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A step-by-step guide to online competitive analysis

Competitive analysis on Social Media platforms can give you performance benchmarks, ideas for new content and when to post, potential customer problems, how to communicate with them, how to create brand difference…

Here is the 4-step process for performing a social media competitive analysis :

1. Identify Direct Competitors

1.1 Identify competitive keywords

Make a list of keywords related to your product, service, or business, along with average monthly searches and competition.

Use these related keywords to help narrow down your competition, making sure you’re analyzing businesses that are actually competing with yours.

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1.2 Check who is ranking for those keywords in Google

Pick the top 5 – 10 keywords that are most relevant to your business and check them out on Google to find your top competitors.

Click through to potential competitors’ websites and link to their social platforms (usually placed at the top or footer of the site)

1.3 Check who shows up in social media searches for those keywords

Go to Facebook and enter your keyword in the search box.

1.4 Find out what similar brands your audience follows

1.5 Choose up to 5 competitors

Once you have a huge list of potential competitors, narrow the list down to the top 3-5 brands on social media. Choose the brands that best fit the target niche.

2. Information gathering

Check the social networks your competitors use, especially their websites, and gather the following information:

  • What social network are they using?
  • What is their size and how is it growing? (eg page likes, interactions, …)
  • Who is their audience?
  • How often to post content?
  • What is the engagement rate?
  • Measure their Share of voice (Brand awareness, social mentions, …)
  • How many # tags do they usually use and which ones are used the most?

Thu Thap Thong TinInformation gathering

3. Perform a SWOT analysis

A SWOT analysis helps you find potential opportunities to improve your strategy and potential threats to watch out for in the process.

  • Strengths:  List your stats higher than your opponent’s.
  • Weaknesses:  List your stats as lower than your opponent’s. These are the areas you need to focus on improving through adjusting your social media strategy.
  • Opportunities:  Identify opportunities (areas in which you think you can improve relative to your competition) based on information gathered or based on anticipated changes to the social media platform.
  • Threats:  Threats that come from outside the organization. So to identify threats, you need to keep an eye on the industry as a whole for upcoming changes that could affect your position relative to your competitors.

Phan Tich SwotSWOT analysis

4. Combine the latest data with social media tracking

You need to regularly update your social media competitive analysis, be it in quarterly or annual reviews and reports.

Use social media monitoring like Mentionlytics to discover everything that is being said about your brand, competitors or any keywords on Twitter, Instagram, Facebook, Youtube, Pinterest and all web sources ( news, blogs, etc.)

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