How to Do a Competitor Analysis on Social Media

Latasha James
10 Oct 202313:47
EducationalLearning
32 Likes 10 Comments

TLDRThe transcript emphasizes the significance of competitor analysis in crafting a social media strategy. It suggests engaging with one's audience to identify similar brands and using tools like Metricool for in-depth competitor research. The speaker shares insights on analyzing competitors' social media performance, including follower counts, post engagement, and content strategies. The goal is to glean inspiration for one's own social media approach without directly copying competitors, and to present this data to clients or use it for personal brand improvement.

Takeaways
  • 🔍 Conducting a competitor analysis is a crucial step in building a social media strategy, often overlooked.
  • 🕵️‍♀️ Spy on similar brands to learn what works and what doesn't for your own social media accounts.
  • 💡 Use customer feedback from social platforms like Instagram stories to identify competitors and understand customer preferences.
  • 🌐 Expand your search beyond Instagram; engage with your audience across all platforms they frequent.
  • 🔍 Use Google and social media platforms to discover brands offering similar products or services.
  • 📝 Create a list of competitors with notable following and engagement for further analysis.
  • 🛠️ Utilize tools like Metricool for comprehensive competitor analysis across multiple social media platforms.
  • 📊 Analyze competitor data for insights on posting frequency, engagement rates, and content themes.
  • 📈 Use competitor benchmarks to assess your own social media performance and inform strategy adjustments.
  • 🚀 Adapt successful competitor strategies without directly copying, to innovate and improve your own social media presence.
  • 💼 Present competitor analysis to clients to encourage adoption of effective social media practices.
Q & A

  • What is the most important step that is often skipped in building a social media strategy?

    -The most important step often skipped is conducting a competitor analysis, which involves spying on similar brands to gain insights on what to do and what not to do with one's own social media accounts.

  • How can understanding competitor analysis benefit one's social media strategy?

    -Understanding competitor analysis can save time, provide new ideas, and help improve one's job performance by learning from the successes and failures of similar brands.

  • How can one identify their competitors for social media strategy purposes?

    -One can identify competitors by asking their audience directly through social media posts or by searching for keywords related to their niche to find similar brands.

  • What are some platforms where one can find their audience and gather information about competitors?

    -Platforms like Instagram, TikTok, Google, and other social media sites can be used to find the audience and gather information about competitors.

  • What is Metricool and how does it assist in competitor analysis?

    -Metricool is an all-in-one social media platform that assists in competitor analysis by providing detailed analytics, scheduling, and the ability to compare different brands' social media performance.

  • What type of information does Metricool provide about competitors on Instagram?

    -Metricool provides information such as total followers, number of posts, reels, average likes and comments per post, and engagement rates for each competitor.

  • How can the data from Metricool be used to improve one's own social media content?

    -The data can be used to identify engaging content themes, posting frequencies, and successful strategies employed by competitors, which can then be adapted or replicated to improve one's own content.

  • What are some insights that can be gained from analyzing a competitor's least engaged posts?

    -Analyzing a competitor's least engaged posts can help identify content types or themes that may not resonate well with the audience, allowing one to avoid making similar mistakes.

  • How can benchmarking against competitors help in client presentations?

    -Benchmarking can show clients what their competitors are doing successfully, which may help convince them to adopt new strategies or tactics that are more in line with industry standards.

  • What is the significance of seasonality in social media engagement rates?

    -Seasonality can affect engagement rates, with certain times of the year, like summer, potentially leading to lower engagement. Understanding this can help manage expectations and inform content strategies.

  • How can Metricool's comparison feature be utilized effectively?

    -Metricool's comparison feature allows users to compare selected competitors side by side, providing a clear view of their relative performance and helping to identify areas for improvement.

Outlines
00:00
🔍 Identifying Competitors for Social Media Strategy

The first paragraph emphasizes the importance of competitor analysis in building a social media strategy. It suggests that by spying on similar brands, one can glean insights on what works and what doesn't for their own social media accounts. The speaker shares personal experience and highlights the value of engaging with one's audience to identify competitors. The paragraph also recommends using tools like Metricool for competitor analysis and provides a step-by-step guide on how to use the platform to analyze competitors on social media.

05:02
📉 Analyzing Competitor Performance and Engagement

This paragraph discusses the use of competitor analysis to understand the performance and engagement of similar brands on social media. It provides insights into how changes in follower count, posting frequency, and engagement rates can inform one's own social media strategy. The speaker uses the example of 'I love creatives' to illustrate how analyzing the most and least engaged posts can offer valuable lessons for content creation. The paragraph also touches on the concept of seasonality in social media engagement and how competitor reports can help identify industry trends.

10:03
🚀 Leveraging Competitor Insights for Content Creation

The final paragraph focuses on applying the insights gained from competitor analysis to one's own content creation. It illustrates how identifying themes and successful content strategies used by competitors can inspire new ideas. The speaker provides examples of how they plan to use the information to improve their own YouTube content and suggests that this approach can help convince clients to adopt new strategies. The paragraph concludes by emphasizing the importance of not copying competitors but using their strategies as inspiration for one's own unique content.

Mindmap
Keywords
💡Competitor Analysis
Competitor analysis is the process of evaluating and comparing the strategies, strengths, and weaknesses of similar brands to one's own in order to inform and improve one's own social media strategy. In the video, it's emphasized as a crucial step in building a social media strategy, allowing for the identification of effective tactics and potential pitfalls based on the experiences of similar brands.
💡Spying on Brands
Spying on brands, as mentioned in the video, refers to the act of closely observing and analyzing the social media activities of similar companies to gather insights and ideas. This is not about unethical practices but rather about learning from the successes and failures of others to enhance one's own social media presence.
💡Social Media Strategy
A social media strategy outlines the goals, target audience, content themes, and methods of engagement for a brand's social media presence. It is a roadmap that helps businesses and individuals to effectively use social media platforms to achieve their objectives, such as increasing brand awareness or driving sales.
💡Audience Engagement
Audience engagement refers to the interactions and connections that a brand's content elicits from its followers on social media. High engagement typically indicates that the content is resonating with the audience, leading to likes, comments, shares, and other forms of participation.
💡Metricool
Metricool is a social media management tool that offers features such as scheduling posts, analytics, and competitor analysis. It is used in the video as an example of a platform where one can perform competitor analysis and track social media performance.
💡Platform Keywords
Platform keywords are specific words or phrases associated with a brand's products or services that are used to search for and identify relevant content on social media platforms. By targeting these keywords, brands can discover competitors and understand how they are positioning themselves in the market.
💡Content Ideas
Content ideas are the creative concepts or themes that a brand uses to produce posts, videos, or other types of content for social media. These ideas are crucial for keeping the audience engaged and interested, and they can be inspired by analyzing what competitors are doing successfully.
💡Benchmarking
Benchmarking is the process of comparing one's performance metrics, such as engagement rates or follower growth, against industry standards or competitors to evaluate how well a brand is doing. It helps to identify areas of strength and weakness and to set realistic goals for improvement.
💡Seasonality
Seasonality refers to the pattern of change in behavior or activity throughout the year, often influenced by holidays, weather, or other cyclical events. In the context of social media, it can affect engagement levels, with some periods seeing higher or lower interaction from the audience.
💡FOMO (Fear of Missing Out)
FOMO, or Fear of Missing Out, is a psychological phenomenon where people feel anxious about missing out on rewarding experiences that others are having. In the business context of the video, it's used to describe the urge to keep up with competitors' actions to avoid being left behind in terms of trends or opportunities.
Highlights

The importance of competitor analysis in building a social media strategy is emphasized, which can save time, provide new ideas, and improve job performance.

Spying on similar brands can help decide what to do and what not to do with your own social media accounts.

Asking your audience about the brands they follow is a valuable resource for identifying competitors.

Utilizing platforms like Instagram, TikTok, and Google can help discover brands similar to yours.

Metricool is recommended as a tool for all-in-one social media management, including competitor analysis.

The competitor feature in Metricool allows for analysis across multiple platforms such as Facebook, Instagram, Twitter, and YouTube.

Analyzing the content and engagement of competitors like 'I Love Creatives' can provide insights on what types of posts are most engaging.

Benchmarking your social media performance against competitors can help in setting realistic expectations and goals.

Seasonality affects social media engagement, and comparing competitor reports can provide context for fluctuations.

The report features in Metricool offer a detailed analysis, including follower growth, posting frequency, and engagement trends.

Comparing the most and least engaged posts of competitors can provide ideas on what strategies to adopt or avoid.

The ability to download reports and customize the data viewed in Metricool allows for in-depth competitor analysis.

Using competitor analysis can help convince clients to adopt new strategies that align with industry practices.

The video provides a walkthrough on how to use Metricool for competitor analysis, demonstrating its practical application.

The presenter offers a promotional code 'LaTosha' for a free trial on Metricool's premium plans, encouraging viewers to try the tool.

The video concludes with a reminder of the importance of not skipping competitor analysis and the ease of using Metricool for this purpose.

Transcripts

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