Social media analytics is important to achieve all business goals. However, this is not easy. You need to understand the obstacles you face, like competition and learning the emerging trends in the market. Social media is used as a marketing place.
You need to put all your analytic tools to work to get the best for your brand. Social media competitive analysis is checking out what your competitors are doing and being up to date on emerging trends. This is by checking their competitive social content.
Look for strengths and weaknesses in their strategies and profile. This enables your brand to have a better market. You will be able to create content that compels your customers to continue preferring your brand.
Look at social competitor analysis
You need to keep up with your competitors. Using social listening tools is good since it gives your audience reception of the product. Look at their ad campaign. How was it perceived by consumers? Did it get a positive reaction or a negative reaction? You will know what consumers want after looking at the emerging trends. As a brand, you can offer the same thing or could do better and provide what they need. Give your brand an opportunity to grow and the possibility of gaining new customers.
- Image analysis of your competitors
Take a look at how their advertisements are made. In case it is better than yours, you know exactly what you need to do. Check on the selection of words. Are they appropriate or not. Cultural factors, among other emerging trends, are appropriate and respectful.
You can learn from this and protect your brand from untimely shame or bad branding. Pictures say a lot and as a brand, you need to get everything right.
- Social competitive analysis
This is checking out how your competitors are fairing on social media. At this point, you look for sentimental metric indicators. Do people love this product? What they dislike about it? You can also take a look at what your competitor’s metrics are. Do they look at demographics, language, or perhaps customers’ sentiments?
What is the basis of their strength and can it work for you in case you decide to use it? NetbaseQuid is a great competitor analysis tool. It provides you with useful insights on how to go about it.
Stages of social competitive analysis
- Have a range of competitors. As a brand, you can’t look at one competitor and have a conclusive analysis. You need to take a look at all competitors in your category. Consider old competitors, upcoming and even new competitors. Use the necessary social media analytics tools to deal with this.
- Similar comparison. Have a conversation equal to the topic discussed at hand. This will provide an equal basis for engagement. It gives you a clear insight into what you are competing against based on sentiments.
- Benchmarking analysis. Take time to see some of the trends that are taking over the internet. Look at the kind of influencers your competitors are partnering with. This helps to inform you of what to look for in an influencer or improve.
- Correlate operational metrics with KPI. This helps to grow the market and develop your business. You are able to improve processes that matter in your business. This will result in a lot of changes in resource allocation, spending, ideas, and improved goals.
Good practices in social competitive analysis
Decide on who gets your attention on sentiments. This helps you focus on those who deserve your attention, especially the most passionate and loyal customers. Look at metrics that matter the most for your brand like sentiments, demographic among others. Separate these from superficial metrics like a retweet, share among others. Compare social data on different platforms. This helps you know the interaction between your customers and competitors.
Sometimes it is hard to stay on top of your competitors. This is due to the effort put by competitors to be at the top. You constantly need to keep an eye on what is happening on social media platforms. NetbaseQuid is a social media analytics company that offers a wide range of products. These will assist you to keep an eye on the competition.