How to Perform a Competitive Analysis for Social Media
Need help figuring out your marketing strategy? Run a competitive analysis on your competition. Here’s exactly how to do it.
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Mackenzie TaylorJump to a section āØ
What is a competitive analysis? āļø
What is competitive analysis in marketing?š¤
Determine who your competitors are š
- What are they selling? Is it similar to your items? Do their items or services provide the same thing that youāre providing or is it slightly different?
- How do they market their item or service? Would it be the same as how youād market yours? For example, if youāre a subscription-based company, how do other subscription-based companies market their service? How are your services different from theirs?
Determine what products your competitors offer š
- How do they distribute their product or service?
- What are the demographics of their consumers?
- How do they differentiate themselves from others?
- What is something they highlight in their marketing materials?
- What are the needs of their consumers and how do they effectively market to those needs?
Research their sales and results š¤
- What channels do they sell through?
- What does the sales process look like?
- Are they expanding or are they scaling down?
- Do they work with any partners?
- Do they have discounts or sales consistently?
Take a look at their pricing š°
Analyze how your competitors market their products š©āš»
- Do they have a blog or website?
- Do they have social media?
- Do they have a podcast?
- Do they have a YouTube channel or other video service?
- Do they have any press releases?
- Do they have a media kit?
- Are they running any ad campaigns?
Figure out their content strategy š
- How accurate is their content?
- Do they have any spelling errors?
- What tone do they use?
- How in-depth is their content?
- Who is writing their content? Do they have a big team, one person, or multiple contributors?
Analyze the engagement on your competitorās content š¤³
- Check the comments. Are they more positive, negative, or neutral?
- Which topics are getting them the most traction?
- How are they asking their audience to engage? Are their CTAs working?
- Do they use certain hashtags when they promote their content?
How do they promote their content? šŗ
- Different keywords theyāre focusing on
- Alt text in images
- Internal linking
- External linking
- Social media platforms theyāre focusing more on
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