Conducting a Comprehensive Social Media Competitive Analysis: A Step-by-Step Guide

Understanding the competitive landscape on social media is essential for businesses aiming to gain a competitive edge. A thorough competitive analysis can provide valuable insights into your competitors' strategies, strengths, and weaknesses. In this guide, we'll walk you through a structured approach to conducting a social media competitive analysis using a 4-step process.

Step 1: Determining Your Competitors

The first step in conducting a social media competitive analysis is to identify and understand your competitors. Here’s how you can do it:

Identify Your Competitor Keywords: Start by determining the key terms related to your business or industry. These could be specific services, products, or niche areas. Check for Competitor Rankings: Use tools like Ahrefs, SEMrush, or Google Analytics to see who is ranking for your competitive keywords in Google searches. Verify Competitors in Social Searches: Search for your competitive keywords on social media platforms to see which accounts appear in search results. Identify Influential Followers: Determine which similar brands your target audience follows. This can be done by analyzing the followers of your competitors. Select Key Competitors: Narrow down your list to a maximum of five key competitors who are most relevant to your business.

Step 2: Gathering Competitive Intelligence

The next step involves collecting detailed data about your competitors. Here’s what to look for:

Identify Social Networks: Find out which social media platforms your competitors are active on. This can be checked by simply visiting their social media profiles. Followers’ Growth Metrics: Note down the number of followers and the rate at which their following is increasing. This can be tracked using tools like Social Blade or simply by checking the 'About' section on each platform. Analyze Top Followers: Identify who their most engaged followers are. This can often be seen through the 'Followers' section on certain platforms like Twitter. Post Frequency: Determine how often your competitors post content. This information can be found by manually counting the posts or using tools like Hootsuite or Buffer. Engagement Rate: Check the level of engagement (likes, comments, shares) your competitors receive on their posts. This metric can be found using social media analytics tools. Social Share of Voice: Determine the overall sentiment and level of activity associated with your competitors' brand or content. Tools like Brand24 or Mention can help. Common Hashtags: Note which hashtags are frequently used by your competitors for their content. This indicates their brand voice and areas of focus. Hashtag Usage: Count the number of hashtags used in their posts. A higher number might indicate more SEO potential.

Step 3: Conducting a SWOT Analysis

After collecting the necessary data, it's time to analyze your competitors using a SWOT (Strengths, Weaknesses, Opportunities, Threats) framework:

Strengths: Identify what your competitors are doing well. For example, if they have a high engagement rate or an active social media presence, these are strengths. Weaknesses: Pinpoint areas where your competitors fall short. For instance, if they are slow to respond to customer inquiries or their content is less engaging, these can be considered weaknesses. Opportunities: Look for ways to capitalize on your competitors' weaknesses or fill gaps in the market they have not addressed. Threats: Be aware of potential threats from your competitors, such as emerging trends or new entrants into your market.

Step 4: Incorporating the Latest Data with Social Media Monitoring

To keep your social media competitive analysis up-to-date, regular monitoring is crucial. Here are some tips:

Regular Updates: Conduct reviews of your competitors' strategy and performance on a quarterly or annual basis. Incorporate New Data: Use social media monitoring tools to continuously gather new data and insights. Continuous Improvement: Use the results from your analysis to refine your own strategies and gain a competitive edge.

Tools and Resources

To aid in your social media competitive analysis, consider using the following tools:

VAIZLE: A comprehensive social media analytics tool that allows you to gather detailed information about your competitors. Ahrefs/Semrush: Tools for keyword research and competitors' SEO analysis. Social Blade: For tracking followers, reach, and engagement metrics. Hootsuite/Buffet: For monitoring post frequency and engagement rates. Brand24/Mention: For analyzing social share of voice and sentiment.

By following these steps and utilizing the right tools, you can conduct a thorough social media competitive analysis and stay ahead of your competitors in the digital marketplace.