Social media competitor analysis
Coming up with a social media marketing strategy is not an easy task.
You can have a better picture if you closely monitor your competitors’ strategies, use the things that work, and learn from their mistakes. It can help you turn an average strategy into a winning one.
Every marketing plan contains competitor analysis; your social media marketing plan does, as well.
In this article I collected the most important metrics you should watch when researching your competitors.
Find out who your competitors are
Your first step in creating a social media competitor analysis is selecting your competitors. For some businesses, it’s easy to identify them, but for others, it might take some research, especially if you sell your goods internationally. You will want to find businesses similar to yours, but not limit your analysis to competitors of a specific size.
Once you selected a few competitors, cut this list to the top 3 or 4. If you work with more, you will have so much data you don’t know what to do with it all. If you select less, you won’t have enough data to paint an accurate picture.
What social networks are they on?
Some organizations are only present on Facebook or Twitter. Others will be active on Instagram or Tumblr. It all depends on the brand, their objectives, and where their audience spends the most time.
Make a list of which competitors are active on which social networks.
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Every marketing plan starts with proper market research, and every market research analyzes the competition at some point.
The same applies when you create a social media marketing plan.
Researching your competitors give you valuable data that helps you figure out what works and what does not.
What other metrics are important for you when you conduct social media competitor research? Share with us in the comments!