Social media competition analysis
Posted: Mon Dec 23, 2024 8:52 am
Are you taking advantage of the opportunities that arise from analyzing the actions of your main competitors? If at this moment your strategic work is focused only on the analysis and understanding of your brand and customers in physical channels, then you should broaden the panorama and carry out a competition analysis on social networks.
Let's face it, analysing the brands you compete with in the market used to be complicated, as it meant deploying a lot of resources in conducting studies, focus groups and working with observers. And, of course, requiring a lot of budget.
However, today's social networks and major web search minnesota accountants email lists allow us to obtain strategic data about our competitors through simpler, but smarter work.
What is competitor analysis?
It consists of analyzing every aspect of our competitors' strategy . Distinguishing their main communication channels, key messages, pricing strategy, partnerships, launches and much more.
By obtaining this valuable information, you will be able to analyze it and compare it with what you are doing. This will allow you to strategically obtain opportunities for improvement for your brand with a view to positioning yourself as a leader.
Competitive analysis can be carried out by a whole team or by a single person. It will depend a lot on the amount of information you want to obtain and through which channels: physical or digital.
As a starting point for conducting a competition analysis, you can develop three simple steps:
First, identify which companies are considered “direct competitors,” then later you can migrate to a broader view where indirect competitors are also considered and monitor their actions.
After that, define objectives . For example, identify your main pain points. As with any strategy, analyses can focus on multiple aspects. The important thing is to choose those that offer relevant data for our brand.
Finally, analyze the data obtained to identify successes and failures that may occur in your business and that you had not mapped.
Why conduct a social media competition analysis?
Social media is playing a leading role like never before. It is a source of information loaded with valuable data , information from the digital plane as well as from in-person experiences, which help communities to express their true needs and demands.
Day after day we see how these complaints about poor service in a physical store are organically taken to social networks, thus affecting the brand reputation of different companies.
This is why social media analysis is a crucial point in your analysis. The sentiment, participation and interests that can be obtained through these platforms will be a great support tool for your digital strategy.
As we mentioned above, benchmarking your company against its peers is essential, so it should be closely and constantly monitored. Here are more reasons why you should opt for this strategy.
Let's face it, analysing the brands you compete with in the market used to be complicated, as it meant deploying a lot of resources in conducting studies, focus groups and working with observers. And, of course, requiring a lot of budget.
However, today's social networks and major web search minnesota accountants email lists allow us to obtain strategic data about our competitors through simpler, but smarter work.
What is competitor analysis?
It consists of analyzing every aspect of our competitors' strategy . Distinguishing their main communication channels, key messages, pricing strategy, partnerships, launches and much more.
By obtaining this valuable information, you will be able to analyze it and compare it with what you are doing. This will allow you to strategically obtain opportunities for improvement for your brand with a view to positioning yourself as a leader.
Competitive analysis can be carried out by a whole team or by a single person. It will depend a lot on the amount of information you want to obtain and through which channels: physical or digital.
As a starting point for conducting a competition analysis, you can develop three simple steps:
First, identify which companies are considered “direct competitors,” then later you can migrate to a broader view where indirect competitors are also considered and monitor their actions.
After that, define objectives . For example, identify your main pain points. As with any strategy, analyses can focus on multiple aspects. The important thing is to choose those that offer relevant data for our brand.
Finally, analyze the data obtained to identify successes and failures that may occur in your business and that you had not mapped.
Why conduct a social media competition analysis?
Social media is playing a leading role like never before. It is a source of information loaded with valuable data , information from the digital plane as well as from in-person experiences, which help communities to express their true needs and demands.
Day after day we see how these complaints about poor service in a physical store are organically taken to social networks, thus affecting the brand reputation of different companies.
This is why social media analysis is a crucial point in your analysis. The sentiment, participation and interests that can be obtained through these platforms will be a great support tool for your digital strategy.
As we mentioned above, benchmarking your company against its peers is essential, so it should be closely and constantly monitored. Here are more reasons why you should opt for this strategy.