Why do you need competitor analysis tools for your social media?
Have you ever been in a situation where you have had to perform a competitor analysis in order to better understand the competitive landscape for your product or for your clients? With every passing day, the market is getting more saturated as more and more players enter the market, thus increasing the overall competition for products and services. In this situation, it becomes highly imperative to understand your competitors, their product offerings and their true value proposition.
For new players, it gets really hard to really understand where to start. Performing a competitor analysis is not an easy task and if done half heartedly, it might hurt your marketing efforts and result in losing the traction in the market. Perhaps the best place to start is where all the companies are present – Social Media. Social media as a medium gives a great opportunity for anyone trying to understand what is really going on in their niche. It is where all the action is, companies actively post their product offerings, company updates, user testimonials and roadmaps on social media. The ample amount of content gives the true idea of what a company is doing and where it is heading in terms of its products and services.
What is competitor analysis?
So before we start with anything, let’s understand what competitor analysis really is?
A competitor analysis is a strategy that involves researching major competitors to gain insight into their products, sales, and marketing tactics. Implementing stronger business strategies, warding off competitors, and capturing market share are just a few benefits of conducting a competitive market analysis. (Source – Hubspot)
In a nutshell, competitor analysis is what you do if you want to get access to as much information as you can about your competitors, so that you can be a step ahead of them in terms of creating your marketing campaigns or making changes to your product offerings. You do not want to commit the same mistakes that your competitors have done in the past. Of Course having a lot of competitors makes it hard for new companies to establish themselves, but on a brighter side, it also allows the new players to understand the market trends and what all steps they should take to meet the industry standards while being cost efficient.
Why do competitor analysis on social media?
One shouldn’t perform competitive analysis on social media just to get some insights on the competitors. It would help you in getting true insights about your own ideal customers and your value proposition.
You may wonder as to what kind of insights one can get if they perform competitor analysis on social media. Well below are few
- It can help you understand what time or day of the week works best for competitors in your niche and then you can align your campaigns accordingly.
- It helps you to know what topic or hashtags are working best for your competitors in order to achieve a high engagement rate on social media.
- It helps you to assess different performance indicators such as – followers, engagement rates, online sentiment etc.
- It can help you to design more detailed customer personas to effectively target your ideal customers.
- It can help you to understand the strong points or weaknesses of your competitors through user testimonials and user reviews.
- It can help you to generate better content ideas for your social media marketing campaigns.
And much more…
Which tools can help to perform competitive analysis on social media?
There are various tools out there that can help you in performing a comprehensive competitor analysis on social media. We will be listing some of the best tools which one can take advantage of.
Buzzsumo helps you find your competitors’ most shared content. This can help you brainstorm both opportunities (like new types of content or topics to explore) and threats (areas where the competition is becoming dominant).
Hootsuite Streams is a powerful tool that allows you to track keywords, competitors, and hashtags across every social network.
Brandwatch offers some powerful competitive analysis tools. One of the most important is its easy-to-understand graphic showing your brand’s social share of voice. Social share of voice is a measure of how much people talk about your brand online compared to how much they talk about your competitors.
Track your social media performance metrics and compare them against top competitors. Compare your social results against the industry and create social media industry benchmarks.
Mentionlytics is a social media monitoring tool that is also great for doing a social media competitive analysis. You can discover everything that is being said about your brand, your competitors, or any keyword on social media.
Connect Mór’s powerful platform allows you to quickly analyse competitors’ best social media content. You can benchmark competitors, see why they are doing good (or not!), and use their data to predict the success of your future campaigns. Connect Mór helps you to save time, increase engagement and helps you win more clients.
A case study on social media competitor analysis : Sustainable clothing brands in Ireland
What better way to understand the impact of social media competitor analysis than using some real life examples of companies who are trying to make it big through the help of social media. So as part of competitor analysis, we selected some of the top Irish brands in the field of sustainable clothing and using Connect Mór, we tried to understand different trends and benchmark performance indicators on social media.
Below are the brands that we had analysed as part of the case study –
Following images, gives the highlight of the competitor analysis performed for the top sustainable clothing brands in Ireland.
It is really interesting to see the results of this particular analysis. Performing a comprehensive competitor analysis can help companies to truly understand their position in the market and further shape their value proposition on social media.
Interested to see how you stack up against your competitors on social media? Book a 14-Day free trial with us and get access to data insights that can help you to save time, increase engagement and win more clients.
November 9, 2022