Competitor Analysis in Social Media Marketing.pptx

Deals with the methods used for analysing the competition in social media marketing

1. COMPETITOR ANALYSIS

2. Social media competitor analysis is the process of assessing your competitors' social media strategies, performance and engagement to identify trends, opportunities and insights that can guide your social media strategy . Since most of the companies (with more than 100 employees) actively use social media for marketing, chances are your competitors are actively using social media for brand awareness, networking or thought leadership. INTRODUCTION

3. By tracking key elements of your competitor’s social media, you gain insights into their strategy as well as your common target audience and industry. Some competitor aspects to track on social media include: Follower growth trends Engagement rates (likes, comments, shares) Posting frequency and timing Content formats such as videos, images, stories Messaging tone Hashtag usage Audience sentiment INTRODUCTION

4. Analyzing competitors on social media can help you find answers to questions like: What content types are driving the most engagement for competitors? Which social media platforms are our competitors most active on? How are competitors engaging with their followers? What are the strengths and weaknesses of our competitors' social media strategies? What keywords and hashtags are our competitors using to reach their target audience? What’s missing in our social media strategy? Why perform social media competitor analysis? WHY COMPETITOR ANALYSIS

5. Analyzing your competitors’ social media moves is the smart way to find out what they are doing to attract those loyal customers. Additionally, it can help with: Spotting emerging market trends Understanding your competitors' audience engagement tactics Identifying what resonates with your target audience Benchmarking your performance in the competitive landscape Pinpointing gaps and opportunities in your strategy Discovering potential influencers and brands for social media collaboration WHY COMPETITOR ANALYSIS

6. Metrics or key performance indicators (KPIs) in social media competitor analysis can lead to actionable strategies and desired outcomes. Engagement metrics Engagement metrics measure social media engagement, or the rate users interact with your content via likes, comments, and shares. Besides, here are the other elements you can track when doing competitor analysis on social media: Engagement rate : Refers to the percentage of interactions on your social media posts relative to total followers or views. It can be measured through likes, comments or shares. Share/amplification rate : Measures the frequency of your content being shared by followers or viewers relative to your audience size on social media. Click-through rate (CTR): Refers to the percentage of social media users who click on a link, ad or call-to-action on your posts compared to the total number of people who saw the post. WHICH METRICS TO TRACK

7. Content metrics Tracking your competitors’ content metrics reveals details about their content strategy, specifically their content mix, post length, frequency and timing, hashtag volume, etc. Here are what to track: Posting frequency and timing : Estimates the posting frequency to track when target audiences are active on different platforms, increase brand reach and maximize engagement. Hashtag analysis : Studies how to use hashtags for social media including the most popular hashtags, type, and volume competitors use to boost discoverability and connect with their audiences. Post length analysis : Examines the ideal word count or media duration that works for competitors on different social media platforms to balance audience attention and impact. WHICH METRICS TO TRACK

8. Audience metrics Audience metrics provide insights into the characteristics and behaviors of a competitor's followers and help you understand who their audience is and how they interact with the content. Some to track are: Follower growth rate : It’s the rate at which a brand gains new followers or subscribers on social media. This metric measures a brand's success in attracting new audiences and growing its social media reach. Social media demographics : Refer to the characteristics of a brand’s user base across social platforms including age, gender, location, income, education and interests. WHICH METRICS TO TRACK

9. Reach and visibility metrics Reach and visibility metrics track the number of unique users who see your content and how far it spreads across platforms. Some metrics to look at are: Impressions : It is the total number of times a content piece (post, ad or story) appears or displays regardless of whether it’s clicked or not. Each time the content appears on a user’s social feed, it counts as one impression. One thing to know here is that impressions track every instance the content appears, even if the same user views the content piece multiple times. Share of voice (SOV) : It is the percentage of total brand mentions, engagements or impressions of a brand compared to its competitors. It’s a measure of a brand’s visibility and presence on social media and indicates how dominant or noticeable it is in the market. WHICH METRICS TO TRACK

10. When you undertake competitor analysis in social media, you need a streamlined approach to understand how your competitors leverage social platforms to reach and engage their audience. Here’s a 4-step process for doing it: Find and track your competition Competitor analysis on social media needs to start with the basics: Define who your competition is and what are the parameters you want to compete on. Identify which brands are doing it best on social media — are you impressed with their followership, visuals, post ideas or audience engagement? Track customized or standard KPIs Follow industry leaders and top voices among competitors Identify the best-performing platforms and content PROCESS OF COMPETITOR ANALYSIS

11. Analyze competitor social media strategies Review your competitors’ social media persona, platform distribution, content mix, social customer care, posting frequency, and successful partnerships, hashtags, and themes for each platform. Also, audit their paid content strategies to analyze what works for them. These become key data points to refine your strategy. To compare content strategy To compare paid strategy You can also look at which channels your competitors are popular on, which channels they use for paid posts and the media types they use. PROCESS OF COMPETITOR ANALYSIS

12. Benchmark your own social media performance C ompare your own social media performance to that of your competition. Based on the KPIs you identified, benchmark the metrics to competitors and industry standards to get a picture of where you stand. By analyzing your metrics side-by-side with competitors and the broader industry, you can pinpoint your strengths and weaknesses. This will help you identify opportunities to improve your strategy, refine your content approach and ultimately stand out in a crowded digital landscape. Industry Average lets you look at your performance in relation to other brands in your field. Competitor Average works off metrics such as engagement and audience growth of brands you want to monitor. PROCESS OF COMPETITOR ANALYSIS

13. Refine your social media plan Once you have all relevant insights from your social media competitors' analysis and have benchmarked them against your own, refine your social media strategy to get the desired results. Share the insights with the relevant team and individuals so that they can begin working on areas of improvement. Here are some tips on refining your strategy: Use a social media analytics tool to collate and organize all the information into accessible formats. For maximum effectiveness, integrate all data and insights into your workflows to make faster decisions more effectively. Set up smart alerts to get real-time insights on what’s changing with competitors to realign your own strategy. PROCESS OF COMPETITOR ANALYSIS

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