Advantages of competitive analysis for social media platforms

Many people assume or claim that they know social media marketing because they use many social media platforms intensively on a daily basis. You don’t just do social media marketing. You need to know your platforms well and understand that people are not created equal. Our choices are different, our moods are different, our characteristics are different, our looks are different, and our thoughts are different too.

Social media marketing is about changing the way you rate content you come across. Without in-depth research and analysis of the competition, you cannot simply start social media activities.

But what exactly are the benefits of doing a social media competition analysis before starting a social media campaign?

Here is the answer to that question:

1. To better understand what your competitors are doing

Know what your competitors are up to. Making a list of all of your competitors on various social media platforms broadens your perspective on your domain and also helps you identify the brand that makes the best use of those platforms.

Your social media strategy depends heavily on the research you or your team are doing. If you do a thorough research, you will get information that will help you in the long run.

2. To evaluate which platform works for your competitors

The platform that works best for your competitors may also work best for you.

There are hundreds of platforms you can sell on. In addition, you don’t have to be on every social media platform. Analyzing your competitors will help you find the right platform. Since users behave differently from platform to platform, you need to focus mainly on the platforms that help your competitors and then gradually expand your presence to other platforms.

Example: If you have a job placement service, LinkedIn is the best social platform to promote your services. LinkedIn is used to connect with professionals from various industries and job roles and functions.

Your content strategies can change every month, but the way you evaluate the performance of your activities remains the same.

This metric is known as “engagement”, i.e. the interaction of users with social media posts.

Brands aren’t going to spend their time and resources on platforms that aren’t bringing them good returns. So evaluate the platforms with the motive to achieve a high level of engagement from users or to increase brand awareness.

3. To know what kind of content works and how best to communicate with netizens

Every brand has tonality and guidelines for content creation.

Tonality is an adjective for the characteristics of your brand.

Harley Davidson, for example, can be aggressive as a bike manufacturer as it suits a biker’s personality and the range of bikes on offer.

While Old Spice won’t be aggressive.

4. To identify the gaps in your own strategy

You may have spent hundreds of hours devising a social media strategy for your brand. Big! However, part of this strategy could have been better executed by your competitors along with tons of creativity.

The reverse is also true – you might also come across an idea / strategy from your competitor that can further strengthen your strategy.

5. Understand user engagement and brand awareness

User engagement is a metric that helps evaluate the performance of a social media post.

But how do you rate a contribution based on its commitment?

It’s easy – check the shares, likes, and comments each post receives. Read the comments to understand how users interact with the brand.

6. Understand what type of content works

Taboola & Nielsen announced the ‘Moment of Next’ study, which examines the attention and emotional response of consumers to different experiences with digital content. One of the results is that the human attention span decreased from 12 seconds in 2018 to 8 seconds. Evaluate the type of content that is suitable for your competitors. Learn how users interact with different types of posts. See how video posts are performing and what messages are included in each post.

The best example of this is the mobile accessories brand “D Brand”.

‘D Brand’ relies on entertaining, informative video content from YouTube channels such as Unbox Therapy, MKBHD and many more to increase awareness and turn potential customers into satisfied customers.

7. To understand the budget required to run large campaigns

According to Nielsen, word of mouth is still the best source of marketing. However, you want to increase your brand’s social presence.

It has become very difficult to get high engagement for organic content. Brands now rely on a strong content strategy and ad spend.

High spending on ads ensures high brand visibility and you have control over how to target the desired audience.

When you are a new brand, you need to develop a brand awareness strategy that is an ongoing process. It is advisable to start with a small audience or region to help spread awareness.

8. To better understand ORM (Online Relationship Management)

Every brand claims to be the best in its segment. But how can you prove that?

The answer is ORM. Brands that listen to their audiences and show empathy will always have loyal users.

Social media agencies have a daily ORM checklist to review comments, messages, and requests on their social media platforms. They also rely on social listening tools to understand the user’s opinion about the brand.

People won’t always have a smooth interaction with you. It is the responsibility of each brand to help and support users in every possible way.

9. To know the frequency of the posts being advertised

Brands with a large advertising budget will no doubt promote the majority of their posts. But you ultimately have to decide which post needs to be promoted more than the others.

You need to classify the posts as follows:

• Hygienic mail: These posts ensure visibility and maintain the authenticity of your brand’s social account.

• Hero Post: These are the types of posts that are being promoted. These posts must be made with the intent of engaging and generating leads. Start promoting one post per week for a small audience.

Each week, the same audience can be targeted with different engaging posts to Msp-panel examine the performance of the campaign.

You don’t have to post every day to raise awareness; All you need is a strong copy or a great creative post to get the audience to click the call to action button.

10. To develop a strategy and create a monthly content database.

At the end of the month, brands scrape off a content bank that isn’t working well.

Every month has a special day, also known as a theme day. Established brands do not enforce their brand with a current day. Make a list of current days for a calendar year and select the most relevant days that complement your brand personality.

11. To build your own brand identity and tonality

Every brand has a human trait. While the cold drinks brand Mountain Dew talks about life on the fringes, Nike supports athletes in various sports and underlines their active, robust and resilient personality.

Building a brand personality will help you unlock people’s aspirations and build a range of loyal customers.

There are hundreds of brands that offer the same product / service that you offer. Before you start working on your social media campaign, ask yourself these questions:

• What do you sell?

• Why should people consider buying from you?

• How are you different from others?

• How can your product / service benefit users?

The answers to these questions will become your main selling points.

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