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.