Social Media Competitor Analysis and Tool to Explore

In this digital world, it is essential to have a business account on social media, especially if you are trying to reach a target audience and establish an online presence. Additionally, to stay competitive against your rivals, you need to understand the strategies or know how to analyze their social media.

Analyzing your competitors can provide valuable insights into their strengths and weaknesses, which can help you create a more effective social media strategy in this blog post, we will explore the process of analyzing your social media competitors step by step, starting with identifying who they are and uncovering the secrets of their social media success.Interested? Lets go!!

1. What Is Social Media Competitor Analysis?

Social media is a highly creative platform for enhancing your marketing strategies. You can also draw inspiration from your competitors by analyzing your own social media strategy. If you are looking for a fresh idea or looking to adapt to new trends, analyzing your competitor's social media can provide valuable insights.

Simply, it's a means to outperform your competitors on social media and avoid falling behind. A social media competitor analysis typically includes the following:

1. An examination of your competitors' social media profiles.
2. An assessment of the content they share on each platform.
3. A list of their followers and engagement metrics.
4. An evaluation of their posting frequency and timing.
5. A compilation of your competitors' most popular posts.
6. A review of the quality of their content.

2. Why should you analyze your competitors’ social media strategy? 

In this competitive market, especially if you want to be successful, you need to analyze your competitors' social media. Let's delve into why you need to analyze your competitors' social media and understand its importance:

1. You Understand the Market Better: Competitor analysis helps you see the social media world better and discover opportunities for your business to grow.
2. Stay ahead: By seeing what works for your competitors, you can create a unique strategy that sets you apart from them.
3. Refine your strategy: Learn from your competitors to focus on key audience areas, create the right content, and choose the best channels.
4. Measure your progress: Compare your social media performance to your competitors to find ways to improve.
5. Boost brand awareness: Analyze how your competitors build their brands to develop a more effective branding strategy for your business.

By analyzing your competitors on social media, you'll gain a better understanding of the bigger picture. This means you can assess how your content is performing compared to similar brands that often reach a similar target audience. This information will enable you to set your own social media business goals, allowing you to measure your performance against your competition, which is crucial when determining the key performance indicators you want to focus on. It will also help you discover what type of content performs best, on which days, at what times, and more. Remember, you and your competitors are reaching the same target audience on social media. While this process may take some time to achieve, you can expedite it by using Kuasar Video. With its scoring module and question-answer component, you can analyze and access your competitors' data in seconds. 

Shortly social media competitor analysis is a valuable source of content inspiration. Generating fresh content ideas can be challenging in today's fast-paced digital world, but it shouldn't discourage or demoralize a social media marketer.

Even though social networks are full of content, the important thing is to know what type of content your particular audience likes the most. You can try different content styles or, to save time, check out your competitors' most popular posts, as we'll describe later in the article. Just remember, don't copy them directly. Get inspired and develop your own unique style while being open to new ideas.

Moreover, doing competitor social media analysis can save you money since many companies hire costly external agencies for this task, and also you can save time bu using Kuasar Video.

3. How can you perform?

So as I mentioned why it is important to analyze your competitors, let's get to work by knowing how to conduct social media competitor analysis, here are some tips to get you started:

Step 1: Identify Your Main Competitors

The first step in doing a social media competitor analysis is to find your top competitors. You can do this by researching your industry, checking local business directories, and using tools like Google Trends and SimilarWeb. You can also ask your customers and employees for suggestions. It's best to start with just one or two direct competitors to get going and then expand to more in the future.

Step 2: Collect Information About Your Competitors

After finding your competitors, it's time to collect some information about them. You can do this by checking their website or social media profiles out. Pay attention to the following:

1. Their social media: Which platforms are they on, and how active are they?
2. Their audience: Who follows or engages with their content, and what are the demographics of their audience?
3. Their content: What type of content do they post, how often, and what's the tone?
4. Engagement: How do people react to their content? Are there likes, comments, or shares, and how do they engage with their followers

These questions will give you insights into their brand and audience interaction. By the end of this process, you'll have a good understanding of your competitors' strengths and weaknesses.

Step 3: Analyze Your Competitors’ Social Media Metrics

Once you've collected information about your competitors, it's time to look for their social media performance metrics. You can use various tools like Kuasar Video to get information about your competitors' social media performance. Pay attention to the following metrics:

1. Their Followers: How many followers do they have on each platform, and is their follower count growing or declining? 
2. Engagement rate: What is the average engagement rate for their posts? This metric will indicate how well their content connects with their audience.
3. Post frequency: How often are they posting on each platform? This can provide insights into their social media activity level.
4. Top-performing content: Identify the type of content that's performing well for them and which posts are receiving the most engagement.

Step 4: Develop a Social Media Strategy

Data analysis is crucial when you want to understand your social media competitors, but it's even more important to make sense of that data. Your spreadsheet is just full of numbers, lines, and charts unless you can use the data to get valuable insights for your business.

Pinterest marketing expert and business coach Meagan Williamson stresses this: 'When your competitors have impressive metrics, it's essential to understand their strengths to create a better social media strategy. Similarly, their weaknesses, or where they're not doing well, offer opportunities for your brand's growth. Develop a strategy based on data that helps you figure out what's working, what's not, and how you can use these insights to achieve your business goals.’

Step 5: Identify Areas for Improvement

Based on your analysis of competitors, pinpoint opportunities to enhance your social media strategy. Consider the following:

Content: Are there any types of content your competitors use? Can you improve your content to better reach your audience?

Engagement: Are your competitors achieving higher engagement on specific platforms? Could you enhance your engagement rate by posting more frequently or adopting a different tone in your content?

Audience: Is your target audience different from your competitors' audiences? Can you focus on a different audience to set yourself apart?

Search for gaps in your competitor's strategy and where you can provide more value to their audience. For instance, if your competitor doesn't post frequently, experiment with increasing your posting frequency for a month or two to observe its impact on engagement. Additionally, think about incorporating more photos and videos into your posts if your competitors are not using visuals.

4. Great Tools for Analyzing Your Social Media Competitors

To stay ahead of the competition, it's important to use top-notch tools. 

1. Google Analytics

You might know Google Analytics for website analytics, but did you know it's useful for social media competitor analysis too? You can see how much traffic your competitors get from social media, and it's free.

2. Hootsuite

Hootsuite is a popular tool for competitive analysis. It lets you track and compare your competitors' social media performance, all in one place. It even creates reports for you.

3. Sprout Social

Sprout Social is an all-in-one social media management and analytics tool. It helps you schedule posts, monitor conversations, and collaborate with teams. It also tracks your competitors' social media performance.

4. Keyhole

Keyhole is a social media analytics platform that tracks and analyzes your brand's performance across various channels and networks. It provides insights into trends, demographics, influencers, and more.

5. Social Blade

Social Blade is a social media analytics tool that tracks the performance of your content on multiple platforms. It lets you monitor view counts, subscribers, and revenue over time. It also provides insights into audience demographics and engagement metrics.

6. Kuasar Video

It's an AI-powered marketing tool that improves your marketing strategies such as targeting the best audience with effective and high-quality content also it provides you different parameters to choose from which makes it affordable and a timesaver.

All these tools offer unique features, so choose the one that suits your needs and budget best.

5. Wrapping it up:

Conducting a competitive analysis on social media is essential for the growth of your brand. It enables you to establish a strong social presence, gain customer trust, and enhance your brand's credibility.

To perform this analysis on any of your social media profiles, just follow these steps: Start by defining your brand's goals. Then, use the analyzed and organized metrics to uncover valuable, context-rich insights. These insights will aid in enhancing your social media strategy.

Q&A:

FAQ1: Why Analyze Competitors' Social Media?

Analyzing competitors' social media helps you understand your market, stand out, refine your strategy, measure progress, and boost brand awareness.

FAQ 2: How to Perform Social Media Competitor Analysis?

1. Identify competitors.
2. Collect data on their social media presence.
3. Analyze their metrics.
4. Develop a strategy.
5. Find areas for improvement.

FAQ 3: What Tools Analyze Social Media Competitors?

Tools like Google Analytics, Hootsuite, Sprout Social, Keyhole, Social Blade, and Kuasar Video help you analyze competitors effectively. Choose the one that suits your needs and budget.