A social media strategy is important to reach any goal for a business. In order to formulate a proper plan, it is important to complete a competitive analysis to better understand how your brand is positioned when compared to competitors.
Through a competitor analysis, you’ll be able to establish industry benchmarks, and identify successful and low performing aspects within your company’s strategy.
Keep reading to discover our top recommendations for a successful competitive analysis.
Select Competitors and Goals
When first starting to work on a competitor analysis, you want to identify who your main competitors are, and what their business goals entail. Social Media Today emphasizes how a meticulous competitor analysis will reveal information about their products, production methods, social media strategies, branding, and more.
Identify Areas and Platforms to Monitor
After you’ve narrowed down your businesses’s top competitors, the next step is to collect as much data as you can. You want to look over their website, social media platforms (Instagram, Facebook, Twitter), go through every page and carefully examine comments and interactions. The process will vary depending on where your competitors are most active, and how much information they do share online.
Analyze, Analyze, Analyze: Engagement and Strategy
When analyzing all of data gathered, they are some main aspects to focus on to properly gauge what each competitor excels at and what they can improve on.
- Top Performing posts: It’s time to examine what posts perform better on your competitor’s page. By making notes on the type of media they are (video, photo GIFS) you’ll be able to determine what type of posts get better engagement. Sometimes, it’s even beneficial to analyze the coloring, image type, etc.
- Frequency: It’s also important to take notes on how frequently your competitors are publishing content on their pages, whether it’s on social or on their website. This will help you figure out whether you’re posting too much, or not posting as frequently as you should.
- Engagement: Taking notes on how many likes and comments your competitors are receiving will help determine their engagement rate and allow you to easily compare your engagement to theirs. This can also include the amount of followers they have and such.
Compare Yourself To The Competition
When you’ve gathered all of the competitor insights needed, and create a template in which you compare all competitors, insert media, and come up with findings. This competitor analysis document will serve as a way to quickly access material others are doing, and edit whenever you see something innovative come up.
Want to stand out?
If you’re looking to stand out against competitors and develop a strategy and competitive analysis, we’re here to help! With the help of a digital marketing agency, you can develop a personalized social media strategy and make sure you’re getting the same engagement as your competition. To get started with Vuepoint, give us a call at (210) 858-7295, or contact us through the online form here.