Curious about how your brand piles up against competitors in your industry? Or possibly you’ re wondering if your wedding rate on Instagram is actually great. You can easily answer these questions and much more by doing a social media competitive evaluation.
A lot of brands calculate success based on their own growth. Your own followers increased 20%, great! You’ re averaging 10% more feedback per post, awesome! Or could it be?
While all those figures are great, how do they stack up towards similar brands in your industry? Using competitor analysis allows you to benchmark your own metrics against others to see the way you stack up.
You shouldn’ t get too caught up within comparing yourself to others, but the social media competitive analysis can give you beneficial insights into what works in your sector, some areas you need to improve and even more. The question is, how do you start?
Don’ t worry, we’ ve boiled down the process into five easy steps. Here’ s how to do a social networking competitive analysis with ease:
Don’ t want to begin with scratch? We’ ve got you covered. Down load our free social media competitive evaluation template .
1 . Identify Your Social Media Rivals
First, identify your own social media competition and find which systems they use. Hopefully, you already have an over-all idea of your main competitors. But there’ s more to it than that. You wish to focus on the competitors that positively use social media marketing to grow their company.
Believe it or not, even in 2018, there are a select few brands that will succeed even without a major social networking presence.
For instance, Huy Fong Foods is the company at the rear of the popular Sriracha sauce with the rooster logo.
While they are doing have Twitter, Instagram and Pinterest accounts, the CEO David Tran has made it clear they don’ t invest a lot into marketing. So while they may be an industry competitor, hot sauce brand names are probably better off looking at other foods brands that are more invested in interpersonal when conducting a social media rival analysis.
The easiest way to get your competition is Google. Search for the particular keywords consumers would use to discover your business. For example , if your company marketed watch straps and watches, you will Google “ watch straps” or even “ watch bands. ”
You can rule out huge online marketplaces like Amazon, Greatest Buy, etc . Look for websites which are in your specific industry. In our instance, Hodinkee and Crown & Belt buckle could be good options. The second stage is to go to each website plus identify whether or not they’ re participating in social media, and which platforms each uses.
Most websites connect to their social media profiles in the header or footer of their site.
Also look through the social support systems you’ re interested in pursuing. MVMT is a popular watch company that’ h very active on social media, so it is practical to add them to our analysis too.
Depending on your sector, aim for around five competitors and set them all into our handy design template . This is where you’ ll shop all of your data.
Notice that our spreadsheet provides sections for Facebook, Twitter plus Instagram. For your analysis, you can select any social networks you’ d choose. You’ ll likely notice many brands in your industry have 3 or 4 main platforms in common.
This process can take a lot of time if you’ re in a highly competitive business. But the more thorough you are, the greater results you’ ll get.
2 . Gather Information
After you’ ve narrowed down your competitors, the next step is to collect data. The process will be slightly various depending on which platforms you focus on. For our purposes, we’ re likely to stick to Facebook, Twitter and Instagram since they’ re the most common.
Use Sprout’ s rival reports to make this process much easier:
You can use Simply Measured’ t advance competitive reports if you want even more data.
Next, let’ s take a look at how you can compare your brand to the competitors on Facebook, Twitter and Instagram:
Facebook Competitive Evaluation
Start by doing a guide review of your competitor’ s web page. You’ ll be able to see essentials like the number people that follow or even like their page.
It’ s also a good option to jot down any specific tabs or even features they have. In this instance, it appears to be they have the shop section enabled and they’ lso are highlighting at the top of their page. Whenever we notice the same trend with other rivals, it’ s likely a good indication it’ s working for them.
Follower count is good to know, but that’ s not really where your competitive analysis ought to stop. Use Sprout’ s Facebook Competitor Record to get additional information on how well the competition’ ersus content performs.
You can observe how many messages your competitors send plus receive, the types of content they’ re posting (text, images or even videos), engagement and much more.
Include all this in your spreadsheet, as well as any additional metrics that are important to your brand.
Twitter Competitive Analysis
Next, you’ ll have to look at some Twitter-specific metrics utilizing a social media analytics tool .
Sprout’ s Tweets Comparison Report may be the perfect tool for the job. This compares your Twitter profiles towards each other, or a competitor. Select your own Twitter account, then enter the competitor for the other slot.
The report shows you wedding, influence, followers gained/lost and describes. You can change the time period, but it’ s best to stick to the last thirty days to keep the data relevant.
Once you’ ve looked over all the competitive social media evaluation from the Twitter report, be sure to your data into your spreadsheet. Tracking these details can be extremely valuable down the line.
Instagram Competitive Analysis
Instagram doesn’ t have a great deal of public data available about your competitors. However , with Sprout’ s Instagram Competitors Record , you can easily compare and standard your brand against competitors within key areas:
- Audience growth: Are your competitors growing their market quicker than you?
- Media sent: Get a sense of how frequently your competition are publishing. You may find you’ lso are not posting enough to keep your own audience engaged.
- Engagement: See how several likes and comments your competitors are becoming on their content.
- Hashtags: Find your own competitors’ most frequently used hashtags. You might be able to use the same ones within your posts if they’ re appropriate, and get exposure to more people.
- Top posts: Take a look at your competitor’ ersus most popular posts. Try to get a concept of why these posts are usually performing well. Are they product pictures? Do they use certain colors? Discover what these posts have that your content material doesn’ t and use the information to improve your images and videos.
An additional interesting tactic is to perform a search for #brandname on Instagram and find out how many results come up.
This gives you a good idea of your competitor’ s popularity. If a lot of individuals are searching for #brandname, it’ s an indicator the company is doing something right and it has an active following.
In case you run into a situation where there are variants of a brand’ s hashtag, opt for the most popular choice. This will usually you need to be the company’ s name. For example, Hodinkee has a few hashtags. Yet you’ ll notice most blogposts use #Hodinkee alongside alternatives such as #Hodinkeestrap. In this scenario, it makes a lot more sense to just use #Hodinkee.
You’ ll end up with associated Instagram posts that are exactly what you had been searching for and then some. Make sure that your own findings are relevant to the business mainly because some brands end up battling for the similar hashtags.
Once you have all the details from your Instagram competitive analysis study, make sure you add that data for your spreadsheet .
a few. Analyze Competitors’ Activity
You’ ve gathered the figures, but you also need to look at how your competition use each platform. This requires the manual review.
The very first thing you want to look at is how energetic is the competition. Here are some questions to ask yourself:
- When was final time they posted?
- Are there long spans of time among each post?
- Perform they respond to comments?
It’ s fairly easy in order to gauge how active brands are usually by answering these three queries. They should post at least once every few days to be considered active.
Next, look at the type of articles your competitors publish. Specifically, you want to find out what percentage of their posts are usually promotional. Look at each competitor’ t last 10 posts and estimate what percentage of them are marketing.
Promotional posts consist of links to a product, a purchase or a contest. For retail manufacturers, it’ s a little tricky in order to decipher between promotional and non-promotional posts. A good rule of thumb is if the particular posts has a call to action to make a buy, it’ s promotional.
For instance, this isn’ t always a promotional post, even though it comes with a product. But the post below includes a specific call to action, asking people to store. So it would fall into the marketing category.
Once you’ ve gone through each competitor, place the data into your spreadsheet.
Some marketers like to look at their particular competitor’ s voice when carrying out a social media analysis. Voice describes the particular tone and POV a brand utilizes on social media. Do they blog post on behalf of the brand (we) or even do they allow individuals to publish (John).
Include these details if you’ d like, however your specific tone will largely rely on your preference. It shouldn’ capital t be too swayed by what your competition do.
4. Evaluate Their Website Content
The final part of your social media competitive evaluation involves their website. As you know, content marketing and social media are closely related. Because of this, a lot of companies use blogs to create content to be distributed on social networking. Take a look at your competition and see how many of these have blogs.
Searching through their blogs will give you tips of the type of content that might speak out loud with your audience. If you’ deb like, go the extra step associated with plugging each site into Buzzsumo to find the posts most abundant in social shares.
This task is optional for most industries. Nevertheless , if you’ re in an sector where blogging is extremely popular (fashion, SaaS or fitness), then you’ ll probably want to follow this task.
5. Using the Information
Now that you’ ve compiled all of this data, you need to utilize it. Using your brand’ s own social media analytics , you’ ll be able to compare your own profiles to the competition. That’ h why we included a range for your own company’ s data straight into our template .
It’ s important to keep in mind that this particular social media competitive analysis isn’ to for you to copy exactly what everyone is performing. Instead, it will guide you toward starting out on the right foot.
For example , maybe your analysis displays most of the competition only publishes marketing posts 10% of the time. You probably wouldn’ t want to go too far more than that, or else you risk disabling your audience.
You will probably find that you’ ve been concentrating on the wrong social networks altogether. In our instance, it’ s clear that Fb and Instagram are worth the particular investment. Any competitors not providing a few two would be losing out.
Pay Attention to the Data
In the end, it’ s all about evaluating your brand’ s metrics plus data to the competition. Make any kind of necessary adjustments to your strategy depending on what you find. If you’ ve never done a social media rival analysis, give it a try. The information you discover can help you get a leg up on your competitors by utilizing some of their own tactics!
Have you ever completed a social media competing analysis? Leave a comment plus let us know what you include!
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