Competitor Analysis is The Foundation Stone of Your Social Media Strategy. Many people presume or claim to understand social media marketing since they utilize multiple social media platforms on a daily basis. Social media marketing isn’t something that can be done casually. You must be well-versed in your platforms and recognize that no two people are alike. Our preferences differ, as do our moods, personality traits, physical appearances, and ideas.
It’s all about changing the way you evaluate any content you come across using social media marketing. You can’t just jump into social media without first conducting extensive study and analyzing your competition.
But, exactly, what are the advantages of conducting a social media competition study before to launching a social media campaign?
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Here is the answer to this question:
To better understand what your competitors are doing
Keep an eye on what your rivals are up to. Making a list of all your competitors on various social media platforms can extend your view of your domain and assist you in identifying the brand that is making the most of these platforms.
Your social media approach will be heavily influenced by the research you or your team conducts. Conducting extensive research will provide you with facts that will benefit you in the long term.
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To evaluate which platform works for your competitors
The platform that is most effective for your competitors may also be effective for you. You may sell on hundreds of different platforms. You also don’t have to be active on every social networking channel.
Analyzing your competition will assist you in determining the best platform for you. Because people behave differently on different platforms, you’ll need to concentrate on the platforms that benefit your competition first, before gradually expanding your presence to other platforms.
For example, if you provide job placement services, LinkedIn is the finest social media network to promote your business. LinkedIn is a social networking site where you may connect with people in a variety of industries, career titles, and functions.
Your content tactics may alter month to month, but the mechanism for assessing the effectiveness of your operations remains constant.
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This indicator is known as “engagement,” which refers to how users interact with social media content.
Brands will not invest time and money in platforms that do not provide them with a positive return. As a result, analyse the platforms with the goal of enhancing user engagement or brand recognition.
To know the type of content that works and the best way to communicate with netizens
Each brand will have its own tone and content creation rules. Tonality is a descriptive term for your brand’s characteristics.
As a bike company, Harley Davidson, for example, can be aggressive because it complements the biker’s persona and the range of bikes they offer.
Old Spice, on the other hand, will not be aggressive.
To identify the gaps in your own strategy
You may have spent hundreds of hours planning your brand’s social media strategy. Great! However, a portion of this technique, combined with loads of innovation, may have been better applied by your competition.
The contrary is also true: you might come upon a competitor’s concept or strategy that can help you strengthen your own.
Understand user engagement and brand awareness
User engagement is a measure that may be used to assess the success of a social media post. But how do you measure engagement in a post?
Check the number of shares, likes, and comments each post receives. Take a look at the comments to see how people react to the brand.
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Understand the type of content that works
User engagement is a measure that may be used to assess the success of a social media post. But how do you measure engagement in a post?
Check the number of shares, likes, and comments each post receives. Take a look at the comments to see how people react to the brand.
To understand the budget needed to run big campaigns
According to Nielsen, the best form of marketing is still word of mouth. However, you’ll want to boost your company’s social media presence.
It’s becoming increasingly difficult to generate high levels of interaction with organic material. Brands today rely on robust content strategies and advertising budgets.
Spending a lot of money on commercials will give your brand a lot of exposure, and you’ll be able to target the right people.
If you’re a new company, you’ll need to develop a brand recognition strategy that will be ongoing. It’s best to start with a small group of people or a small area in which to raise awareness.
To better understand ORM (Online Relationship Management)
Every company claims to be the finest in its industry. But how can this be proven? ORM is the answer. Users will always be loyal to brands that listen to their customers and demonstrate empathy.
To examine comments, messages, and queries on their social media channels, social media organisations use a daily ORM checklist. They also rely on social listening technologies to get a sense of how users feel about the brand.
People will not always interact with you in a pleasant manner. It is the responsibility of every brand to support users in every manner feasible.
To know the frequency of posts being promoted
Brands with a large marketing budget will almost certainly promote the majority of their posts. However, you’ll have to pick which post needs to be promoted more than the others at some point.
You must categorise the posts as follows:
• Hygiene post: These posts will guarantee that your brand’s social account is visible and legitimate.
• Hero post: These are the posts that will be highlighted. These pieces must be written with the goal of increasing interaction and generating leads. Begin by promoting one post every week to a modest audience.
The same audience might be targeted with different engaging content every week to assess the campaign’s performance later.
To raise awareness, you don’t need to post every day; all you need is good copy or a terrific, unique post that gets people to click on the call-to-action button.
To chalk out a strategy and create a monthly content bank.
Brands scrape a content bank that isn’t doing well towards the end of the month.
A special day, also known as a topical day, occurs once a month. Established brands don’t try to adapt their image into a current event. Make a list of relevant days for a calendar year and choose the one(s) that best match your brand character.
To build your own Brand Identity and Tonality
Every brand possesses a human quality. While Mountain Dew promotes living life on the edge, Nike promotes athletes from many sports and emphasizes their energetic, tough, and robust personalities.
Building a brand identity will assist you in tapping into people’s desires and cultivating a loyal customer base.
There are hundreds of brands that offer the same products or services as you. Ask yourself these questions before you start working on your social media campaign:
• What are you trying to sell?
• What makes people want to buy from you?
• What sets you apart from others?
• What are the benefits of your product/service to the users?
Your primary selling points will be the responses to these questions.