How to analyze your competition on social networks

How to analyze your competition on social networks

There are some actions that are essential within a social media strategy , and one of them is to analyze your competition on social networks.

If you know what your competitors are doing on their social networks, you will be able to analyze which strategies work or which do not work within your sector.

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Como analizar tu competencia en redes sociales

Why do a competitor analysis in networks social

When you start to make a strategy in any of your networks, you focus on your content, your target audience and your best hours to publish. But many times there is something that you completely miss … What are your competitors doing? And then, you may be wondering … Does it help to analyze what they are doing?

Stop thinking about it, because the answer is yes. And here are the main reasons to analyze your competition on social networks.

  • You have an overview of your sector on social networks: see what your competitors do and how they do it. So you can know trends within your sector, types of content or hashtags that you did not know.

  • You know your target audience: being your competition, you address the same type of person. So by analyzing some of your competitors you can see what their followers like the most, what they comment, etc.

  • It is one more source of inspiration: you will discover other types of content or formats that work well for your competitor, so it will help you develop new ideas for your editorial calendar or your strategy.

  • You are ahead of your competition: you can know areas that are less worked by them or that are weak in their strategy. You can get ahead of these parts.

  • Thoroughly analyze your own strategy: analyze the strategy of your competitors vs. yours. This way you will know what you are doing well, what you are doing wrong or directly, what kind of actions you are not performing and could bring you benefits.

  • Avoid stagnation: having new ideas from other people in the sector you can avoid going blank with your editorial calendar.

Analyze your competition not only It serves as espionage to position yourself better than them, but is also very useful to learn about other strategies or content that can help you improve.

How to find your competitors in networks social

If I have convinced you and you want to jump into the analysis of your competition, you will be wondering where to start. Well, the first thing is to start looking for who your competition is.

  • Competitors at the business level: surely you already have them more than located because you know who your business competitors are.

  • Competitors in social media: beyond those companies that sell the same products or services as you, there is also another type of competition in social networks that you can learn from. For example: influencers of the sector.

To find all the competitors that you want to add in your competition analysis I am going to give you some tips.

Who is your competition in social networks

A competitor is a brand or person from whom you can learn new things: first, second or third competitor degree, influencers of the sector or people positioned by similar themes.

# 1. Research the hashtags that are related to your sector

Monitor hashtags that are related to your brand or the sector of your company. You will find a lot of relevant information for your strategy:

  • Users talking about the topic that could be potential clients

  • Other brands positioning themselves with those same tags

  • Influencers who deal with these topics

# 2. Listen to your followers

Practice social selling: listen and investigate what and who your followers or potential customers are talking about on social networks. You will find a lot of relevant information about other accounts that are positioned in your sector.

Be careful at this point! In addition to finding information about possible competitors, you will also know information such as:

  • What they think about your products or services

  • You will find new ideas for your business

  • Know the problems your potential customers face.

# 3. Find who is positioned with keywords

Do a small search both on Google and on social networks to find out who is positioned with the same keywords that you or your business want to position. For example: clothes in Barcelona or shop.

How to analyze your competition on social networks

Now, let’s go to the important part of this post: how can you analyze your competition in social networks

What data do I have to analyze?

You have already made a compilation of the accounts that you are going to analyze, so it is time to go through the second step: what data you have to analyze and why.

It is important that you analyze the metrics that are interesting to you, depending on the strategy that you follow in social networks. It also varies depending on the social network you are analyzing. But the most significant metrics you can analyze are:

  • The number of followers And the growth of your community. Do they grow in followers regularly? Are they stagnant?

  • Engagement : How is the love of your followers towards the account?

  • The likes or retweets : it depends on the social network, but it is one of the main metrics for know if the content is successful, right?

  • The interactions : in addition to the likes , you have the comments.

And don’t think that’s all, there is another type of analysis that does not focus so much on exact metrics but that will help you a lot in your analysis :

  • Post frequency: how many posts share per week or day.

  • Which content has better results.

  • What type of content does not work well in your strategy.

  • What hashtags do you use zan in each publication.

  • What types of images do you use: stock or your own?

  • What formats they use to communicate in their publications.

  • How do the copies write?

Analyzing all this content you will Get the most complete report that will help you improve your strategy and know where your competition is.

How do I get the data?

Ok, now that you are clear about what data you want to get, let’s go to the execution … How do I get this data?

Here you have two options, you can get the data:

  • Manually: entering account by account to analyze each publication, look at the growth of the community day after day, etc.

  • With the help of external tools: that automatically extract the information and you have to focus on analyzing and drawing conclusions. These tools will save you a lot of time. An example is Metricool, which groups the competitors in a table and allows you to extract all the data with a few clicks.

Fotos

In the case of Do the analysis of your manual competition , I recommend that you make use of excel or word documents to add all the data. At the end of the day, you are going to analyze account by account and on different dates, so you need a lot of organization. In this way you can have the data compilation, analyze them well, compare them and compare different periods.

Learn how to analyze your competition in RRSS with Metricool.

Tips to analyze your competition in social networks

Now that you know how you can analyze your competition in social networks, it is time to get down to work. But first I’m going to leave you some tips:

  • It is important that when you start spying on your competition on social networks, they can also be influencers, people related to the sector, or people who talk about your topic . Do not close yourself to analyzing only your brand competitors.

  • Analyze your competitors in different periods of time . If you only analyze them once, you will know how their strategy is at that moment, but if you analyze your competition in a continuous way and in different periods of time, you will be able to know how their strategy evolves, what changes they make and compare different dates.

  • Get the most out of this analysis. Performing these reports, not only serve to control your competition , but they are also very useful to learn from other people.

  • Analyze everyone under the same rules. If you do it manually, use with all the same formulas to calculate engagement, analyze the same number of images, etc. If you make any changes, the analysis may not be valid. It is important that you analyze everyone under the same criteria so that it is a more accurate analysis.

Now yes! It is time for you to launch yourself to analyze your competitors and learn from them.

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