Introduction
Who does not want to stay ahead in the game? Everyone does, right? But things have changed in this digital world. Previously, everything was concealed but not anymore. In this digital world, you can be acquainted with every move of your competitors and take note of things you can apply in your business.
Momentarily every single business, whether it is small, large, or medium-sized is present on social media platforms and growing their business in every corner of the world. So, if you are just starting out and want to build your presence on social media, you must check out this checklist for competitors' social media analysis.
Most times, the same checklist is followed by the social media marketing agency, so keep your focus as it is!
But before unfolding the checklist you might want to know what social media competitive analysis is?
Social media competitive analysis - what is it?
A competitive analysis lets you understand the pain points of your competitors and their strategies which help you figure out what’s wrong with your strategies and points you have to work on.
This way, you can build robust strategies that are actually going to work and fill the gaps in your social media strategies. If it sounds too much for you, you can always take the help of social media marketing consultants as they are well aware of all these factors.
Checklist for competitors’ social media analysis - You can not overlook!
Here, we have split this analysis into four steps to make you comprehend better, and any brand can use these steps. The plus point is we have assembled the data from top social media marketing agencies. These are the exact steps they follow while performing competitors’ social media analysis.
So, you can understand how crucial this data is! Without wasting time, let’s unbutton the competitors' social media analysis checklist.
Know your competitors
This is the first and foremost step that no one can skip; even the social media marketing consultant suggests you do the same. Now, you might be wondering how to know my competitors?
So, let’s understand this with one example. You are running a wine shop in Sydney and want to promote this in the same city. What will you do?
Take note of the businesses that are running the same business by searching it on Google. Also, you can search relevant keywords for your business on Google. This way, you’ll have a list of top competitors. But select the top five from all of them, do not go for every competitor you see.
After selecting the top five competitors, visit their social media handles and make a separate list of their social media handles.
Collect all the essential information
Now, you know your competitors. The next step you have to perform is to gather all the crucial data. So, here are the points that you should not skip at any point:
- What social media platforms are they on?
- How many followers do they have?
- Are their followers growing fast?
- How regularly do they post?
- What kind of posts do they make?
- What and how many hashtags do they use?
- How much engagement rate do they have?
Perform SWOT analysis
SWOT - Strength, Weaknesses, Opportunities, Threats are powerful weapons against your competitors that any brand can use and enhance their business.
These four elements play a vital role in every marketing strategy. So, keep the focus on all the elements equally, and accordingly, make your strategy.
Things to keep in mind are; strength and weakness are internal factors. On the other side, opportunities and threats are external elements.
Keep track of competitor's social media handles always
If you think competitors' social media analysis is a one-time thing, you have to think about it again. You have to stay updated with competitors' every move, and for this, you have to frequently visit their social media handles and know their latest updates.
Conclusion
From this, you might have got an idea about the importance of competitors’ social media analysis. So, follow all the points that we have mentioned in the checklist and be a first in the game. If you feel like you can not do it single-handedly, you can always take help from a social media marketing agency and bring life to your business.
With this, we are closing this checklist in the hope that you have understood the essence of competitors' social media analysis.