Without a doubt, the boom in social networks has changed our lives. They are part of our day-to-day lives and have become vital elements of brands’ digital marketing strategies. The competition analysis is one aspect that is often forgotten but whose role is critical in promoting brand awareness on social platforms.
Knowing what competitors are doing will allow us to see what works what doesn’t, learn about trends, and see how we can improve and stand out from them.
Why analyze the competition in social networks?
What is the use of analyzing what other brands do on social networks? Can it be beneficial to see how the competition acts in them? Next, we give some of the main reasons why we cannot stop analyzing the competition in social networks:
- Have an overview of the sector.
- Get to know the target or target audience better.
- Source of discovery and inspiration.
- Get ahead of the competition in areas where your strategy is weak.
- Compare the design of the competition with the brand’s own.
How to analyze the competition in social networks
The first thing to be clear about is which competitors will be analyzed. In addition, we must look at the metrics that are interesting for the brand based on the social media strategy. Among the most important metrics for this type of analysis, we can find the following:
- Several followers.
- Community growth. Are they growing regularly, or are they stagnant?
- Shares or shared content.
Beyond the metrics, which depend on each particular case, there is another type of analysis that can also be of great help, and that has to do with what the competition does on social networks :
- Posting frequency. Do they post every day, or do they share content weekly?
- Content that gets the best results.
- What types of content do not work well.
- The hashtag used in posts.
- Types of images.
- How are the copies?
Tools to analyze the competition in social networks
Once we have all the information, how do we get all this data? There are several ways to do it. On the one hand, we can enter the accounts that interest us manually and analyze their publications and activity. On the other hand, there are tools to analyze the competition in social networks. These extract the information automatically, and we can conclude it.