20 Dec How To Conduct Competitive Analysis On Social Media Platforms
Every business is making use of a variety of social media platforms in their marketing strategies. Essentially, social media provides customer engagement at low cost. Moreover, it is valuable because it allows the efficient gathering of customer opinion and product feedback.
Connecting with audience successfully through social media needs a well-planned strategy. The plan needs to branch out from strategic business analysis along with social media efforts. All industry sectors and brands of any size can benefit, including banks, which have a continuous uphill battle with reputation and trust. Analyzing what the target audience says online and how people engage with banks can be highly valuable with improving credibility and trust. The aspects to consider in your social media analysis include online goals, competitors, and target market.
Be transparent about your business goal for using online social media. Assessing your competitor’s activities will help to set a realistic standard for your brand. How your competitors perceive fan engagement and growth will help to lay a framework for an effective social media strategy.
How to conduct competitive analysis of social networking channels?
Recognize your competitors
Top competitors in your niche may differ on their basis of activity level from one social platform to another. Most brands are very much active on Twitter and Facebook, while many hardly use Tumblr, YouTube, Pinterest, etc.
Recognize their brand voice
A majority of giant brands post as their brand, but you can also deliver the brand voice with a personal approach. After all, the brand voice is what audiences see, act upon and communicate with.
Check their fan – follower ratio
After identifying competitors, you will need to consider their fan-follower ratio. Track your own metric for comparison so you can benchmark your progress.
- Competitor’s activity-level on social sites
Check their previous month’s post frequency (avoiding re-tweets or replies).
- Take their average engagement rate per post, divide it with fan numbers.
- How do they engage with fans – in a tailored and personalized manner, or with a corporate voice?
- Do they respond to posts posted on their walls? And do they do this quickly?
- Take note, if they respond to their dissatisfied consumers and how they do this
- Do they retweet their followers, or perhaps industry influencers?
- What kind of content do they post?
Checking the kind of content posted by your competitors will help you measure the variety of what fans find appealing and interesting.
Types of content to observe
- Blog posts
- Industry news
- Questions/ trivia
- Do they repost content of other brands?
- Do they frequently use hashtags?
Social media fan following growth
Gather monthly average gains using tools to obtain your competitor’s average monthly growth on different social platforms. This will allow you set a reasonable development goal for your own social media campaigns.
Other elements to check
- Do they have Google+ page? If yes, are they posting fresh contents?
- Do they have a blog that they share through social media buttons?
- Do they have FASS buttons installed on their website?
These elements will help you get a clear picture of competitor’s social media activities, as well as what’s working for them and what’s not.
Check a competitor’s paid media
It is not possible to find the real figure of cash they spend on social media campaign but you can see if they are using paid media to capture new fans. Although you can check for ‘Sponsored Ads’ on their Twitter feed or boosted posts on their Facebook pages. If they are running contests with significant price value, it suggests that they are spending good money on social media to attract fans.