Social media has established itself as a crucial part of B2B marketing strategies. As more platforms are created and more individuals and businesses are creating profiles, the amount of noise increases dramatically. What matters is focusing on your team’s social media strategy, focusing on what works best for your organization. But understanding how your competition is browsing social media also plays a role. Conducting social media analysis can be a useful task in understanding how competitors perform on social media and what results they are seeing, whether from an engagement or conversion perspective.
While there are several ways to perform a competitor’s social media analysis, having some insight and answers to a few questions is essential. Here are six key questions to ask and answer when evaluating your social media competition.
1. What social media platforms do my competitors use?
Understanding where your competition is spending their time in the social media arena is important. This can give you clues as to which platforms they find most important to their marketing activities. When looking at their social media profiles on each platform, consider the brand quality and composition of their pages. One with a more sophisticated presence indicates a competitor who takes social media seriously compared to one who might just be occasionally active on a platform and hasn’t thought through their strategy.
2. What is the size of my competitor’s follow-up?
This information is easy to find on a business page and can be useful in establishing benchmarks for your B2B social media strategy. Looking at the number of subscribers, or depending on the platform, the likes, can give you an idea of how many people are turning to your competition for information, news, and more. The more subscribers they have, the more reach their content has on social media.
Make sure to check back every now and then to see if their audience continues to grow. If so, you can be sure that they are actively investing in creating brand evangelists. If not, they may have limited their efforts on this social media channel, which in itself may be a clue to its effectiveness.
3. How often do my competitors post?
The frequency of their publication goes hand in hand with the size of a competitor’s target audience. You don’t need to catalog all of a competitor’s posts since joining Facebook, Twitter, or LinkedIn, but try to get a general idea of their schedule. Do they post three times a day? Once a week? Haven’t they posted at all in the last three months?
A competitor who posts sporadically or not at all is a sign that they are not as actively involved. For those who post regularly and whose interesting content is shared, liked, or shared, this indicates that they are focused on maintaining a consistent posting cadence on social media.
4. What content is my competitor posting?
When doing a competitor social media analysis, it is essential to take note of the content that your competitors are posting. Are they using photos or videos? Do they use content from other sources or do they develop original content? Is all of this industry related or does it include other topics? What is the tone of the content they post – humorous, informative, corporate or mixed?
If your competition is posting a mix of content types and topics and using language that is both informative and relaxed, it can show that they are well focused on a solid social media strategy.
5. What is the commitment of my competitors?
While it’s easy to see how much engagement your organization is getting on platforms like Twitter and LinkedIn, knowing the engagement of competitors is a bit trickier. This process is manual as you will need to go to each profile and scroll through their posts. You can use these tips to help you analyze your competition’s engagement on social media:
- Take a look at the different post types (words only, added image, video, etc.) to see how engagement differs.
- Read the posts to see if they use hashtags. Effective use of hashtags can increase reach and engagement.
- Estimate their average number of likes, shares and comments. It can give insight into how people engage on average.
6. What types of social media posts from my competitors generate the most engagement?
Do their photos generate the most engagement? What about the videos they publish? The information you collect here can generate ideas for your own social media strategy. While audience preferences may differ, it can serve as an inspiration for a brainstorming session on new content ideas.
Improve Your Social Media Strategy with Competitive Social Media Analysis
It’s a good idea to check your competition regularly. This way you can see the evolution of their performance and make changes to your strategy to stay competitive. Also, while a competitive analysis can give you some great ideas for your own social media strategy, it’s a good idea to understand what goes with your strategy. In an age of media overload, originality and authenticity are essential to be heard.