Performing a Social Media Competitor Analysis in 5 simple steps
Social media competitor analysis – my 5 easy to follow steps:
Much like writer’s block, companies can often find themselves sinking in a metaphorical quicksand, draining them of their ability to get creative with their posts. If you find yourself lacking creativity, ideas for posts or wanting a standardised process you can keep as a template; you’ve come to the right place! I can help get you on track, providing you follow my 5 steps closely.
1) Identify your competitors:
The first step is always research. Time to research who some of your competitors are and what they’re up to. This would be the equivalent of social “stalking”.
As an example, I will be showing you how to do a social media competitor analysis on tailored suits in Birmingham. A quick google search should bring up a list of your competitors and their websites.
Here, I used the keyword “tailored suits Birmingham”
2) Make a list:
Now it’s time to create an excel sheet with the names of people you’re taking inspiration from. As an example, I’ve done a very small list of other companies offering tailored suits in Birmingham.
Using the same format below, list their social media sites. I’ve only listed a few here…
3) Start gathering intelligence:
Gathering intelligence is something that must be done, no matter how tedious it may seem.
Check which social networks are they on…
This will give you a good idea on where you should be located. Some may only be on Facebook and Twitter whereas others will be on almost everywhere they can be. Generally speaking, after sifting through 5-6 competitors you’ll get an idea on where you need to be.
How often do they post?
This is crucial. Audiences won’t be pleased if you’re over-posting or not putting out enough. To gain a good balance, it’s always a good idea to see what others are doing then create an average.
Which hashtags do they use?
This may be the secret to their social success. If hashtags aren’t branded and their posts are getting great engagement, there’s no harm in using them yourself! Take this for example:
I wouldn’t copy every hashtag, but taking a few isn’t illegal!
Where are they getting most engagement from?
It could be from videos, images, gifs, blogs, shared articles. Chances are whatever they are finding success with, you are too!
4) Perform a SWOT analysis
After gathering intelligence and stats, now it’s time to perform a SWOT (strengths, weaknesses, opportunities, threats) analysis.
What are they good at doing?
Perhaps their catchy headlines makes people engage with their content. Maybe it’s their simplistic videos that gain them retweets/shares.
Whatever they’re doing right, this is what you should be doing too. Don’t outright copy though, that’s just plain wrong!
We will only ever encourage creativity and originality…
Where are they falling short?
Do they make spelling mistakes in their posts? Or perhaps they aren’t posting consistently enough? Maybe they even post too many promotions? Whatever their weaknesses are, this will be where you separate yourself from them (and the rest).
Somewhere between strengths and weaknesses, lies opportunity. For example, if they aren’t replying to questions posted on to their Facebook page, maybe that’s where you can come in and guide their audience. Just don’t be too sleazy about it…
This is arguably the most important part. If you haven’t identified threats and how to deal with them, when they become a reality it may throw you off guard.
5) Go forth and execute
All this data you’ve gathered is now going to come in handy. Nothing else needs to be said apart from “JUST DO IT”. Don’t forget to constantly measure your campaigns to see if they’re working effectively!