for the present role social media plays in consumer interaction. The primary motive to analyze competitor is to learn from the state of play and recognize strategic opportunities.
Take a look at this checklist and learn how to use Social Media to analyze a person who competes: such as; rival; selling or buying goods or services in the same market.
Always get going with a plan
You cannot go further without having a well-defined strategy. You need goals and a plan before you spring into action. Conducting a competitive analysis on any social media requires several things to look:
- Sketch out what strategies others are using to help you be keener about your social strategy.
- Gives a point of reference for you to see how your brand’s social metrics hit the mark.
- Set off ideas for creative campaigns or unique ways to use different social media channels.
- Find out a niche to try something no one else is doing up till now
- Provides insight into what tactics have worked well (or not so well) for your competitors
- Reveals what social media channel your rivals are giving more attention to.
And yet through comparing likes, shares, and retweets might make you think like you’re a best or a loser among competitors. And literally, you don’t require all things considered if you stop at posing metrics. Demographics are your basic conceptional structure, psychographics explain to you what customers are intent on, and sentiment offers context, so you know where to focus your vitality.
It will be a big issue if a person in front of you – your competitor who competes you in a market is just like you. Some of the big brands like Edible Arrangements, Stance, and Etsy have given the likes of FTD, Nike, and many important retailers a run for their bucks. Even, if you’re best among competitors, brands with a superior audience’s grasp can smash your brand out of the glare of publicity.
Sentiment lows and highs –
To identify the most potent responses, apply sentiment analysis and make the most of competitive advantage. These extravagances point to the best opportunities to scrounge great ideas or solve consumer problems in a way rivals aren’t doing. You require some strong tools that comprehend irony, netspeak, jargon, and emoji, so your comprehensions aren’t to take an oblique course with false positives or negatives.
Content and channels
Where are those people who are trying to sell similar goods or services to the same market audience? Look on the farther side of the channels your brand is on and see if you should be active elsewhere as well. Make sure to look at the content competitors share – and consumer response. Maybe you’re not sharing enough videos to the customers. Or perhaps you have to change the approach to the ones you do share. Pay attention to any trends evolving or being leveraged efficaciously.
With competitive data in hands, you can move your brand step forward to success on a number of fronts: marketing, customer service, product development, the customer experience. So apparently you want your data to be as comprehensive as possible. Here are some tools to consider for your spying efforts.
How to Conduct a Social Media Competitive Analysis On Facebook?
Facebook is the best platform to reach the audience and to know about the competitors. So, record the number of Page likes for your every rival, their average post frequency, and add this to the analysis sheet.
Facebook has a handy “Pages to Watch” feature within Facebook Insights, show you each brand’s total Page Likes, number of posts, and engagement this week. For more accurate analysis, visit each competitors’ page, looking at their posts, also evaluate an average number of engagements (likes + comments + shares) per post for each competitor. Once you have done this, take the average engagements per post and divide it by their follower count to get an Engagement Rate percentage.
If your competitors have an especially engaged community, they are the one you want to pay attention to and notice what they’re doing differently. If you see any highly engaging posts, eye-catching visuals or creative campaigns, screenshot them and add to an “Inspiration Images” folder on your computer for times when you need to get the creative juices flowing.
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