The poll by Sprout Social found that 85% of businesses use social data as their main source of business information. They are also a vital component of your growth strategy because there are over 4.6 million users on social media networks.
There is no longer any news about the severe brand competition that exists online across all industries. How then can you outperform your brand rivals and expand your company on social media? by conducting a competitive study on social media.
You can strengthen your brand’s advantages, address your weaknesses, and seize opportunities by studying your competitors’ strategies. The definition of social media competitor analysis, its advantages, the procedures to follow when conducting this analysis, and a list of the tools you need are covered in this tutorial.
What is social media competitor analysis?
The process of assessing your competitors on social media in order to identify opportunities and develop strategies for brand expansion is known as social media competitor analysis. By conducting this study, you may discover the advantages and disadvantages of your rivals and create a successful social marketing plan. Additionally, it exposes essential details about your target market, the reasons why they are drawn to rival brands, and how these companies excel at social media marketing.
Why is social media competitor analysis important?
Beyond the method you employ to look at your SEO competition, social media competitive analysis has its own benefits. You are able to:
1) Improved understanding of your ideal clients
By conducting a social media competitive analysis, you can learn more about your ideal clients. Understanding your client personas gives you the power to increase your marketing outcomes since you can:
- Which social media channels are used by your ideal clients?
- how they take in information
- What kind of material they are looking for
- What problems they have that need fixing
- What time of day do they log on to social media?
2) Improve your social media strategy
You can develop a successful social media plan, or enhance an existing one, when you comprehend how and why your rivals are outperforming your brand.
A competitor analysis in social media pushes you to perform at your peak because it evaluates your strategies and output in relation to the opposition. Additionally, you can spot opportunities for brand expansion and dangers you need to avoid.
3) Create Relevant Content
It seems sense that the companies whose values and content your ideal customers agree with would win them over. A competitive analysis on social media will help you stand out to your ideal clientele.
This is due to the fact that you’ll figure out what kinds and forms of material they prefer. Additionally, you may use the content gaps you see as an opportunity to produce new, beneficial content for your audience.
4) Improved Positioning and Marketing
You may use your social platforms for more successful marketing by performing a social media competitive analysis. You’ll begin utilising pertinent, underutilised social media features and methods once you learn what’s working for your rivals.
More importantly, it gives you the freedom to develop a positioning plan that will set your brand apart from the competitors and help you establish authority in your field.