Competitor analysis is a study of your potential competition, What marketing activities they use, and the results of their campaigns. Every business that wants to be successful must do this.
Analyzing competitor social media data is a great way to get a detailed analysis. People usually begin with the number and content assessment of their followers. They should then dig deeper into social listening statistics.
You can uncover:
- Online visibility of competitors and brand recognition
- Feedback from real users about products and services
- Customer insights
- Mass media and influencers
This is a simplified version of a multi-layer process. Knowing your competition lets you perfect your unique value proposition, develop best-selling products, and improve your marketing strategy to identify new market segments when done correctly.
If done via Social Listening It is possible to analyze competitor data, and it is also worthwhile even if you’re going for it on top of your daily tasks.
Let’s take a look at competitor analysis using a social media competition analysis tool, one step at a time.
Choose your competitors and begin monitoring
This may seem obvious, but it is difficult to find the right competitors against which to compare yourself. You need to have every name of the competitor brand in your market research list if you are thinking big. You can have a big or small company, established and new to your industry.
You will need to have direct competitors, or at least a list of companies of similar size, in order to perform a more detailed competitive analysis. Once you have the list, go to a tool. To track, we need to create mentions in a monitoring program. To track your brand, you will need to enter your brand name and your competitors brand names. You can use Awario or other similar tools.
After you have set up your alerts give it some time. It will pick up historical data as well as recent mentions. This will allow you to begin an analysis. Your competitor analysis will be more detailed the more information you have.
Review basic statistics about social listening
After the data has been collected, you can access the dashboard to view the analytics.
Mentions and reach
You can see how many mentions and reach metrics each competitor has on social media platforms. Brand recognition and visibility are affected by the buzz generated by a name.
Measurement of share of voice in social listening terms is the best way to measure market share. It is the ratio of brand mentions on the internet and in social media posts to those of competitor brands.
Languages and Countries
You can get an idea of where mentions are distributed by using the languages and countries sections. You can search specific markets to determine if there are any untapped or underserved market segments. This depends on which markets you operate in. It is possible to see the spread of competition and determine what it means.
Age and gender
These sections reveal who mentions your brand the most and the age of those who post messages about your company on the internet. This helps you reach your target audience.
The next is sources, which show the distribution of buzz across social networks and on the internet. This important metric shows platform-by-platform where mentions are coming from. There are often unexpected insights into the content competitors create and how their advertising performs across social networks. Also, you can see how much buzz is coming out of the news and the web.
Dive into mentions
The mentions feed stores all mentions that have been collected by the tool.
You can also access raw data from this site and filter it in the best way for you. You might have noticed a spike of mentions about your competitor and know that most of them appeared on Twitter. You want to analyze Twitter and find the most influential people who have mentioned the brand within the past month. Apply the filters.
Meet the Influencers
The biggest driver of brand visibility is influencers. Influencer marketing can be a powerful and free tool to increase engagement and establish a genuine brand-to-customer relationship when used wisely in social media marketing.
Competitive analysis tools make it easy to find influencers who work with your competitors. To find the most influential people talking about your competitors’ brands, filter mentions by reach. As you scroll through mentions, you’ll be able to identify significant and minor influencers.
Look into social listening reports
This is a quick way to access social media competitor analysis tools. Reports are a summary of all metrics covered in this guide for marketers. You can use them to measure your social media performance in detail.
Comparing brands and getting back-to-back performance evaluations by:
- Share of voice
- Languages and Counties
- Topic Cloud
- The top ten
- Gender and age
Relax and be proud of your work!
Good job! After reviewing primary social listening stats, and analytics, we’ve made a 5-step journey.
There are many options for analyzing your competitors. Most of the metrics I mentioned can be found in them. Some social-media competitive analysis tools offer integrations with marketing apps such as scheduling posts or template-creating.
This guide can be used as a guide for future analysis of social media competition. Keep in mind that the deeper and more comprehensive your analysis, the more you keep track of mentions.