The author's views are entirely his or her own (excluding the unlikely event of hypnosis) and may not always reflect the views of Moz.
According to Sprout Social’s survey[1], 85% of companies rely on social data as a primary source of business insights. And with almost 4.6 million[2] people on social media networks, they are a crucial part of your growth strategy.
It’s no longer news that there’s fierce brand competition — in every industry — roaming the web. So, how do you outcompete your brand competitors and grow your business on social media? By doing social media competitor analysis.
When you learn your competitors’ moves, you find ways to reinforce your brand strengths, improve on your shortcomings, and take advantage of opportunities. In this guide, we’ll go over what social media competitor analysis means, its benefits, the steps to take when performing this analysis, and a list of the tools you need.
What is social media competitor analysis?
Social media competitor analysis is the process of evaluating your competitors on social media to find opportunities and build strategies for brand growth. Performing this analysis allows you to identify your competitors’ strengths and weaknesses to develop a working social marketing strategy. It also reveals relevant information about your target audience, why they’re interested in competitor brands, and how these brands do better at social media marketing.
Why is social media competitor analysis important?
Social media competitive analysis has its own advantages outside the strategy you use to examine your SEO competitors[3]. It allows you to:
1. Understand your ideal clients better
Performing a social media competitive analysis lets you gain deeper insights into who your ideal clients are. Knowing your customer personas empowers you to get more marketing results