The publications of the latter are interesting because they can contain a partnership and therefore indicate a direct competitor, as in this example: Do not hesitate to search Tanzania Email List your watch. Discover the competitors on Linkedin. On LinkedIn, you can search for a keyword or hashtag in the search bar. The B2B social network offers you to filter the results by posts, people, groups, companies, jobs, or even events. To find a competitor, filter the search on “companies” to get professional pages that contain the keyword: And for a more exhaustive analysis, add the posts. A business may not have the keyword in its name but use it often in its posts.
Likewise, its employees on LinkedIn also communicate on the subject and appear in search. You now have a huge list of potential competitors. It is time to reduce it by keeping between 5 and 8 directly competing companies. Choose those with an offer very similar to yours, as well as a similar communication axis. Create a Competitive Analysis Dashboard. This dashboard takes the form of a Google document or an Excel spreadsheet. The objective is to bring together the main data. How to create this dashboard? On the first line, enter your own business and the names of your main competitors above, to form the first column. Next, divide your table into X sections: X represents the number of social networks you are monitoring.
How the competition is performing
Each section will be divided into metrics: subscriber volume, monthly interactions, engagement rate, number of posts, etc. Here’s a sample dashboard for your social media competitive analysis: However, you can flesh it out with other social networks and more metrics, depending on your goals. Among the data to observe, there are also: Most frequently used hashtags. Types of regularly published content. The number of boosted publications. The branding methods used. Interactions by type: comments, likes, shares. Etc. Assess the strengths, weaknesses, and threats. It’s time to take a deeper look at the data from competitive social media analysis. To make it relevant to your own strategy, spot opportunities, weaknesses, and threats.
Strengths and opportunities. In your dashboard, a highlight in green the data of your company that is superior to that of your competitors. You instantly identify where you are ahead of the curve. For example, if your engagement rate is higher than others, then your community is targeted, engaged, and satisfied with your products/services. Information that shows that your offers are relevant to the market and that your customer service is efficient. If you publish more content than your competitors, then you have material to promote on social networks. There too, it is a strength, even an opportunity! You have what you need to conduct major communication campaigns and therefore outperform your competitors.
You get an overview of social media
Weaknesses. In the same way that you underlined your superior performances in green, underline in orange those which are slightly below the competition, and in red those which need to be improved. However, be careful not to operate in a binary way! For example, maybe your number of followers on Facebook is lower than that of your competition, while your engagement rate will be better. In this case, the goal is not to recruit new subscribers at all costs, but rather to capitalize on your committed community to bring you new qualified “fans”. The threats. To get a clear idea of the threats ahead, take a good look at the numbers related to growth or those that jump suddenly.
For example, a competitor that is small but has a high subscriber growth rate may present a greater threat than a large competitor whose growth is stagnant. If a brand sees its engagement rate or interactions suddenly increase, it surely means that it has launched sponsored campaigns and therefore increased its social media budget. Again, that requires your attention. When your competition increases the budget for social media, maybe it’s time to do the same. Assess the content strategy. A well-defined content strategy is an important aspect of the social media performance of brands. Consumers are no longer interested in generalized content that does not serve a purpose or meet one of their needs.