How to Conduct Competitor Analysis on Social Media Like a Pro

Social media is an ever-changing landscape, and it’s critical for brands to stay on top of what their competitors are doing on these platforms. Conducting competitor analysis on social media is an essential part of any social media strategy. It allows brands to gain insights into their competitors’ tactics, identify opportunities, and stay ahead of the competition.

In this blog post, we’ll explore how you can conduct competitor analysis on social media like a pro, and how the evalmyBRAND social listening platform can help you power your brand insights with competitor analysis.

Key metrics useful for the competitive analysis

Follower Count: The total number of followers a brand has on a particular social media platform.
Engagement Rate: The percentage of followers who engage with a brand’s content through likes, comments, shares, and other interactions.
Share of Voice: The percentage of overall social media mentions that a brand receives compared to its competitors.
Reach: The number of unique users who have seen a brand’s social media post.
Mentions: The number of times a brand is mentioned on social media.
Content Strategy: An analysis of the types of content a brand posts on social media, such as images, videos, or links.
Influencer Engagement: The number of influencers who mention or tag a brand on social media.
Hashtag Performance: The effectiveness of a brand’s use of hashtags on social media.
Sentiment Analysis: The overall tone of social media mentions about a brand, whether positive, negative, or neutral.
Customer Service: The effectiveness and response time of a brand’s customer service on social media.

Competitive analysis on social media involves examining the social media performance of a brand’s competitors to gain insights into their strengths, weaknesses, and strategies. The following are some ways in which the metrics mentioned earlier can be used to study competitors:

Step 1: Identify Your Competitors

The first step to conducting a competitor analysis on social media is to identify who your competitors are. This may seem obvious, but it’s crucial to get this step right. You don’t want to waste your time analyzing the wrong accounts or brands that aren’t directly competing with you.

Begin by researching the brands in your industry and look for those that are active on social media. Make a list of the brands that are posting frequently, generating a lot of engagement, and targeting the same audience as you.

Step 2: Monitor Their Social Media Activity

Once you’ve identified your competitors, the next step is to monitor their social media activity. You can do this manually by following their social media profiles and taking note of their posts, engagements, and overall performance. However, this method can be time-consuming and may not provide you with a comprehensive view of your competitors’ social media strategy.

This is where the evalmyBRAND social listening platform comes in. The platform allows you to track your competitors’ social media activities in real-time, including their posts, engagements, and sentiment. This provides you with a comprehensive view of your competitors’ social media performance, and you can quickly identify areas where you can improve your own social media strategy.

Step 3: Analyze Their Content Strategy

Once you’ve monitored your competitors’ social media activity, the next step is to analyze their content strategy. This involves looking at the types of content they post, the frequency of their posts, and the engagement they receive. You can use this information to identify content gaps in your own social media strategy and to improve the quality and relevance of your content.

The evalmyBRAND platform provides you with detailed insights into your competitors’ content strategy, including the topics they cover, the formats they use, and the engagement they receive. This allows you to tailor your content strategy to better match your competitors and to stand out in a crowded social media landscape.

Step 4: Track Their Engagement

Engagement is a key metric in social media marketing, as it indicates how well your content is resonating with your audience. Tracking your competitors’ engagement can help you identify the types of content that are most effective at driving engagement and to replicate these strategies in your own social media marketing.

The evalmyBRAND platform allows you to track your competitors’ engagement on social media, including likes, comments, and shares. This provides you with a detailed view of their audience engagement and allows you to identify areas where you can improve your own engagement strategy.

Step 5: Measure Your Performance

Finally, it’s essential to measure your own social media performance against your competitors. This allows you to identify areas where you are outperforming your competitors and areas where you need to improve.

The evalmyBRAND platform provides you with comprehensive performance metrics, allowing you to track your social media performance against your competitors. This includes metrics such as reach, engagement, and sentiment, providing you with a detailed view of your social media performance.

Conducting competitor analysis on social media is crucial for any brand looking to gain a competitive advantage in today’s

Quick Stats:

86% of top-performing companies believe that social media is important for their business’s success (Source: Forbes)
77% of Twitter users feel more positive about a brand when their tweet has been replied to (Source: Forbes)
Companies that leverage social media for customer service experience 20-40% higher customer satisfaction rates (Source: McKinsey)
Brands that effectively use social media for customer service can increase their revenue by 20-63% (Source: McKinsey)
75% of Instagram users take action, such as visiting a website or making a purchase, after seeing a brand’s post on the platform (Source: Reuters)

Example: Brand Comparison of some leading brands of different domains:

As you can see from these examples, conducting competitor analysis on social media can provide valuable insights into your competitors’ social media strategies and help you identify opportunities to improve your own social media performance. With the help of a social listening platform like evalmyBRAND, you can power your brand insights with competitor analysis and stay ahead of the competition.