How to Conduct a Competitor Analysis (+ Free Template)
How to Conduct a Competitor Analysis (+ Free Template)
·
If
you're a brand or social media manager looking
to get a leg up on your competition, it's time to run a competitor analysis.
·
With it,
you can identify what other brands in your industry are doing on social media,
spot opportunities, and make more informed decisions about your own online
presence.
·
We’re
sharing everything you need to know about conducting a competitor analysis —
plus a free template you
can start using today.
Table of Contents
- What
Is a Social Media Competitive Analysis?
- Why
Should You Run a Social Media Competitive Analysis?
- How
to Conduct a Competitor Analysis
What Is a Social Media Competitive Analysis?
Typically,
a competitor analysis includes a thorough investigation of your competitors'
accounts on platforms like Instagram, TikTok, YouTube, and Facebook, as well as
an analysis of their social media campaigns.
Why Should You Run a Social Media Competitive
Analysis?
Running a competitor analysis can be incredibly
valuable for any business looking to gain a competitive edge.
By analyzing your competitors, you can identify what
they’re doing right and where they’re falling short.
This helps you spot areas of opportunity for your own
business, while also providing a benchmark you can measure your growth
against.
Plus, you'll be able to spot industry trends and
emerging opportunities with ease, allowing you to stay ahead of the curve.
How to Conduct a Competitor Analysis
Ready to
run your own competitor analysis? Here’s how to do it in four simple steps:
1.
Identify
Your Competitors
2.
Conduct
Research
3.
Analyze
Your Findings
4.
Use a
Competition Analysis Template to Report and Review
Step #1: Identify Your Competitors
·
Before
any good investigation can begin, you’ll first need to scope out the
competition — after all, you can't beat 'em if you don't know who they
are.
·
Start by
looking at businesses within your industry or niche, and consider both direct
competitors (those who offer similar products or services) and indirect
competitors (those who offer substitute products or services).
·
Once
you've identified your competitors, you can begin to analyze their social media
presence and develop a strategy to set yourself apart.
Step #2: Conduct Research
·
Now that
you know who your competitors are, it’s time to learn what they’re all about.
·
This
involves delving into your competitors' social media activity to understand
what they're doing well and focusing on.
·
This
might involve analyzing their posting cadence,
identifying which posts receive the most engagement, and monitoring their
followers to understand their target audience.
Step #3: Analyze Your Findings
·
Time to
put all that research to good use.
·
Make
note of high-performing social media posts, their captions, the visuals they
used, and any hashtags (or
keywords) added.
·
You can
also take it a step further by conducting a quick SWOT analysis: make a list of
your competitors’ strengths, weaknesses, opportunities, and threats.
·
But
remember, you’re also using this info to compare against your own brand
— so be sure to jot down your strengths and gaps too.
·
With a
clear understanding of your competitors, you can then tailor your content strategy to
meet your audience's needs and stand out in the crowded social media space.
Step #4: Use a Competitor Analysis Template to Report
and Review
To make
your competitor analysis easier (and more organized), use Later’s free template.
With it, you’ll:
·
Get an
overview of your competitors' content and online presence
·
Analyze
competitors’ activity and make informed decisions about your own strategy
·
Spot
industry trends and opportunities with ease
·
Share
with your manager and team for visibility
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