How To Perform a Social Media Competitive Analysis. A Free Guide.

The Social Media Stage: Everyone’s Invited

In the ever-expanding universe of social media, the stage is open to all – individuals, enterprises, start-ups, and giants. The lines are blurred, the barriers lowered, and competition rife. How does one navigate this crowded space, break through the noise, and make an impact? Enter Social Media Competitive Analysis.

Decoding Social Media Competitive Analysis

Social Media Competitive Analysis is akin to being a birdwatcher in a dense forest of tweets, likes, and shares. It involves observing and understanding your competitors’ strategies, their performance metrics, their successes and failures. But, unlike bird-watching, this isn’t a passive activity. The insights gleaned feed into your social media strategy, ensuring that you are one step ahead of your competition.

Crafting Your Social Media Competitive Analysis Template

To initiate the process, a structured template comes in handy. It lays down the foundations for your analysis and provides a roadmap to navigate the bustling social media landscape. While the exact contents of the template may vary based on your specific needs, some key elements remain constant:

• Competitors: Identify your direct and indirect competitors active on social media.
• Platforms: Pinpoint the social media platforms they are active on.
• Followers: Record the number of followers or subscribers they have on each platform.
• Engagement: Monitor their level of engagement in terms of likes, shares, comments, retweets.
• Content: Analyze the type and frequency of content they publish.
• Promotions: Track their promotional activities, including paid advertisements.

To illustrate, let’s peek into the social media playbook of Netflix. They religiously track their competitors like Disney+, Amazon Prime, and Hulu. Their analysis includes an assessment of these competitors’ followers, their content strategies, promotional campaigns, and audience engagement levels. This information feeds into Netflix’s own robust social media strategy.

Gathering the Intel: Data Collection

Once the template is ready, the next step is data collection. This is where you transform into a social media detective, gathering clues about your competitors’ strategies. Data can be collected through various means, including direct observation, using built-in analytics tools offered by social media platforms, or leveraging third-party tools.

Let’s consider the case of Starbucks. They have a dedicated team that uses a combination of built-in analytics tools and sophisticated third-party tools to gather data about competitors like Dunkin’ and Costa Coffee. They also monitor trending hashtags and influential accounts to stay abreast of industry trends.

Deciphering the Clues: Data Analysis

The data you’ve gathered is like a jigsaw puzzle. Analyzing this data involves putting these pieces together to create a coherent picture. Look for trends, patterns, and anomalies. The goal here is to identify what works, what doesn’t, and why.

For instance, Nike analyzes the social media strategies of competitors like Adidas and Under Armour. They look at the type of content that garners the most engagement, the time of day when posts receive maximum traction, and the promotional strategies that are most effective.

Strategizing your Moves: Formulating a Social Media Strategy

With the analysis complete, you’re now equipped with valuable insights to formulate your social media strategy. Identify your strengths, uncover opportunities, acknowledge weaknesses, and be aware of threats. Your strategy should aim to amplify your strengths, seize the opportunities, address the weaknesses, and mitigate the threats.

Take, for example, Airbnb. Their Social Media Competitive Analysis revealed that their competitors were primarily focusing on promotional content. Airbnb decided to differentiate themselves by crafting a content strategy focused on user-generated stories. This approach not only engaged their followers but also created a steady stream of authentic content for their platforms.

Implementing and Monitoring the Strategy

Armed with a strategy, it’s now time to implement it. This involves not only publishing content and running promotional campaigns but also actively monitoring their performance. The feedback loop is crucial. It ensures that your strategy is not set in stone and can evolve based on real-time feedback and changing market dynamics.

Twitter’s strategy implementation serves as a useful model. They continually experiment with new features, monitor user engagement, and iterate on their product based on user feedback and competitor activity.

Adapting to the Rhythm of Social Media

Social Media Competitive Analysis is not a one-time project but an ongoing process. The social media landscape is dynamic, with trends changing at a breakneck pace. What works today may not work tomorrow. Your analysis needs to reflect these changes to keep your strategy relevant and effective.

To illustrate, Instagram’s evolution from a simple photo-sharing app to a multimedia platform was largely driven by their continuous competitive analysis. Observing the success of Snapchat’s Stories feature and YouTube’s long-form content, Instagram introduced ‘Instagram Stories’ and ‘IGTV,’ respectively, to stay competitive.

At this point, it’s clear that Social Media Competitive Analysis is not just an analytical tool; it’s a philosophy. It’s about cultivating an attitude of constant learning and adaptation. It’s about understanding that in the social media universe, change is the only constant, and the key to success lies in staying one step ahead of this change.

The Potential Pitfalls of Social Media Competitive Analysis

The journey through Social Media Competitive Analysis, though rewarding, can be fraught with challenges. These may include the volume and velocity of social media data, the challenge of deriving meaningful insights from raw data, and the risk of basing your strategy solely on your competitors’.

For example, when Snapchat redesigned its interface based on competitive trends, it was met with backlash from users who found the new design confusing and less user-friendly. The lesson here is to balance competitive insights with user needs and preferences.

Embracing Automation in Social Media Competitive Analysis

To combat the challenges of data volume and velocity, businesses can leverage technology. Various social media analytics tools can automate the process of data collection, analysis, and visualization. These tools can track real-time data, offer customizable dashboards, and generate actionable insights.

For instance, Buzzfeed uses social media analytics tools to analyze competitors’ performance and discover trending topics across various social media platforms. This data-driven approach powers Buzzfeed’s dynamic content strategy.

Social Media Competitive Analysis in Different Industries

While the core principles of Social Media Competitive Analysis remain the same, the application varies across industries. In fashion, brands might focus on visual content analysis and influencer partnerships. In contrast, tech companies might prioritize product features and customer support responses.

Tesla, for instance, has a unique social media strategy heavily focused on the personal brand of CEO Elon Musk. Their competitive analysis, therefore, is less about traditional car manufacturers and more about other ‘celebrity CEO’ brands like Amazon and SpaceX.

Social Media Competitive Analysis for Small Businesses

Small businesses might feel like they’re fighting a losing battle against established brands with larger followings and deeper pockets. But Social Media Competitive Analysis can level the playing field. By focusing on niche segments, local trends, and personalized engagement, small businesses can hold their own in the social media arena.

Take the example of ‘Hiut Denim,’ a small Welsh company that used Social Media Competitive Analysis to compete against denim giants. By showcasing their unique selling proposition of ‘handmade jeans’ and engaging with their community through storytelling, they carved a niche for themselves in the crowded denim market.

Marching Ahead with Social Media Competitive Analysis

In the swirling vortex of social media, Social Media Competitive Analysis is your guiding star. It’s your compass, orienting you in the right direction. It’s your map, helping you chart the course ahead. It’s the tool that equips you to not just survive but thrive in the competitive social media landscape.

In essence, Social Media Competitive Analysis is more than a process or a strategy. It’s a mindset of staying alert, staying informed, and staying ahead. It’s a commitment to never stop learning, to constantly innovate, and to relentlessly strive for social media success. So, arm yourself with this powerful tool, and step into the exciting world of social media, ready to make your mark.