Importance of Social Media Competitive Analysis and the Tools to Help
Who are your competitors, and what social media content performs the best for them?
If you are targeting a market, and someone else is too, why not use data to your advantage?
What is the importance of social media competitive analysis? Are there any tools to help with it?
This is the advantage of social media competitive analysis, also called competitive intelligence. You can look at the content that others in your industry are using to engage your target audience. Sprinkle this information with your own company’s personality and you have the makings of a very effective social media marketing strategy.
What to look out for?
It’s good to be able to benchmark your performance against your competitors. There’s no point in looking at content that an unsuccessful competitor is posting! Unless you are looking for what not to post (that is also a valid strategy…).
After you figure out who is best, it’s good to see why they are so good. Some of the most important things to look out for:
- Type of content: video, image or just text?
- Actual content: images of products, people, or infographics? What language do they use?
- The times they post that get the most engagement
- The hashtags they use to get in front of more eyes
- Where and how are they promoting their content?
- What trends and events did they post about to engage their audience?
How has the latest algorithm change affected all of this?
How to do it?
Look at your competitor’s feeds, across multiple social networks, by hand and eye. Spend hours picking out the best posts, and put all the data into a spreadsheet.
Or automate it.
Some tools such as Social Bakers and Rival IQ work well. You can specify a list of competitors and get some insights mentioned above. These tools provide some static insights into your competitors – how do they rank, see the best performing posts, and get an indication of which posts your competitors have promoted.
The Next Evolution
It’s great having all this data, it’s really valuable and can inform a great social media strategy. However, what if you could use this competitor data to predict how good your future posts will perform, AB test future posts before they go online, and get recommendations on how you can improve your posts using real data from your competitors?
That’s what we are building at Connect Mór. Getting the data is great! But in 2021 your tools should also give you actionable insights into the data, and guide your future posts. We get all your industry data, analyse it with our artificial intelligence, and help you post content to engage your target audience. You can also filter the data by a time range – check out Black Friday last year, or see what’s working since the latest algorithm change.
You can use Connect Mór for free, today. We are still in closed beta though! So you’ll have to book a demo and we can get you your account. If you aren’t sure, you can watch the video demo and get in touch if the product looks interesting to you.
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