The upswing of social media has paved the way for brands with a golden opportunity to connect with their prospects and customers. With a lot of verticals of social media available today, businesses have a lot of tools to educate and inform customers about their business and services. Hence, it is essential for your business to have a social media presence. But by simply having a social media arm for your business doesn’t ensure success. It needs to be timely fed and nurtured with strategies to churn out the best for you.
The easiest way to evaluate the success of your social media business strategy is to touch it with your competitor. Conducting a social media competitor analysis allows you to make a benchmark of where your business is progressing and where your business is demanding for more. Your business gets real-time valuable insights on various areas where you need to give more attention. Well, we have simplified the process in order to make you understand various aspects of conducting a social media analysis.
Identify the competitors
Even if you fail to forge a complete growth strategy for your business, it is quintessential to know the competitor strategy. Follow your competitor and how they are leveraging the strategies in social media. Closely watch their approaches in making social media content, graphics, images, videos, AdWords etc to have a detailed idea. Today, business don’t need to pour more money into marketing. They just need to use social media and some right strategies to lure more users.
Social media especially platforms like Instagram and Facebook can yield double benefits in terms of reach in an organic way compared to a paid format of the same. That’s why competitive analysis in marketing has evolved as a major facet for a digital marketing agency. Searching in Google is the simplest strategy to find your competitors. Search on the internet using the keywords that most accurately determine people to find out your business.
Once you find out the competitor, search their website and check for the social media accounts in the footer or header of the website. Evaluate their activity within a particular time period, record the number of followers and the likes they are receiving in respective social media platforms. Check for the number of promotional activities they do and make a detailed excel sheet or spreadsheet detailing the comparison. The duration of the process depends on how competitive is your industry within a particular area.
As you filtered down the preliminary data, all you need is to dig up data. Other than just looking at the number of followers and subscribers, you will need to look for additional features and functionalities that are used in the social media. SEO competitor analysis tools will derive amazing insights like total messages sent, post-breakdown strategies, customer engagements for content and respective posts. All these acts as additional metrics for perfectly compiling competitor analysis.
Social media essentials like tagging posts, using hashtags, guest activities, sending trending, popular and relevant choices can make all the difference in social media success. Gaze at the number of promotional posts of products, sale or contests. Interpret then tone of the message conveyed by your competitor, whether it’s advocating something to the audience like the call to action. All these aspects are crucial in knowing what your competitor do so that you can actually start your process on the right note.