Advertisements are a great way to popularise your company, its products, offers and what not. It creates a situation where an inevitable ranking of your company along with its rivals happens as far as viewers are concerned. From newspapers and billboards, today the space for this competition has gone to various social media platforms.
Social media marketing has become one of the most important and efficient ways to interact and engage with your product users. Any popular company that controls the market will definitely have an excellent social media marketing strategy.
Having made clear the importance of social media marketing, this article will talk about a few things that you can do to spy on your competitor’s social media marketing strategies. Competitor analysis is never a bad thing to do as the word spy makes it sound. It is an efficient way to improve yourself across the process to have a better standing in the market.
Identify your Competitors
It is the first and the most important thing that you have to do before you start to monitor their digital marketing strategies. This is where you will make use of the right keywords to gather information about all kinds of competitors that you have got.
Remember that not only the popular competitors are your only competitors. Look for all sorts of potential competitions as well. Making a list of competitors will help you improve the management of the situation in a better manner.
Identifying the channels
There are a plethora of platforms where your competitors might be engaging with people. Generally ranging from popular social media networking sites like Facebook, Twitter, Instagram; it is very unlikely that your competitors' options end here.
Check for any blogs that your competitors might be using and other not so popular social media sites where your competitor might have a good user engagement.
This is the instance where you narrow down your monitoring of your competitors into what exactly they do. You can start by any of their social media accounts, preferably Facebook.
Go through the number of likes and comments that they get. You can use this information to understand whom you should target now. You can also use the advertisement facility of Facebook to arrange for these users to reach your website whenever they click the ad.
Do not forget to look up for the demographic details of your competitors ads. Whenever you come across their ad in social media platforms use ‘more options’ available to dig in and understand the reach of their ads. You can use this information to model your strategies accordingly.
Keep an eye on the ads
Ads being the basic foundation of social media marketing, be mindful of the things that get in along with the advertisements. Studies show that good quality captions will increase the traffic to the website by 6 to 7 times.
Look at the value proposition, length of texts and the details addressed within the texts added. Also look into the kind of ads they circulate. This is not to copy them blindly, but is a form of self introspection and a guide to what needs to be done and what needs to be avoided.
Analyse the Newsfeed of your competitors
Apart from Ads, your competitors' newsfeed should always be under your scrutiny to have a better idea of their plans. Based on the number of likes and comments, weigh their best engaging content and analyse it.
The kind of language, images and call to actions used should be looked upon. Going through their comments will be a great way to understand what aspect of the feed attracts them and what they do not like. It will be a cost effective way to boost your social media strategy.
Understanding the strengths and weaknesses of your competitors and your company is an efficient way to improve social media marketing. To facilitate this you can do a SWOT test which is expanded as Strength, Weakness, Opportunities and Threat. As the name suggests, it will help you in identifying your strength and opportunities available in the industry through an analysis of your competitor’s strength.
Automation of Tools
All the above mentioned tips are for the betterment of your business. It will be extremely helpful if you can automate the search process so that the only thing that you have got to do is to improve the efficiency.
Even that can be achieved through various online tools available. Usage of tools to automate your search is highly recommended considering the unique and unfortunate fact that the searching part is futile while the results are invaluable. So if you can automate your tools, then don’t waste your time.
Top Tools you can use to ease your way to analyse you competitors
- Open Site Explorer
- SE Ranking
- Sprout Social
What is a 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.
What should a social media analysis include?
Followers, impressions, engagement, clicks/traffic, and mentions are important metrics to analyze while conducting a social media audit.
What are some top competitors analysis tools?
Sociality.io, Socialbakers, Sprout, Social, and Hootsuite are some of the top competitors analysis tools you should consider.
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