How to do a social media competitor analysis

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Tips on how to do a social media competitor analysis

A competitor analysis can be a useful tool for any business. It takes a closer look at what your major competitors are doing, compares it with what you’re doing, and offers lessons for improvement – and sometimes lessons for what not to do as well.

A full digital marketing competitor analysis could be somewhat daunting, but a simple social media analysis is a much more achievable goal for the busy business owner and one that offers practical lessons you can implement immediately.

Here’s a beginner’s guide to running a social media competitor analysis.

  1. Create a list of your five biggest competitors

The easiest step is to create a list of your biggest competitors. Aim for a minimum of three but no more than five to get a good amount of data to compare.

If you’re unsure who your competitors are, try searching your own main keywords in Google to see which brands come to the top, including both organic and paid search results.

  1. Do a full audit of one month of their social media activity

Begin by noting down all of the platforms on which they are active, then pick a month (perhaps just last month), and use a spreadsheet to note these events:

• Which platforms do they post on
• Which days they posted
• What times of day they posted
• What kind of content they posted (video, image, gif etc)
• The purpose of their post (ie to entertain, promote a product etc)
• How many likes and comments each post got
• Whether they responded to comments in any way

  1. Do an audit of your own social media activity

Now go to your own social media channels for the same month and note down all of the same events.

  1. Compare and contrast

By now, you will likely already have a good idea of the differences between your social media activity and that of your competitors, but it can help to put it all down on paper.

Compare:

• How many times you posted vs them
• What kinds of content do you post vs them
• How do you respond to comments vs them
• How many likes you got vs them
• Which platforms do you use vs them

  1. Plan

The final step is to use all of this information to make a plan to improve your social media presence.

This could include diversifying the types of content you post. For example, if you’ve only been posting about your products and services but noticed that products and services account for only a third of what a competitor posts, perhaps you can start adding industry-related jokes, fun facts, helpful advice, or funny videos.

You might plan to post more often, set up an account on a new platform, spend more time responding to comments, or alter the times of day you post.

  1. Evaluate and repeat

Six months from now, evaluate and repeat your audit.

This will help you to keep an eye on your competitors, both in terms of their social media activity, but also any new products or services they launch, or updates to their brand. You can use them as inspiration for new ideas to try, and for what not to bother with if a post or a campaign flops.

Remember that success is not just counted with the number of followers you have, but how engaged they are as well.

Get help with your social media

A social media competitor audit is a common practice for digital marketing services, as it can give your provider an idea of the landscape in your market. However, like all digital marketing, it can take time that you might not have.

If you’d like help with your digital marketing, including social media marketing, local SEO strategies, and Google AdWords, Local Web is a friendly and professional expert provider based in Sydney that can do the job.

Get in touch to find out more about our social media marketing and digital marketing services.

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