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It’s essential for your marketing strategy to carry out a good study about your competitors on social networks.
If you are aware of what your competitors are doing, it will help you to make smarter decisions and check which strategies work best and discard those ones that fail.
Invest time in analyzing your competitors and studying which strategy to use.
Why is so important to analyze your competitors on social networks?
- To get a general view to understand what’s happening in your sector on social networks.
- To save time in your SWOT analysis to understand the strengths, weaknesses, opportunities and threats related to your competitors.
- It helps you to develop new ideas. Analyzing your competitors is a good source to find some inspiration.
- To thoroughly analyze your own strategy. It will teach you what you do well or bad in relation to your competitors.
- Advance your competitors when you discover the areas that they haven’t properly covered.
- To better get to know your customers, their habits and their expectations.
- To avoid your strategy getting stuck and improve your business’s position.
How to discover your competitors on social networks
Did you find out who your competitors are? If the answer is no, follow these tips to discover your real competition.
Monitor and analyze the hashtags related to your sector on social networks
Track hashtags related to your brand or sector. It’s a very effective way to discover which users talk about your sector and the brands that are focused on your same area. Find how to measure hashtags here.
Find the best positioned brands on Google
Find the keywords related to your business or project that are used in Google. Select the results that appear at the top and look for them on social networks.
Listen to your followers
People use social networks to communicate and chat. Listen to them and learn what and who they are talking about. You will obtain very valuable information.
Look at your main competitors
They also analyze the strategies of their competitors that you probably have in common.
Once you have elaborated a list with all your competitors, you should save the information in an Excel file to keep it well organized.
Analyze your competitors quickly and effectively with Metricool
So now the question is how can you best analyze your competition?
Metricool makes it easy to benchmark your competitors!
With Metricool’s feature you can benchmark and analyze your competitors on the three main social platforms: Twitter, Instagram and Facebook.
You have two options on Twitter:
- In the Real Time section, you can add a competitor and directly compare the main metrics with your brand
Find a most comprehensive post about how to carry out a benchmarking on Twitter.
2. In the Evolution section, you can examine the main metrics of your competitors in a table
In this table, you can check how the digital strategies of your competitors are working. You can organize the information by metrics. In the following image the information has been ordered by the number of retweets:
These are the metrics that you can find in the table:
- Followers: number of people who follow your competitors
- Following: the number of accounts that your competitors are following
- Tweets: number of tweets in a specific period of time
- Likes: number of likes received by publications
- Retweets: number of reposts
If you want to carry out a benchmarking on Instagram with Metricool, you first must have an Instagram business account. Please, click HERE to find all the information you need to successfully analyze your competitors on Instagram.
In the section Evolution, you will obtain the main metrics of your competitors gathered in a table at the end. If you click the icon represented by a bar chart, you will obtain more detailed information about growth, interactions and posts.
These are the metrics that you will find:
- Followers: How many users follow your competitors.
- Posts: Number of posts published by your competitors in the period of time selected.
- Likes: The number of likes obtained.
- Comments: The total number of comments in the period selected.
- Engagement: Instagram Engagement Rate.
With a free account you can only add up to 5 competitors and you can’t delete them.
With a Premium account you can add up to 100 competitors and delete and add new ones as many times as you want.
You can analyze competitors on Facebook too.
These are the metrics that will be shown at the end of the section Evolution for Facebook:
- Likes in page: number of likes received on your competitor’s page.
- Posts: number of publications
- Reactions: number of reactions received on posts.las reacciones de los seguidores a las publicaciones de la página.
- Comments: average number of comments
- Shared: how many times posts are shared
- Engagement: more information about the engagement rate on Facebook here
So, this is all the relevant information you need to know to start analyzing your competitors!
Do you have any other question related to this feature?
Write us a comment and we will answer all your doubts.