A Guide To Social Media Competitor Analysis: Competitor Analysis Tools In 2023

May 19, 2023
 A Guide To Social Media Competitor Analysis: Competitor Analysis Tools In 2023

Social media competitor analysis is a process of analyzing what kind of competition you are facing on social media from your competitors. It is about finding their plus points and weak areas. Then, you compare these to what you have. It is about strategies that would work well. It involves finding opportunities for growth. This provides wonderful insights into what your business should be like. You get to know about your audience better. It gives you performance rates. It lets you know better ideas for content that are in sync with the audience. It gives you an idea of how your brand can be more distinctive in its approach.

How Do You Analyse Competitors On Social MediaStep By Step?

Identify social media competitors

Description: How to Do a Competitive Analysis on Social Media to Boost Your Marketing  Strategy?

Image source: startuptalky.com

You have to first identify your social media competitors. For this, you can identify the competitive keywords. Every business wants its ranking on the keywords important for its brand to be higher than its competitors. You have to understand those keywords. These will help you make out your online competitors. And then, you can analyze their businesses.

Then, you have to check the ranking of other businesses on those keywords. The best way is to type keywords on Google. Then, you can see which businesses are on a higher rank for those keywords. You also have to how the other businesses rank in terms of social search results.

Then, you can see what parallel brands your audience follows on social media platforms. If you see a parallel brand that your audience is following on social media, you can make out that it is a competitor.

Collect data

Description: 10 Elements of a Successful Social Media Profile

Image source: neilpatel.com

When you have a list of social media competitors, you can focus on your top five competitors. You have to see what social media platforms they remain active on. Look at how many followers they have and what their follower growth rate is like. Look at how they post content on social media and what their strategy is like. What is the frequency of their posting content on social media- should also be considered. How many likes and comments do their posts get on social media- should also be seen. Look out for their purpose of content- promotional or educational or anything else. Also, see if they are practicing influence marketing or not.

SWOT Analysis

Description: SWOT Analysis Business Diagram Stock Illustration - Illustration of  business, goals: 121343457

Image source: dreamstime.com

SWOT means Strengths, Weaknesses, Opportunities and Threats. For social media competitor analysis, you have to focus on Opportunities, and Threats. These are external factors. For this, you need to analyze social media competition to improve your strategy. See what the changes in the online world are so that you can make use of new opportunities. Try using new strategies like running ads. See what kind of audience relates with more. You have to see the possible threats. These can be competitors who are growing rapidly. Also, changes in social media trends can have an impact on your business.

What Tools Do Competitors Use To Analyze?

Sprout Social

Description: Sprout Social Reviews, Ratings & Features 2023 | Gartner Peer Insights

Image source: gartner.com

Sprout Social helps you analyze competitors and spy on them from different aspects. It has a feature of competitive reports. This is to evaluate your social strategy. So, if you want to have a quick look at what your competitors are posting, this is a great tool. There is also a feature of Advanced Listening. You can see the conversations that are publicly available. These will help you make out how customers feel about your competitors’ services.

Social Blade

Description: Social Blade - Social Media | YouTube | Twitch | Instagram

Image source: socialblade.com

This tool keeps track of follower counts on social media platforms. This tool helps provide a list of followers every day. It also provides a live follower count. It also stacks businesses’ social presence against each other. This Social MediaCompetitor Analysis Tools For Social Media is a cloud-based analytics platform. It helps businesses identify new influencers. It helps track how much engagement your competitors are getting on social media platforms.

Socialinsider

Description: Socialinsider - The Social Intelligence Lab

Image source: thesocialintelligencelab.com

This social media competitor analysis tool helps you give a summary of what kind of strategy your competitor is using for social media. The analysis and reporting feature helps you see your competitors’ performance. It also helps you make out when they are posting, what is their engagement with the audience, and the number of followers. This also includes their strategy. You can analyze their content. You also get insights for improvement.

Quintly

Description: quintly | Brandwatch

Image source: brandwatch.com

Competitor Analysis Tools For Social Media helps to monitor the social media performance of competitors. You can set benchmarks. You can benchmark against your competitors. Quintly is an analytics tool. This platform integrates with different social media platforms. It has features like benchmarking, automated reports, analytics, and API- Application Programming Interface. It helps you track your competitors’ performance.

RivalIQ

Description: Download Social Media Analytics - Rival Iq Logo PNG Image with No  Background - PNGkey.com

Image source: pngkey.com

This is a Social Media Competitor Analysis Tools For Social Media that is time-saving. It can increase performance. It can help you see what strategies your competitors are using. It helps you build up your strategy. You can keep track of the social media activity of your competitor. It also helps in search optimization. It gives in-depth insights into social media competition. It helps see positioning comparison of your competitors.

You Might Also Like;

  1. Best Social Media Marketing Courses to Take Online: What You Need To Know In 2023
  2. A Comprehension Guide To Best Internet Marketing Services: Best Marketing Service Near You
  3. A Comprehensive Guide To Email Marketing For Small Businesses: How To Increase Your Reach & Profits
  4. What Are the Emerging Digital Marketing Trends 2023?
  5. The Best Digital Marketing Companies in 2023: Finding the Right Fit for Your Business
  6. How To Make Money With Digital Marketing: 4 Proven Strategies To Try 2023

By Bhawna