complete guide for competitive analysis of social media marketing

According to several surveys 85 percentage of organization relies on social data as their primary source of information and business insight. They are also a vital component of your growth strategy because there are over 4.6 million users on social media networks. The fact that there is severe brand competition on the internet in every business is no longer news.
How then can you outperform your brand rivals and expand your company on social media?

Carrying out a competitive social media analysis can help you understand your strength, your brand's advantages, address your weaknesses, and seize opportunities by studying your competitors' strategies. The definition of social media competitor analysis, its advantages, the procedures to follow when conducting this analysis, and a list of the tools you need are covered in this tutorial.

Now we shall understand what is social media competitor analysis?

The process of assessing your competitors on social media in order to identify opportunities and develop strategies for brand expansion is known as social media competitor analysis. By conducting this study, you may discover the advantages and disadvantages of your rivals and create a successful social marketing plan. Additionally, it exposes essential details about your target market, the reasons why they are drawn to rival brands, and how these companies excel at social media marketing.

Why is social media competitor analysis important?

Social media competitive analysis has its own advantages outside the strategy you use to examine your SEO competitors.

• 1. Improved understanding of your ideal clients: Performing a social media competitive analysis lets you gain deeper insights into which your ideal clients are. Knowing your customer personas empowers you to get more marketing results because you understand the following.
  • • What is your ideal client’s use of social media? Weather it is for entertainment based infotainment based or its for strictly business purposes
  • •How they consume content.
  • • The types of content they’re searching for.
  • • What time they’re active on social media.
  • • What pain points they need solutions for.
• 2. Build a better social strategy: HWhen you understand how and why your competitors are performing better than your brand, you can create a working social media strategy, or improve it if you already have one. A social media competitor analysis challenges you to do your best because it compares your methods and results against the competition. Also, you can identify gaps to leverage for brand growth, and threats you need to deal with.
• 3. Create relevant content : It seems sense that the companies whose values and content your ideal customers agree with would win them over. A competitive analysis on social media will help you stand out to your ideal clientele. This is because you’ll identify the types and formats of content they want to see. Also, you can take advantage of the content gaps you discover to create fresh, valuable content for your audience.
• 4. Better marketing and positioning : You may use your social platforms for more successful marketing by performing a social media competitive analysis. You'll begin utilizing pertinent, underutilized social media features and methods once you learn what's working for your rivals. Furthermore, this gives you the freedom to develop a positioning strategy that will set your brand apart from the competition and help you establish yourself as an authority in your field.

How to do social media competitor’s analysis
Performing social media competitor analysis doesn’t have to be a hassle. Whether you use Facebook, TikTok, LinkedIn, Pinterest, Instagram, or YouTube, here are the five steps to analyze competitor businesses.

• 1. Figure your brand goals and metrics: Decide what you want before analyzing and contrasting the performances of rivals. Always begin with the end in mind while developing your brand's objectives. Find out the responses to questions like:
  • •What are your goals for marketing on social media
  • • How do these fit into your overall brand goals?
  • • What key performance indicators (KPIs) will you track to measure success?
  • • Who are the ideal clients you want to reach
• 2.Identify your Brand competitor : If you don't know who your competitors are or which social media platforms they utilise, it's impossible to assess them on social media. Keep an eye out for both direct and indirect competitors, or companies who provide comparable goods or services or address the same problem as you.

We HS Digital Media hopes that the above blogs helped in dome way we have tried to explain to general business professional without any expertise in marketing we can ensure that with the combined knowledge of our employees we can excel your businesses success.