Social Media Competitor Analysis in 10 Steps [Infographic]

Social Media Competitor Analysis-infographic.

Social media is incredibly competitive. According to HootSuite, 90% of brands use the main social networks to build awareness. The only way to get your voice heard in such a saturated space is to outwit your competition. Let’s look at your social media competitor analysis.

Social media analysis can help with that. A well-executed analysis will tell you how you stack up against your industry competition and reveal new opportunities while uncovering potential threats.

Fortunately, conducting a thorough social media analysis is a straightforward process. The experts at Social Media Today have created a 10-step infographic to help you plan and execute an exhaustive analysis.

How to Perform a Social Media Competitor Analysis

The first step is to identify your top competitors. You don’t need to list all the businesses you’re up against. Instead, identify just five of your top competitors. A competitor is a business that sells the same services or offers the exact services you do.

Ideally, you want to identify competitors;

  • Doing better than you
  • Whose audiences intersect with your targets
  • Competing in the same geographic location as you

Once you’ve identified your competitors, you can proceed to the next step – defining your competitive goals and outlining your KPIs.

Check out the Social Media Today infographic to learn how to set proper goals and to discover the rest of the social media competitive analysis process.

 

About Mike Gingerich

Author: Mike Gingerich, President of Digital Hill & TabSite Marketer and Consultant. Part geek, part marketer, part strategist, total distance running junkie. Mike is an author and speaker, having presented at Social Media Week Lima, Social Media Camp (Canada) and more. He writes a tech column, podcasts, and shares about social media and business strategies at MikeGingerich.com. Mike is a marketing, social media, and business startup enthusiast with 10+ years experience building apps, consulting, and training businesses with winning integrated strategies. Mike loves deploying tactics to increase awareness, sales, and maximize ROI in both B2B and B2C markets via digital media.