Social media is a crowded place.
It can seem tough to stand out when everyone is vying for attention.
But you know what? Analyzing your competitors can help you gain the advantage you require.
Observing what your rivals are doing is not enough; you also need to learn from them and take advantage of their likes and dislikes.
What is Competitor Analysis?
In essence, competitor analysis is a fancy way of saying, “Observe what other people are doing and take notes.” You can modify your own strategy after seeing what they are doing well and where they are having trouble. It involves comprehending their strategies in order to modify your approach to make it more effective.
Why Should You Care?
You don’t need to start from scratch.
Why not do something that a competitor is doing that is successful?
The main goals of social media are visibility and interaction.
Additionally, you can take advantage of opportunities and even outperform your rivals if you can recognize them.
How Do You Conduct Competitor Analysis?
Locate Your Rivals
Although it may seem apparent, you’d be shocked at how simple it is to overlook someone vying for the same audience. Businesses only need to be aiming for the same demographics; they don’t need to market the same goods or services.
Examine Their Social Media Accounts
You have identified your rivals. Now, pay close attention to where they are publishing. Do they have a large Instagram following? Or do they favor Facebook? How about TikTok? Which platforms are giving them the greatest traction is what you want to know.
Monitor Their Involvement
Don’t only pay attention to their following size. Check out their audience’s level of engagement. Are their posts being liked, commented on, and shared? This lets you know if their material is truly relevant.
For instance, even though a competitor has 10,000 followers, their audience may not be as engaged or devoted as they appear if their posts receive few likes.
Style and Frequency of Content
What do they post? Are they images, videos, memes, or something else entirely? How frequently do they post? One competitor may post five times a week, while another may post once a day. This might help you determine what formats your audience prefers and how much material you should be producing.
For instance, Wendy’s is well-known for their amusing Twitter parodies. They use it as a hallmark move. To stand out, you may attempt something daring like that, but make sure it fits the personality of your brand!
Keywords and Hashtags
Remember to look into their keywords and hashtags. What are they utilizing to attract attention? Are there any that you’re overlooking? You may be able to take advantage of trends that you were previously unaware of.
For instance, a fitness company may use hashtags like #FitnessGoals or #FitFam, but if you dig a little deeper, you may find #GymHacks or #HomeWorkout, which have increasing popularity.
Look at Paid Advertisements
Check to see if they are running advertisements. Through the Ad Library on social media sites like Facebook and Instagram, you can view what your rivals are advertising. What do their advertisements offer? How do they communicate? Make use of this to inform your own paid tactics.
You might want to try a flash sale if they’re having one or even come up with a better offer.
Demographics of the Audience
Who is interacting with their content is another important factor to consider. Are they drawing in fitness enthusiasts, stay-at-home mothers, or young professionals? This provides you with hints about your target audience and how to craft your message.
For instance, if students respond well to a competitor’s posts, you may modify your efforts to reach a comparable demographic while adding your own special touch.
Conclusion
Analyzing competitors is a continuous process. Strategies evolve along with the market. You’ll need to monitor your rivals and make necessary tactical adjustments. Ultimately, the goal of competition analysis is to apply the knowledge gained to enhance your own approach.
