Competitive Analysis on Social Media in 2021(Tools and Templates)

How to Do a Competitive Analysis on Social Media (Tools and Templates)

How can you keep up with the competition and win on social media?

Start with a competitive social media analysis.

It shows you how to stand up to others in your industry and reveal new opportunities and potential threats.

This guide will teach you how to conduct your own competitive analysis on social media. We also provide a list of the best social media contest rating tools and provide a free template to help you out.

What is competition analysis on social media?

A competitive analysis is a competitive analysis to find out what your strengths and weaknesses are and how they compare to yours.

It’s a process of comparing your results to those of your industry so you can identify growth opportunities and strategies that aren’t working.

In particular, a competitive analysis on social media will help you to:

• Identify who your competitors are on social media

• Know which social platforms they are on

• Find out how they use these platforms

• Understand how your social strategy works

• Compare your results on social media with the competition

• Identify social threats to your business

• Find gaps in your social media marketing strategy

Why a competition analysis on social media?

Learning more about your competitors isn’t the only reason to do competitive analytics on social media. It also provides information about your business and your target audience (which likely overlaps with your competitors’ audiences).

Here are some surprising insights that competitive social media analytics can provide:

• Performance metrics for your business, such as average followers, engagement rates, and digit sharing

• Ideas for the best times to post on social media (since your audience is likely to be online at the same time)

• Understanding the weaknesses of potential customers

• New (and better) ideas for content that may interest your audience (or that will NOT engage your audience and that you may want to avoid)

• Understand how to communicate with your audience on certain platforms (eg informal or formal).

• Ideas to differentiate your brand

• And more!

In the end, a competitive analysis on social media will pay off as much as your investment. You can choose to do a single story about the competition on social media or hire someone on your team whose sole job is to keep up with your competitors. Most companies do something in between quarterly or monthly reporting.

Whatever level of analysis you choose, the insights are invaluable.

Conducting competitive analysis on social media: a four-step process

We describe the process of conducting a four-step competitive analysis on social media that works for any brand.

Download this free competitive social media analytics template before you start.

Determine who your competitors are

You probably know all the keywords your business is trying to rank in search engines. For example, if you work for a hotel in Manhattan, you are probably targeting keywords like “hotels in New York” and “best places to stay in Manhattan”.

But if you have a boutique hotel with evening wine and local art tastings, you don’t necessarily have to compete directly with the Holiday Inn. To fully understand their inventory of keywords, you can get a clear picture of who you really are.

The Google Adwords Keyword Planner is a great place to identify the most relevant keywords for your brand. Even if you don’t advertise on Google Adwords, this tool is free.

To get started, use the tool to analyze your website. Get a list of relevant keywords, along with average monthly searches and estimated competition level.

Or you can enter your trusted keywords into the tool. Again, you get a list of keywords related to search volume and competitor data. Use these related keywords to narrow down your competitors’ definitions and make sure you look for companies that really compete with you.

See who ranks for these keywords on Google Google

Choose the five or ten keywords that best suit your business and link them to Google. You quickly get an idea of   who your biggest online competitor is.

Pay special attention to brands in your industry who hire Google Ads to place their names above organic search results because they put their money where your marketing ambitions are. While they don’t have great organic search results yet, it’s worth taking a look at social media to see how they’re doing.

See who appears on social keywords by keywords

The brands that score on Google for their keywords aren’t necessarily the same brands that score well on social media. Since this is a social media competition analysis, you should also see who is the best in social search results.

For example, go to Facebook and type your keyword in the search box. Then click Pages from the top menu.

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