Marketing
Wednesday June 2, 2021 By David Quintanilla
How to Do a Competitive Analysis on Social Media (Tools and Templates)


How will you keep forward of the competitors and win on social media? Begin with a social media aggressive evaluation.

It would inform you the way you stack up in opposition to others in your business, and floor new alternatives and potential threats.

This information will train you the right way to conduct your personal aggressive evaluation for social media. We’ll additionally checklist the greatest social media aggressive evaluation instruments and offer you a free template that will help you get began.

What is social media competitive analysis?

A competitive analysis is an analysis of your competition to find out what their strengths and weaknesses are, and how those strengths and weaknesses compare to your own.

It’s a process of benchmarking your own results against the heavy-hitters in your industry, so you can identify opportunities for growth as well as strategies that aren’t performing as well as they should.

A social media competitive analysis, specifically, will help you:

  • Identify who your competitors are on social media
  • Know which social platforms they’re on
  • Know how they’re using those platforms
  • Understand how well their social strategy is working
  • Benchmark your social results against the competition
  • Identify social threats to your business
  • Find gaps in your own social media marketing strategy

Why do a competitor analysis on social media?

Learning about your competitors is not the only reason to do a competitor analysis on social media. It will also give you insights into your own business and your audience (which likely overlaps with your competitors’ audiences).

Here are some surprising insights a social media competitive analysis can give you:

Finally, a social media aggressive evaluation will provide you with as a lot as you set into it. You might select to do a one-off social media competitor report or rent somebody in your crew whose sole job it’s to maintain monitor of your opponents. Most companies do one thing in-between: a quarterly or month-to-month report.

No matter you stage of study you select, the insights will likely be invaluable.

Learn how to do a aggressive evaluation on social media: a 4-step course of

We’ve damaged the method of conducting a aggressive evaluation on social media into 4 steps that can work for any model.

Earlier than your begin, obtain this free social media aggressive evaluation template to maintain monitor of your efforts.

Step 1. Determine who your competitors are

Identify your competitive keywords

You probably already know some of the keywords your business is trying to rank for in the search engines. For example, if you work for a Manhattan-based hotel, you’re likely focused on keyword such as “New York hotels,” and “best places to stay in Manhattan.”

But if your property is a boutique hotel with evening wine tastings and local art, you’re not necessarily competing directly with the Holiday Inn. Having a thorough understanding of your keyword inventory will help you develop a clear picture of who you’re really competing against online.

The Google Adwords Keyword Planner is a superb place to establish the key phrases most related to your model. Even in case you don’t promote with Google Adwords, this device is free to make use of.

To start out, use the device to investigate your web site. You’ll get a listing of related key phrases, together with the common month-to-month searches and estimated stage of competitors.

Screenshot of Google Keyword Planner showing competitive keywords for New York hotels

Or, you may enter your recognized goal key phrases into the device. Once more, you’ll get a listing of associated key phrases with information on search quantity and competitors. Use these associated key phrases that will help you slim your definition of your opponents, so you may be sure to’re analyzing companies which are really competing with your personal.

Examine who’s rating for these key phrases in Google

Select the highest 5 or 10 key phrases which have probably the most relevance to your online business, and plug them into Google. You’ll quickly get a way of who your prime competitors is on-line.

Pay particular consideration to the manufacturers in your business which are paying for Google adverts to get their names above the natural search outcomes, as they’re placing their cash the place their advertising and marketing ambitions are. Even when they don’t have nice natural search rankings (but), it’s price testing how they’re acting on social media.

Screenshot of Google search results for "boutique hotel manhattan"

Click on by way of to the web sites of any manufacturers that look like potential opponents. Most companies hyperlink to their social channels within the header or the footer of their web site. Enter the hyperlinks to their social profiles in your aggressive evaluation spreadsheet.

Examine who seems in social searches for these key phrases

The manufacturers that rank on your key phrases in Google are usually not essentially the identical ones that rank properly inside the social networks themselves. Since it is a social media aggressive evaluation, you want to see who comes up tops in social search outcomes, too.

For instance, head to Fb and enter your key phrase within the search field. Then click on on Pages within the prime menu.

Screenshot of Facebook search results for "boutique hotel manhattan"

For extra recommendations on looking out the varied social networks, take a look at our put up on the best ways to research online.

Discover out what related manufacturers your viewers follows

Fb Viewers Insights and Twitter Analytics can provide you some good insights into which different manufacturers your viewers follows on these social networks. If these manufacturers are much like yours, it’s price contemplating them as potential opponents.

To seek out which manufacturers your viewers follows on Fb:

  • Open Facebook Audience Insights
  • Use the left column to enter the demographics of your target audience OR scroll all the way down to Pages within the left column and enter your current Fb Web page beneath Folks Linked to
  • Within the prime menu, click on Web page Likes

Need to dive deeper? We’ve acquired an entire put up with extra recommendations on how to use Facebook Audience insights for customer research.

Screenshot of Facebook's Audience Insights dashboard

You might discover that not one of the Pages recognized are related to your business, but when they’re, add them to your opponents checklist.

On Twitter, somewhat than checking in your entire viewers, you may examine to see who your prime followers are linked to.

  • Open Twitter Analytics.
  • Scroll down to every of your High Followers for the final a number of months
  • Click on View profile for every High Follower
  • Click on Following on their profile to see the complete checklist of accounts they’re following, or click on Tweets & replies to see which accounts they work together with

"Top Follower" view in Twitter analytics

Select as much as 5 opponents to give attention to

By now you’ve acquired an enormous checklist of potential opponents — way over you could possibly fairly embrace in an intensive aggressive evaluation. It’s time to slim down your checklist to the highest three to 5 manufacturers who you might be most intently competing with on social media. Select the manufacturers which have the closest match to your goal area of interest.

 

Step 2. Collect intel

Now that you recognize who your competitors is, you want to study what they’re as much as on social media.

Click on by way of to the social networks of every of the manufacturers you’ve recognized as prime opponents. As talked about above, you may often discover these hyperlinks within the header or footer of their web site. In your social media aggressive evaluation template, make be aware of the next:

  • What social networks are they on?
  • How giant is their following and how briskly is it rising?
  • Who’re their prime followers?
  • How usually do they put up?
  • What’s their engagement fee?
  • What’s their social share of voice?
  • What hashtags do they use most frequently?
  • What number of hashtags do they use?

You will discover a lot of this data simply by clicking round your competitors’s social profiles. For extra streamlined information gathering, take a look at the instruments talked about beneath.

Don’t overlook to trace all of this stuff on your personal social channels as properly. This can enable you to along with your evaluation within the subsequent step.

Step 3. Do a SWOT evaluation

Now that you simply’ve gathered all that information, it’s time to investigate it in a means that helps you perceive the place you stand in comparison with the competitors. As a part of this evaluation, you’ll additionally search for potential methods to enhance your technique, and potential hazards to be careful for alongside the best way.

A SWOT evaluation is a superb device that will help you suppose clearly about all of this data. In a SWOT evaluation, you are taking a tough have a look at your online business and the competitors to establish:

  • S – Strengths
  • W – Weaknesses
  • O – Alternatives
  • T – Threats

The necessary factor to know is that strengths and weaknesses contain components inside to your model. Mainly, these are stuff you’re doing proper, and areas the place you could possibly stand to enhance.

Alternatives and threats are primarily based on exterior components: issues occurring in your aggressive atmosphere that you simply want to pay attention to.

Chart showing a SWOT analysis template

Listed below are some objects to checklist in every quadrant of the SWOT template.

Strengths

Checklist metrics for which your numbers are greater than the competitors.

Weaknesses

Checklist metrics for which your numbers are lagging behind the competitors. These are areas you’ll need to give attention to enhancing by way of testing and tweaks to your social media strategy.

Remember that you could possibly have each strengths and weaknesses for every social community. For instance, possibly your Fb follower depend is greater than your opponents, however they’ve higher follower development. Or possibly you have got fewer Instagram followers however greater engagement.

Get fairly particular right here, as a result of these distinctions will enable you to establish your alternatives and threats.

Alternatives

Now which you can see at a look the place you stand in comparison with the competitors, you may establish potential alternatives to make the most of.

These alternatives could be areas the place you suppose you could possibly enhance in comparison with your competitors primarily based on data you’ve already gathered, or they might be primarily based on anticipated or current adjustments within the social media world.

For instance, in case you take note of the Hootsuite Weekly Rundown on Instagram, you’ll know that byte simply launched a new video platform that’s primarily a successor to Vine. Contemplating the strengths and weaknesses you’ve recognized, may this current a possible alternative on your model to outshine the competitors?

Threats

Like alternatives, threats come from outdoors your group. To get a eager sense of upcoming threats, take a very good have a look at numbers associated to development, or something that signifies change over time.

For instance, a competitor that’s small however has a excessive follower development fee may current a much bigger risk that a big competitor with stagnant development.

That is one other space the place you want to control the broader business for upcoming adjustments that might have an effect on your place in comparison with your opponents. The Hootsuite State of Digital Reports are an ideal supply of business data to contemplate.

Step 4. Incorporate the most recent information with social media monitoring

You’ll have to revisit your social media aggressive evaluation commonly to maintain it present. Make this a daily a part of your quarterly or annual reporting and evaluation. Which means you’ll want a relentless provide of up-to-date data.

Placing a strong social media monitoring strategy in place will equip you with that real-time information to include in your subsequent evaluation. That is an particularly helpful technique for figuring out potential alternatives and threats.

We’ll go over some instruments you should use for social media monitoring beneath. Mainly, it’s all about being conscious of social conversations involving your model, your opponents, and your business.

File any necessary data or occasions you uncover by way of social media monitoring within the Notes column of your aggressive evaluation template, and incorporate them into your revised alternatives and threats throughout your subsequent evaluation.

7 prime social media competitor evaluation instruments

In step 2, we talked about the right way to collect intelligence immediately from the social networks. Listed below are a number of the greatest social media aggressive evaluation instruments that will help you get began.

BuzzSumo

Buzzsumo helps you discover your opponents’ most shared content material. This may help you brainstorm each alternatives (like new kinds of content material or subjects to discover) and threats (areas the place the competitors is changing into dominant).

Hootsuite Streams

Hootsuite Streams is a robust device that lets you monitor key phrases, opponents, and hashtags throughout each social community—all from one easy-to-use dashboard. The best use case? Add all of your opponents accounts to at least one Stream and examine on it everytime you need. However you are able to do way more than that. Try it for free today.

This video explains the right way to use Hootsuite Streams to maintain monitor of your competitors.

Brandwatch

Okay, you’ve finished all of your spying. Now you’re prepared to investigate — and possibly even create a social media competitor report.

Brandwatch provides some highly effective aggressive evaluation instruments. One of the crucial necessary is its easy-to-understand graphic displaying your model’s social share of voice.

Social share of voice is a measure of how a lot folks speak about your model on-line in comparison with how a lot they speak about your opponents. This is likely one of the metrics you must monitor in your social media aggressive evaluation template.

Screenshot of social share of voice view in Brandwatch

Brandwatch integrates with Hootsuite. Right here’s a video displaying how the 2 functions work collectively to offer key aggressive evaluation data.

Synapview

Able to transcend social media aggressive evaluation? Synapview is an app that allows you to monitor opponents and hashtags on Reddit and blogs too.

Synapview social media competitve analysis in the Hootsuite dashboard

Mentionlytics

Mentionlytics is a social media monitoring device that can also be nice for doing a social media aggressive evaluation. You’ll be able to uncover every thing that’s being mentioned about your model, your opponents, or any key phrase on Twitter, Instagram, Fb, Youtube, Pinterest and all net sources (information, blogs, and so forth.).

Plus, it has a useful “sentiment evaluation” characteristic, so you may see not solely what is being mentioned about your opponents however how it’s being mentioned.

social media competitor analysis with Mentionlytics dashboard

PS: Mentionlytics integrates with Hootsuite so you may see every thing it pulls in your Streams.

Talkwalker

Talkwalker is primarily often known as a social listening device with an enormous library of insights – aggressive or in any other case – of over 150 million sources, together with blogs, boards, movies, information, critiques, and social networks.

Use it if you wish to spy in your opponents past simply social media, and if you wish to maintain tabs on what your entire business is saying usually. It’s nice for top stage overviews in addition to detailed analyses.

social media competitive analysis with Talkwalker insights in the Hootsuite dashboard

Social media aggressive evaluation template

You possibly can create your personal spreadsheet to maintain monitor of all the data you collect throughout your social media aggressive evaluation.

However in case you’d somewhat get straight to work gathering information and placing it to make use of, obtain our free social media aggressive evaluation template and simply begin plugging within the data you acquire. There’s a tab on your SWOT evaluation, too.

social media competitive analysis template preview

Use Hootsuite to crush the competition on social media. From a single dashboard you can manage all your profiles, track competitors and relevant conversations, improve performance, and much more. Try it free today.

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