Doing a competitive study reveals how your brand’s social media strategy stacks up against the competition. Also, it aids in the identification of untapped social media markets and dangers to your company’s security.
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You may learn more about your rivals’ strengths and shortcomings, as well as how you match up against them, by doing a social media competitive study.
You may learn a lot about your target audience and the things they enjoy and don’t like by analysing the social media strategies of your rivals.
There are several reasons to investigate your competition on social media.
We’ve shown that a social media competitive analysis may provide a wealth of your audience (which, in all likelihood, coincides with that of your rivals).
The 4-Step Process for Analyzing the Competition on Social Media
We have simplified the social media competition analysis process by breaking it down into four basic stages that every company may follow.
Get a head start by downloading and customising this social media competition analysis template that our colleagues at Hootsuite have prepared for you. It’s totally free, and it’ll serve as a useful tool for keeping tabs on your projects.
The first step is to take an inventory of your rivals.
You can’t study your rivals’ social media strategies if you don’t know who they are or which networks they frequent.
Best 5 Social Media Tools for Analyzing Competitors
In the last section, we went over the process of mining social media for information on your rivals. It might be time-consuming to accomplish it by hand.
With these specialist tools, you may expedite your competitive study of social media.
Using Hootsuite Streams, you can:
Hootsuite Streams allows you to monitor your keywords, hashtags, and rivals across all of your social media platforms. You may easily monitor your rivals by adding their social media accounts to a single Stream and then monitoring their activity at your convenience.
You can use this tool to accomplish a lot more than just spy on the competition. Watch this video to learn how to enhance your social media tactics by utilising Hootsuite Streams.
Spying on your rivals is pointless if the data you get isn’t analysed and reported on.
Brandwatch exists specifically for such purposes. You may use this app to examine how well-known your brand is among social media users (SOV).
The term “share of voice” (SOV) describes the ratio of internet mentions of your company to those of its rivals. Social media users and potential clients will give you more credibility and attention the more people talk about you.
With Synapview, you can easily find your rivals’ social media profiles and begin following them immediately.
This app allows you to keep tabs on your competition, hashtags, and keywords across a wide variety of online platforms, such as Instagram, Twitter, YouTube, Pinterest, Reddit, and blogs.
You can use Mentionlytics, a robust social media monitoring tool, to monitor all mentions of your company, your competitors, or specific keywords across social media sites like Facebook, Twitter, Instagram, Pinterest, YouTube, etc., as well as across other web sources like blogs, news sites, forums, and so on.
More than 150 million sources, including social networks, forums, blogs, news, videos, and reviews, are indexed in Talkwalker, a social listening tool. As a result, you won’t have to rely only on social media to maintain tabs on the competition and developments in your field.
Get a complimentary social media SWOT analysis template
You should compile the results of your social media competition research into a report or spreadsheet that can be shared with relevant parties.
You could make your own spreadsheet for this, but if you want to get down to the business of collecting insights, evaluating data, and putting them to use as soon as possible, use Hootsuite’s free social media competitor analysis template instead.