Competitive analysis of social media involves the analysis of the competitors. In the context of social media, competitive analysis suggests looking at your competitors, social accounts and activities, as well as getting a better understanding of what the social media landscape looks like in the industry.
Competitive analysis of social media gives us the insight into how our competitors are using the social media or which channels work best and what content they share and how it performs.
Here are some important aspects of competitive analysis of social media:
- Identify the competitors: If you know how your competitors operate, it is easier to strategize the marketing.
- Gather the data: After you have narrowed down your competitors, the next step is to gather data. This process will be slightly different depending upon which platform you target.
- Analyze the competitors’ activity: It is important to look at how your competitors use each platform.
- Checkout their content strategy: Content is one of the most important aspects of social media marketing. While conducting social media competitive analysis, it is crucial to checkout your competitors’ content strategy. At the same time, also check to see how often they post on social media.
After accumulating all this data and comparing it with your own metrics, you will be able to comprehend where you will fall relative to competitors and your industry as a whole.
Date: November 13, 2018