When we talk about conducting a competitive analysis on your various social channels, you’d be surprised how often we get this question: But who are my competitors on social media?
Your brand might know who it’s competing with when it comes to local brick-and-mortar sales, but it’s harder to tell on the open terrain of social media – unless you’re being diligent about discovering how people are searching for content, products, and services in your field, and who they’re finding.
The good news is, it’s simpler than you think. The bad news is, you’ll kick yourself that you’re just getting started now.
Step 1 – Search Engine Research.
First, let’s do a little search engine work. Open an incognito browser window – one that’s not trained to come up with search results that you personally are likely to click on.
One by one, search for the top 5 search terms you want people to associate with your brand. For instance, for Simply Measured, I might choose “Best social media measurement tool.”
Record all the brands mentioned on the first page of the Google search for each word/term. Be sure to include sites/brands mentioned in news articles and blog posts that come up on that first page, too.
Step 2 – Share Of Voice Analysis.
Keep the brands you’ve found nested under the search terms by which you found them – so, around five categories in all.
Then, compare the brands from each category to find out who’s seeing the highest relative volume of mentions across all social channels for each category.
Now you’ll have a good idea of where your competitors stand in each category.
Step 3 – Competitive Analysis.
Take the top brand from each category and run a competitive report between all those brands for Twitter, Facebook, and Instagram.
Now is the time when you get to choose which competitive stats you’re most interested in.
Is it follower count?
Is it engagement on brand posts?
Do you want to take everything in at once?
Add your own brand into the mix for the competitive report, since it’ll be nice to see where you stack up next to your competitors. The results are often surprising.
Now you know where you stand!
As a wise man once said, “You only find out who is swimming naked when the tide goes out.” Get your trunks and bikinis on and know exactly what lies in wait for you on the ocean floor with social measurement that works, works quick, and works easy. Knowing who your competitors are allows for better business decisions and, more specifically, better decisions on social. What else can social measurement show you about your competitors? Let us know in the comments below!
Source: Lucy Hitz, Simply Measured