Printer-Friendly

social media how toDo you want better results from social media?

Have you considered researching your competitors?

If you’re not getting the results you want from social media, a little research and the right tool can help you refine your social media strategy.

In this article, you’ll discover how to perform a detailed competitive analysis and improve your social strategy.

Why Competitor Analysis?

Competitor analysis lets you discover how your competitors use social media. You can see how your competitors position themselves on social media, what they share and how their audience responds. You can also find out what social media networks work best for your competitors, what information you should include in your social profile and page bios and what types of status updates get the most engagement.

perform a detailed competitor analysis

Discover how to perform a detailed competitor analysis.

Listen to this article:

While you can gain these insights for free on your own, it takes time to find multiple competitors‘ social accounts, collect all of the data (followers, engagement, etc.) and then analyze that data.

To show how using a tool can help you gather the data more quickly and present it in an easy-to-analyze format, this article uses Rival IQ as an example.

Now, let’s look at how to do social media analysis and apply what you learn to improve your social media strategy.

#1: Create a Landscape With You and Your Competitors

To get started, you’ll want to sign up for a free 14-day trial of Rival IQ’s service. If you’re just doing a one-time analysis of your competitors’ social media strategy, you should be able to get it done before the free trial period ends.

Otherwise, you’ll want to choose a plan that best fits your needs. For each company (including your own), you’ll be able to analyze and monitor one account per social network (Facebook, Twitter, Google+, Instagram and YouTube).

Once you set up your account, create your first landscape by clicking the + button under the Landscape drop-down menu at the top left.

click the + button to add a new landscape

Click the + button to add a new landscape.

In the dialog box that appears, enter the name for your landscape and click the Create Landscape button.

name your landscape

Name your landscape.

Next, enter the website address for your company and select it from the drop-down list if it appears. Then click the Add to Landscape button. This will allow you to compare your social media presence and content against your competitors’.

add your company in your first landscape

Add your company in your first landscape.

After Rival IQ confirms that your company has been added, continue adding your top competitors. Enter each competitor’s website address and click the Add to Landscape button each time. When you’re finished adding companies, click Done Adding Companies.

continue to enter your competitors after confirmation that your company has been added

Continue to enter your competitors after confirmation that your company has been added.

When you click Done, your screen will refresh to show your landscape’s dashboard. Rival IQ will confirm the accounts it has found for your company and your competitors. If the companies are new to their system, it might take a little while to update, but usually no more than 24 hours.

If you know that one of your competitors has an account on a network that Rival IQ didn’t find, you can hover over it and suggest it to them. They’ll usually add it within 24 hours.

suggest platforms for your company or competitors when they're not checked

Suggest platforms for your company or competitors when they’re not checked.

In the above example, the only accounts Rival IQ didn’t find were the ones that didn’t exist for the specified companies. Once everything is set up, you’re ready to start your analysis.

#2: Find Social Engagement Opportunities

Begin your analysis with the social networks where your competitors have profiles and pages. This should tell you at a glance if you’re missing a network that might be beneficial for your social media strategy.

see what social networks your competitors use

See what social networks your competitors use.

In this case, you might assume that out of all of the networks, Instagram is the least important because a few of your competitors don’t have a presence there. But that might not always be true, which you’ll see shortly.

In addition to seeing what social networks your competitors are on, check to see which ones they have the largest audiences on. You can do this by clicking the Cross-Channel link in the left sidebar and then clicking on Detailed Metrics at the top.

This reveals a chart where you can see the overall audience size of you and your competitors, including a breakdown of the networks where each company has fans and followers. Hover over each bar to see numbers specific to each social network represented in the chart.

see each company's overall social audience size

See each company’s overall social audience size.

What this chart tells you is that while your competitors have a presence on all of the top social networks, most have the largest audiences on Twitter and Facebook. If you scroll down on this same page, you’ll also see two charts showing Social Activity and Social Engagement.

see overall social activity and engagement on each network for each company

See overall social activity and engagement on each network for each company.

These charts reveal that while each company has large Twitter and Facebook audiences, some are getting more engagement on Instagram. This goes to show that just because your competitors don’t have a presence on certain networks or don’t have large audiences on those networks, it doesn’t mean those networks wouldn’t work for you.

In this landscape, you can see that Instagram may be a hotbed of engagement with your target audience.

#3: Review Your Positioning

The next thing you want to do is see how your competitors are positioning themselves on each social network. In particular, look at how they describe their businesses in their profiles and page bios and how they represent themselves in their profile pictures.

You can do this by clicking the Cross-Channel link in the left sidebar and then clicking Bios at the top.

Here, you’ll see the bios, descriptions and taglines that the companies use on each social network. Click View All for each network to see the full details.

view each company's Twitter bio at a glance

View each company’s Twitter bio at a glance.

From the above analysis of Twitter bios, you can see that some companies have Twitter chats, some have separate support Twitter accounts and some add a personal touch by including the name of the account moderator or a Twitter account for the CEO. Also, most include a common key phrase in their bios: email marketing.

If you click the Back button above this information, you can view more information from the companies’ social accounts, like their Facebook page descriptions.

view each company's Facebook page description at a glance

View each company’s Facebook page description at a glance.

From the above analysis of Facebook page descriptions, you can see how the messaging changes between networks. Most use this field to describe their company, as opposed to specifics of their Facebook marketing strategy.

Click the Back button above this information to view the Google+ tagline for each company to find a short description of each (in most cases).

view each company's Google+ page tagline at a glance

View each company’s Google+ page tagline at a glance.

Or see more detailed excerpts about each company by viewing the Google+ page introductions.

If your business has been struggling to write great company bios, an analysis of your competitors will help you get a handle on what to write and where.

#4: See What Updates Work Best on Each Network

Now that you know more about how to position yourself on the top social networks, what type of content should you be sharing and where?

Start by going to the Cross-Channel link in the left sidebar and then clicking Top Content at the top to see (over the last seven days) which of your competitors have the most engaging content, where they’re getting the most engagement and on what days.

see an overall analysis of top content

See an overall analysis of top content.

Continue through the links in the left sidebar to get a detailed analysis of content on each network. You may want to change the date range at the top right to analyze the last 30 days’ worth of content to get more insights.

When you click on Twitter in the left sidebar and then click on Top Content, you’ll see details about the top tweets from each company’s Twitter account, including the type and days they were posted. Beneath the summary, scroll down to see each of the top tweets.

see a detailed analysis of top tweets

See a detailed analysis of top tweets.

When you click on Facebook in the left sidebar and then click on Top Content, you can view details about the top updates from each company’s Facebook page, including the type and days they were posted. Beneath the summary, scroll down to see each of the top updates.

see a detailed analysis of top Facebook updates

See a detailed analysis of top Facebook updates.

When you click the Google+, Instagram and YouTube links in the left sidebar and then Top Content, you’ll see similar analyses. The LinkedIn link only allows you to analyze your own LinkedIn company page content.

Using these different reports, you should be able to get some inspiration about the types of updates you should share on each network based on actual data. This ensures that your updates will receive a better response from similar audiences.

#5: Build Relationships With Top Mentioners

When you click on Twitter in the left sidebar and then click on Mentioners at the top, you’ll see details about the top Twitter users who mention the companies in your landscape.

see the top mentioners for companies in your landscape

See the top mentioners for companies in your landscape.

Each includes a See Mentions link so you can see the tweet mentioning the company.

view the tweet that mentions a company in your landscape

View the tweet that mentions a company in your landscape.

You’ll find that the relationships between the mentioners and the company in your landscape vary. Some, like the one above, may be customers and brand advocates. Others may just share content published by a company.

If you find a customer or brand advocate mention of your company, you can thank them for their support and even offer to send them a little gift, like a t-shirt or sticker. If you find a content share from your competitors, you might want to build a relationship with those customers or advocates to see if they’d also be willing to share your content.

Bonus: Go Beyond Social Media Analysis

In addition to the valuable social media data provided by Rival IQ, you can also use it to do research into your competitors’ websites and search engine optimization strategies.

In particular, click on the SEO link in the left sidebar and then Positioning at the top to see each company’s homepage SEO title tag and meta description.

see how each company optimizes their website for search

See how each company optimizes their website for search.

Then click on Detailed Metrics at the top to see which website has the most authority in search and the most backlinks.

see which companies have the best domain authority and most backlinks

See which companies have the best domain authority and most backlinks.

Next, click on the Website History to get a view of changes made to each company’s website homepage over several months. This gives you insights into the best web designs, landing page copy and more for your own website.

see a history of each company's homepage design

See a history of each company’s homepage design.

This will ensure that your SEO and website design are in line with your competitors, and with your social media strategy.

Conclusion

As you can see, there’s a lot you can learn from your competitors. While you don’t necessarily want to copy them in terms of social media strategy, you do want to make sure that you’re at least doing as well (if not better) than they are in terms of positioning and content.

What do you think? Have you done competitor research to improve your social media strategy? What did you learn? Please share your thoughts in the comments!

how to perform a competitor analysis

Tips for performing a detailed competitor analysis.

Tags: , ,

Get Social Media Examiner’s Future Articles in Your Inbox!

Join 465,000+ of your peers! Get our latest articles delivered to your email inbox and get the FREE Social Media Marketing Industry Report (56 pages, 90 charts)!

More info...
  • Good tips. I’d like to point out that you don’t need to use Rival IQ, which will boost you up to $199 a month, I might add, after that 14-day free trial.

    Are you (readers of this site) really going to pay $2,400 a year to that company for something you can do on your own? Please tell me you’re not.

  • No mention of hashtag analytics, trending engagement, customer service metrics, share of voice, benchmarking, campaign analysis? This tool might give a top line view of metrics but for a more complete analysis of your competitors on social media Unmetric offers so much more.

    BTW…the link to this article in the email newsletter is broken.

  • sadlsor

    This is true…but all you need to do is look at the url…I found there was no “h” before ttp and no “:” before the double //.
    Easily fixed; good article. I was just going to see how much it costs, and saw Greg S.’s post above. I’ll have to find out how to do this manually…but if you’re doing this as a service for a business, I imagine you could justify the cost.

  • Thanks Greg! You definitely could do this research on your own, but as someone who has done it for businesses in the past, I can tell you that it will take time. So a lot depends on your business. If you are a single business owner checking out your own competition on a one-time basis, you could do it in the 14 day trial and cancel before the first month. If you are an agency checking out competition for your clients, you might want to invest in a tool that does it quickly for you. 🙂

  • Sorry about the link in the email newsletter. And thanks for sharing a new research tool I hadn’t heard of! 🙂

  • If you can do a one-time analysis within 14-days, you can get it done before the pricing goes up. I can usually do an analysis within 24 hours – it’s a matter of having your competitors are lined up so you can enter them all immediately when you sign up. 🙂

  • Great post Kristi! As an investor in and heavy user of RivalIQ, I’m delighted to see such a thorough unpacking of the tech.

  • UK Tutoring Services – Cambodi

    Nicely presented.

  • LisaDJenkins

    Hi Peter, thanks for taking the time to visit the site today, in spite of the broken link. I’ve let our newsletter team know.

  • Thanks Jay! I love how it works. It will save people who need to do this research a ton of time and frustration. 🙂

  • Thanks! 🙂

  • Vivek G Maudgalya

    Thanks for sharing. It was useful.