Track Competitors On Social Media To Ace Your Marketing Game In 2021
Marketers are ready and armed to enter the new-age marketing battleground of social media platforms.
Lately, social media has become an essential aspect of all company’s marketing strategies. To develop genuine contact with their audience, they are utilizing and experimenting with all conceivable social media tactics.
The fact that it is available at cheap or no cost and is simple to use is the reason why the number of social media users is growing day by day.
According to recent statistics, social media is used by 69% of the population nowadays. It indicates that a significant section of your target competitors are on social media.
Nevertheless, some brands prosper while others struggle.
Do you have any idea what is the reason behind this?
To better understand why your competitors are gaining momentum and where you should play to achieve your social media goals, start with social media to track competitors and gain insight into your competitions.
However, first, we need to understand what it is in detail.
What Is Social Media Competitor Tracking?
Tracking ads of your competitors will enable you to learn about their strengths and weaknesses, as well as how they compare to your own.
It is a method of comparing your performance to those heavy-hitters in your industry so you can spot growth possibilities and techniques that are not performing as they should.
Tracking will strengthen your marketing game in many ways. We have listed some of the primary privileges you will receive by doing this.
- Track competitors social media platforms.
- Find out on which social media platform your competitors are most active.
- Understand how they are utilizing those platforms.
- Learn how effective their social media strategy is.
- Compare your social media performance to those of your competitors.
- Recognize the social threats to your company.
- Look for flaws in your own social media marketing plan.
Next, we need to understand the objective to track competitors on social media.
What is the primary purpose of performing a competitive study of social media?
Marketers can use competitor analysis to look at both sides of the coin, outwardly to understand the competition’s strong suits and inwardly, to understand their brand.
You can learn more about your average viewers and what performance metrics you need to enhance by studying competitor social techniques.
I guess you might have some questions in your mind like what else you could be doing if your social media presence is adequate, have you identified all of the audience that might be interested in your work, possible results, are you better than my competitors and so on and so on…
I can guarantee that this blog will get all of the answers to your pressing problems.
So far, everything seems excellent in principle, and you have already prepared your analytic tools. But where do you even begin?
Do not worry- we have covered everything for you.
Now that we know what we have to do, the next thing that comes to mind is: where do we begin and how to track competitors?
Do not worry; we have broken down a list 05 easy steps that will help you track competitors on social media to get ahead of your game.
Know Your Competitors On Social Media
To begin with, first, identify who your competitors on social media platforms are and what platforms they utilize. Hopefully, you have a good sense of who your primary competitors are. However, there is more to dig into than you think.
Mainly focus all your efforts to narrow down the competitors that frequently use social media as a part of their marketing strategy that helps them in expanding their business. These brands will allow you to learn from them and will also help you to learn how you can level up against them.
A social media strategy is something that you should look out for and, if a brand does not have one, you better back off and choose not to compare yours to theirs. Preferably, look at the companies in your field that use social media as an essential part of their marketing strategy.
For this, Google search comes in handy.
Google is the most convenient approach to locate your competitors. Look for terms that customers might type into a search engine and find your brand. If your company offers Lipsticks, for example, you may Google “Matte Lipstick” or “Glossy Lipsticks”.
List down the websites that are similar to your industry.
The next thing to do is go through the websites and look at how frequently active on their social media platforms and exactly which platform they are significantly active on.
Marketers with websites will mention the link of their social media accounts at the bottom of their website page or the top.
Also, have a look at the social media sites you want to join. It is logical to include well-established brands with an active social media platform in your analysis. Aim for approximately five competitors depending on your industry then, note them all as a part of your marketing strategy. It is where you will put all the information.
Doing this might take some time in case you are in a race with well-established competitive industries. However, the more you are thorough with your report and, the strategy you will get the best results.
For more, you can also check out our latest blogs.
The next stage is to collect data after you have enlisted all your competition. Depending on the platforms you want to target, the approach will be somewhat changed.
Let us take a look at how you can assess your brand in comparison to the competitors. For example, Facebook is the most popular social media platform- we will stick with it.
Facebook Ad Competitive Analysis
Let us begin by taking a manual review by ourselves of our competitors and their social media pages. With this, we can gather data about the rough numbers of likes on their posts and the number of people interested in their page.
Don’t you think it is an excellent idea to take down unique tabs of features they use for their business? If you see a similar pattern across competitors, it is advantageous that it works for them.
To end the competitive analysis report it is enough to know how many followers you are having is beneficial. You can utilize this report to learn more about how their content is performing with time.
You can calculate the number of messages they receive and the sort of content they post for engagement regardless of them being in text, or images, or in the form of videos.
And now that we have seen this done manually- let us look at the other side of the coin by learning to do it using PowerAdSpy as a tool to filter insights and gain complete access to your competitor’s ad strategy.
Using a tool like PowerAdSpy will surely get you a lot more than you expected. It will provide you a road map to the hidden treasure that you need to succeed.
PowerAdSpy has given us the chance to enhance your search experience with its tremendous parameters.
There is a list of things that this software offers us to gain insights into our competitor’s advertising strategy. Below are 04 compelling features that we will discuss with you and will help you attain a brief knowledge about what the software is capable of.
PowerAdSpy allows you to access live ad posts directly from the platform to provide you with ad analytics that is crystal clear and easy to analyze. You can go to the site and monitor the real-time interaction and also the reaction of your audience to the adverts. Isn’t it all that we wanted?
Search Algorithm Stronger Than Ever
One of the essential elements that we look for in products like these is a compelling search algorithm. It will locate the exact ads you want. You may then sort those advertisements by date, shares, likes and, comments to quickly uncover the most effective advertising for growing your campaign.
Ads With Both Videos and Images
Wouldn’t it be fantastic if we upgraded our advertising plan to include both videos and images? Certainly, some of your competitors are employing this tactic and, it may be why they are gaining an advantage over you. It’s difficult to deny that photographs are fantastic, but videos are much better or at least the most recent marketing technique that now works best on social media.
PowerAdSpy is a terrific way to learn more about what types of video advertising your audience responds to, as well as download them for use in your ad campaigns.
Data collection is an essential aspect of developing an advertising plan, but you also need to know if the data you have gotten is accurate. You can have your way around with PowerAdSpy. It will provide you with all of the necessary information regarding audience engagement. And will assist you in identifying champion advertisements in your niche.
Analyze Activity for Your Competitors
If you are just getting started with competition analysis, gather your data and then personally examine how your competitors use each platform.
Why to Track Competitors?
According to studies, 96 percent of firms believe the social media accounts of their competitors are excellent sources of information.
The primary thing to acknowledge is how frequently the competition is active. Here are a few questions to ponder:
- How recently have your competitors updated their status?
- Is there a long time between posts?
- If they answer their comments?
To get a good knowledge of how active your brand is, answer these three questions. To be deemed actively, brands need to post their content more often to stay connected to their audience.
Next, you need to have detailed knowledge about your competitors that also includes what they are publishing.
Securely note down the ratio of their promotional posts in particular. Calculate the percentage of promotional postings in each of their previous ten posts. Because this is a difficult distinction to make, a reasonable thumb rule is that if the post includes a call to action button that leads to making a purchase, it is promotional.
Put the info into your repost once you have gone over each competition.
When conducting social media research, some marketers enjoy examining the brand language of their competitors. It is essential to figure out the tone and the point of view that the brand uses in its content. Understand if they post saying “us” that is on behalf of their brand, or else are they talking as an individual.
If you want to provide information, do so, but your way of presenting should be mostly determined by your brand’s style requirements. It should not be swayed too much by how your competitors are performing.
Then have a peek at the websites of your competitors. As you may be aware, content marketing is linked inextricably with social media. Therefore, many businesses take the help of blogs for their social media platforms and develop content.
Increase the depth of your competitor analysis:
If you have just turned into a competitive analysis of social media, let me tell you, you will get great help after getting to know the performance of your competitors and will also help you get along with new marketing patterns.
Social listening can provide you with a much larger view of all social talks about your business and about your competitor’s business, which will help you in taking your competitive analysis one step further. You can utilize this information to classify the main rivals you want to keep an eye on.
Using This Data
Now without any further ado, let us gather everything you learned to good use. You may compare and analyze your profiles with your competitors with the help of social media statistics.
It is essential to know that you do not need to copy everything your competitors are doing and, that should be your new goal. Alternatively, this can assist you in getting off to a good start.
For example, your research may reveal that many of your competitors only produce promotional postings 10% of the time. Make sure you do not go overboard or, else you will be at risk of getting your audience slide from your side.
It may be possible that you were doing it all wrong or, you might discover your techniques were opposite from the perspective of social media. In our case, it is evident that Facebook is well worth the money. Any competitors who do not use this will be at a disadvantage.
That’s a wrap!
So, what did we discover?
Competitor analysis tools that help you track competitors on social media are beneficial for determining how well your competitors are performing. To study and progress for the sake of your company, you must delve into a sea of information.
The copy, keywords, and traffic data on your competitor’s content are all critical pieces of information that can help you plan your social media tactics intelligently.
Hopefully, you will think about the information shared in this blog post and consider incorporating this into your marketing strategy immediately.