Social Media Competitive Analysis to Understand Who You Are Competing Against Better

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Social media competitive analysis to understand who you are competing against better

Social media has become a fundamental way for businesses to show their value, interact with customers, and remain visible in their market. But because of the explosive growth of social networking, it’s now a way for businesses to compete against each other. This article is called social media competitive analysis to understand who you are competing against better.

Social media competitors use sites like Facebook, Twitter, Instagram and Pinterest to drive new customers to their websites or storefronts and away from your own business. Letting these social media competitors get too much of an advantage could be disastrous for your company. That’s because smaller competitors might start driving more traffic than you do. Even if you think that your business is sufficiently different from the competition or so small that it won’t matter much one way or another who has more customers, the fact that they all use social media as a marketing tool means there’s potential for them becoming direct competition somewhere down the line.

Analysing your competition is harder than ever before

Throughout the ages, gathering intelligence on the competition has been an important part of running a sustainable business. However, with social media now playing such a significant role in people’s daily lives, finding out who your competitors are, what they’re doing, and how they’re succeeding or failing has become a lot trickier than it used to be. In the past, you could at least count on the fact that many of your competitors would have some online presence. But now that so much of the social media activity is happening on closed platforms like Instagram, business-to-business marketing on LinkedIn, and voice-based communications on WhatsApp, finding information about the competition has become more difficult than ever.

How to find your social media competition

There are various ways to find out who your competitors are on social media, but all of them will require you to be a little clever, creative, and perhaps a little sneaky. Here are a few ways to find out who your social media competitors are:

Gathering intel with social media search engines – Certain social media search engines, such as CyndX, SocialScope, and SocialCrawly, allow you to search the entire internet for mentions of your company name and other information. These engines aren’t always going to be accurate, but they are an excellent place to start. 

Using social media monitoring tools – Social media monitoring tools like Hootsuite, Sprout Social, and many others can help you stay on top of what people are saying about your brand on social media. These tools can help you track mentions of your own name and your competitors. 

Surveying your customers – There are plenty of ways to get in touch with your customers and survey them about their social media habits. You can use email surveys, phone calls, or even in-person interviews to gather this information. You can also use online surveys.

What is competitive analysis?

Competitive analysis determines the attractiveness, customers, competitors and the dynamics of a particular market within a specific industry sector. Develops an understanding of the relationship between supply and demand, strengths, weaknesses, opportunities and threats for your product or service to enable you to make more informed decisions about potential marketing strategies.

Use paid advertising to learn about your competitors

There are many ways to use paid advertising to get a leg up on your social media competitors. Paid advertising can be a great way to discover information about your competitors without breaking any rules or violating any terms of service. Here are some ways you can use social media paid advertising to gather information on your competitors: 

  • Use Facebook’s Lookalike Audiences – Facebook’s Lookalike Audiences are an easy way to advertise to people who are similar to your own customers. This tool can discover information about your social media competitors by targeting similar audiences. 
  • Use Facebook’s Custom Audiences – Facebook’s Custom Audiences are another great way to see what information you can gather about your competitors. You can use Custom Audiences to target your competitors’ customers with ads and gather information about their interests and demographics. 
  • Use Twitter’s targeting – Twitter’s targeting options, including interests and behaviour, are great ways to gather intel on your social media competitors.

Social media analysis competitors’ content sharing

Social media has become a content-driven marketing platform, meaning that social media users are more likely to share content with their networks. As such, you can use social media analytics tools to monitor how often your competitors’ customers are sharing content created by their brands. And by paying attention to what kinds of content your competitors’ customers share, you can get a good idea of the content they believe in the most. The same goes for content your competitors’ customers are not communicating. If certain types of your competitors’ content aren’t shared as often, that could be a sign that something is not quite right about it.

Look at who is following whom on social media

Following is a common way for people to communicate their affinity for a particular brand or product on social media. If you’re able to identify who your competitors’ customers are following on social media, you can get a pretty good idea of who else those customers are into. However, the following can be a somewhat unreliable metric since it’s not uncommon for users to follow large amounts of accounts on social media. It can also be accessible to fake following accounts on social media, so you’ll want to take these numbers with a grain of salt.

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Check out their online reputation

The best way to find out how your social media competitors are doing online is to check their online reputation. You can do this by performing a quick Google search of their name, reading reviews and articles on their brand, and even looking at how they’re doing on review sites like Yelp. You can also use social media management tools to search for mentions of your competitors on social media. A Google search of your competitors’ names with the word review next to it can help identify where they’re doing well and where they have room for improvement. Social media analysis competitors are very valuable but remember they can also look at you and analyse what you are doing. And what are you going to do next? 

Check out where people are talking about you 

For several reasons, finding out where people are talking about you and your social media competitors together is helpful. It can show you your strengths and weaknesses and help you identify what your customers are talking about when they talk about your brand. And lastly, it can help you identify where your social media competitors’ customers are also congregating.

Social media competitive analysis to understand who you are competing against better

In conclusion, social media is a marketing tool that many businesses, including your competitors, use to promote themselves. It’s important to keep an eye on how your competitors use social media since they may get more attention than you. Find ways to monitor your competitors’ actions on social media so you can respond accordingly. You can also use social media to gather information on your competitors and see where your customers are talking about you and your competitors.

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

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