Social Media Competitor Analysis: The Complete Guide (2023)

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According to Sprout Social’s survey, 85% of companies rely on social data as a primary source of business insights. And with almost 4.6 million 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. 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 because you understand:

  • What social media platforms your ideal clients use

  • How they consume content

  • The types of content they’re searching for

  • What pain points they need solutions for

  • What time they’re active on social media

2. Build a better social strategy

When you understand how and why your competitors are performing better than your brand, you can create a working social media strategy, or improve it if you already have one.

A social media competitor analysis challenges you to do your best because it compares your methods and results against the competition. Also, you can identify gaps to leverage for brand growth, and threats you need to deal with.

3. Create relevant content

It’s only natural that your ideal clients choose the brands whose values and content they align with. A social media competitor analysis will make you top of mind among your ideal clients.

This is because you’ll identify the types and formats of content they want to see. Also, you can take advantage of the content gaps you discover to create fresh, valuable content for your audience.

4. Better marketing and positioning

By conducting a social media competitive analysis, you can leverage your social platforms for more effective marketing. When you see what’s working for your competitors, you’ll start to use relevant, underused social media features and strategies.

(Video) 7 Easy Steps on How to Perform a Competitor Analysis

More so, this empowers you to come up with a positioning strategy to differentiate your brand from the competition — and become an authority in your industry.

Six competitive analysis tools for social media

Alongside your traditional analytics tools, which we’ll talk about later, you need specific social media tools to perform efficient competitor analysis on these platforms. We’ve included six options below:

1. Not Just Analytics

Not Just Analytics, formerly called Ninjalistics, is an analytic tool for Instagram and TikTok. With this social media competitive software, you can monitor the growth of competitor profiles, the hashtags they use, and their engagement rates.

All you have to do is enter your competitors’ profiles into Not Just Analytics and analyze them. For example, after analyzing Isis Brenna’s Instagram profile, marketing strategist for business coaches, here’s what Not Just Analytics displays:

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2. SocialMention

Social Mention by BrandMentions is a search engine for collecting user-generated content on social media, blogs, news, and videos.

Once you enter a competitor brand, Social Mention tracks and shows you all the conversations about them — who’s talking about them, what they’re saying, and on which platforms:

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Social Media Competitor Analysis: The Complete Guide (3)

3. Socialbakers

Socialbakers is a social media management tool that makes it easy to monitor all your social media platforms in one place. It works best for agencies.

This tool allows you to measure and compare your content performance to improve brand growth. In addition, Socialbakers has free competitor analysis tools for Instagram and Facebook, and you can analyze up to five competitor profiles.

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4. Sprout Social

Sprout Social is a suite of social media management tools for better brand marketing. It has scheduling, analytics, and competitor analysis tools for all business sizes and types.

Sprout Social's competitor analysis feature allows you to monitor your competitors' audience growth and publishing schedules.

Social Media Competitor Analysis: The Complete Guide (5)

5. Sociality.io

Sociality is a full-service tool for social listening, scheduling, and competitor analysis.

With this social media competitor analysis tool, you can gain insights into your competitors' paid ad campaigns, social media performance metrics, and content strategy and history.

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Social Media Competitor Analysis: The Complete Guide (7)

6. BigSpy

BigSpy is a free tool for analyzing your competitors’ ads on social media. This ad library holds a database of advertisements on different social networks.

BigSpy helps both small businesses and large enterprises find campaign inspiration from their competitors to create better marketing campaigns and social media strategies.

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How to do social media competitor analysis

Performing social media competitor analysis doesn’t have to be a hassle. Whether you use Facebook, TikTok, LinkedIn, Pinterest, Instagram, or YouTube, here are the five steps to analyze competitor businesses.

1. Figure out your brand goals and metrics

Before examining and comparing competitors’ performances, figure out what you want. It’s important to always start with the end — your brand goals — in mind.

Determine the answers to questions like:

(Video) How To Conduct a Competitive Analysis (Guide)

  • What are your goals for marketing on social media?

  • How do these fit into your overall brand goals?

  • What key performance indicators (KPIs) will you track to measure success?

  • Who are the ideal clients you want to reach?

2. Identify your brand competitors

It’s impossible to analyze your competitors on social media if you don’t know who they are or which social platforms they use.

Watch out for both direct and indirect competitors — that is, businesses that offer similar products or services and those that solve the same problem as you. Then, list your top five competitors.

You can find out your competitors by:

Using Moz’s free SEO competitive research tool

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Enter your site domain and click Analyze domain. You’ll get a list of your top competitors and keywords you can target. You can head over to their websites, find their social handles, and see what they’re doing.

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Using Google search

By using the search engine result page (SERP), you can find competitors ranking for your keywords on social media, although this can be a tasking process.

Enter your target keyword and take note of the websites, and especially social media profiles, that pop up during your search.

For example, if you enter the keyword “launch copywriter,” here’s what you’ll find on page one:

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From the screenshot above, the websites ranking are likely competitors for that keyword. However, you need to check their social profiles to see if they are also social media competitors.

For this query, there’s an Instagram profile ranking as the fifth result and the only social media profile on page one. So, if you were looking to build a strong social presence as a launch copywriter, you’d analyze this profile for their strategies.

Searching on the target social platform

If you’re looking to grow your brand visibility for a specific product or keyword on a social media platform, enter the term in the search bar of that platform and go through the accounts or hashtags that pop up to see if there are competitors you’d like to analyze.

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Screenshot from Pinterest’s search bar

Social Media Competitor Analysis: The Complete Guide (13)

Screenshot from Twitter’s search bar

3. Collect and analyze data

Data analysis and collection make up the majority of this process. To make it easier, you can choose a convenient analysis tool from the ones mentioned above to study, analyze, and compare the performance of your competitors.

(Video) Marketing Competitor Analysis - full digital marketing analysis for 2022

And while you might have your brand KPIs, here are the important social media metrics to track during competitive analysis:

  1. Account reach/impressions

  2. Number of followers

  3. Engagement rates

  4. Social media ads insights

  5. Share of voice

  6. Estimated organic traffic to the page

  7. Quantity of keywords the competitor

Using a simple tool called Keywords Everywhere, figuring out metrics 6 and 7 can be easy.

Install the Chrome extension for this tool. Once done, type “[the social media platform] + [brand name]” in Google Search. Then, move your cursor over the metric kw(us):

For example, when you enter “Instagram.com gucci,” here’s what you get:

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This shows that Gucci’s Instagram page ranks for 312 keywords and gets up to 24,600 visits per month.

To further simplify your social media competitor analysis, here are some of the questions you should consider:

  • What is your competitors’ audience growth rate?

  • How does their content strategy look? What content type do they focus on — informational, entertaining, aspirational, or promotional? Which content formats do they use? Is it videos, texts, lives, carousels, etc.? What is their posting schedule?

  • Which posts get the highest engagement, such as likes, comments, and shares?

  • What is their engagement rate, on average?

    (Video) The Top Social Media Competitor Analysis Tools & How to Use Them

  • What other social media marketing types do they use, apart from organic promotions? Is it sponsored posts, collaborations, paid ads, referrals, or influencer marketing?

  • How does their hashtag strategy look? Which hashtags do they use? How many, and how often?

Now, compile everything you’ve analyzed so far into a spreadsheet. This makes it easy to track and evaluate data at a glance:

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Bonus: instead of creating a spreadsheet from scratch, you can use this social media competitor analysis template by Sprout Social.

4. Create a social media strategy

Data analysis is important when evaluating your social media competitors, but data interpretation is more necessary. Everything in your spreadsheet is only lines, figures, and charts if you don't know how to use the data collected for business intelligence.

Meagan Williamson, Pinterest marketing expert and business coach says, “When your competitors have impressive metrics, it’s essential to understand what they are doing well to build a better social media strategy. Also, their weaknesses (that is, what they aren’t doing well) can be opportunities for your brand growth. Build a data-driven strategy that allows you to look at what’s working and what’s not, and how you can take advantage of these insights to accomplish your business goals.”

With this spreadsheet information, create a four-part SWOT analysis table for your strategy.

SWOT analysis is a well-thought overview of your brand’s strengths, weaknesses, opportunities, and threats to help you make informed business decisions.

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5. Keep tabs on account progress

After doing your social media competitive analysis, that’s not the end. You need to keep tabs on your profile and, of course, the competition. This allows you to:

  • Monitor brand progress

  • Notice new competition quickly

  • See if your social media strategy is working

  • Identify new growth opportunities

  • Keep your marketing plan up-to-date

It’s crucial to stay on top of both industry and social media trends.

Stick to a routine to regularly analyze your social media competitors — whether that’s monthly, quarterly, mid-yearly, or annually. Also, ensure that you update your competitor research spreadsheet to identify new opportunities or threats.

Wrap up

Social media competitive analysis is vital to your brand growth, as it allows you to build a solid social presence, customer trust, and brand credibility.

(Video) How to do a Competitor Analysis on Instagram | 3 Tools and Templates

By mastering the steps above, you can conduct this analysis for any of your social media profiles. Figure out your brand goals and turn analyzed, organized metrics into context-rich insights to improve your social media strategy.

FAQs

What are the 6 steps you need to follow when you begin your competitive analysis? ›

6 Steps to Performing a Competitive Analysis
  • Identify competitors. Find out how much you're spending on monthly biz app subscriptions. ...
  • Analyze competitors' online presence. ...
  • Check online reviews. ...
  • Talk to competitors' customers. ...
  • Identify their strengths and weaknesses. ...
  • Use research tools.
Apr 5, 2021

What are the 4 C's of social media marketing? ›

Communities, conversations, channels, and campaigns: these are the Four C's of social media marketing, and mastering these functional areas requires that you have the right tools and the right mindset.

What are the four key aspect in competitor analysis? ›

Competitor Analysis Framework

This framework is based on the following four key aspects of a competitor: Competitor's objectives. Competitor's assumptions. Competitor's strategy.

What should a competitor analysis look like? ›

A competitive analysis should examine your competitors' features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews.

What are the technique used for competitor analysis? ›

SWOT analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Use this framework to understand external and internal factors affecting your company, and can also be applied to analyzing your competitors.

What is the main goal of conducting a social media competitive analysis? ›

The goal of conducting a social media competitor analysis is to understand how well your clients are performing, what competitors are doing right and wrong, and how you can achieve better results. Throughout the process, you'll be able to: Identify and test new strategies that have worked well for others.

What are the 3 basic competitive strategies? ›

According to Porter's Generic Strategies model, there are three basic strategic options available to organizations for gaining competitive advantage. These are: Cost Leadership, Differentiation and Focus.

What are the 3 variables of analyzing competitors? ›

Three additional variables that every firm should monitor with respect to competitors are: share of market (competitor's sales' share in the target market), share of mind (percentage of customers who name the competitor when asked which firm first comes to mind in an industry) and share of heart (percentage of ...

What are the 7 steps needed to conduct a market analysis? ›

These are the seven steps of conducting a market analysis:
  • Determine your purpose. ...
  • Research the state of the industry. ...
  • Identify your target customer. ...
  • Understand your competition. ...
  • Gather additional data. ...
  • Analyze your data. ...
  • Put your analysis to work.
Feb 21, 2023

What are the 4 key factors for competitive success? ›

What Are the Key Planning Factors for Competitive Success in...
  • Knowing Customer Needs. ...
  • Understanding Competitors' Strengths and Weaknesses. ...
  • Finding Markets That Are Large or Growing.
Nov 21, 2018

How to do a competitor analysis template? ›

How to use the competitive analysis template
  1. Complete your competitor profile. ...
  2. Discover your competitive advantage. ...
  3. Compare your target markets and market share. ...
  4. Compare your product offerings. ...
  5. Dig into your marketing strategies. ...
  6. Conduct a SWOT analysis.

What are the five 5 ways in analyzing market need? ›

5 Keys to Conducting a Market Opportunity Analysis
  • Research your customers and competition. ...
  • Get a high-level view of the market. ...
  • Explore adjacent opportunities. ...
  • Understand the business environment factors. ...
  • Find the market research you need fast.
Sep 10, 2018

What are the 5 Pillars of social media marketing? ›

Then, you'll discover the five core pillars of social media marketing: strategy, planning and publishing, listening and engagement, analytics and reporting, and paid social media.

What are the 4 E's of social media? ›

As mentioned, a 4E framework of social media marketing includes: educate, empower, entertain and engage.

What are the 5ps for social media marketing? ›

The 5 P's of marketing – Product, Price, Promotion, Place, and People – are a framework that helps guide marketing strategies and keep marketers focused on the right things. Let's take a deep dive into their importance for your brand.

What are the 3 C's of analysis? ›

The 3C Analysis Business Model suggests a business focuses on three key factors for success – company, customer, and the competition.

What is a SWOT competitor analysis? ›

A competitor SWOT analysis is simply a way to assess your competitor's Strengths, Weaknesses, Opportunities and Threats so that you can better understand their business and, in turn, your own.

What is a competitor analysis template? ›

This template helps you summarize the unique differentiators that set your offering apart and the strengths and weaknesses of each competitor. This better equips your sales team to respond to competitors' claims and address any questions or objections prospective customers might raise during the buying process.

Which of the following is the first step in a competitor analysis? ›

The first step in a competitor analysis is to determine who the competition is. This involves determining the current potential competitors within a market. At this stage, the analyst should also determine if the competitor is direct or indirect.

What are the 4 variations of competitive strategies? ›

Here are four types of competitive strategy and an example for each:
  • Cost leadership strategy. ...
  • Differentiation leadership strategy. ...
  • Cost focus strategy. ...
  • Differentiation focus strategy.

What is VRIO framework analysis? ›

The VRIO framework is an internal analysis that helps businesses identify the advantages and resources that give them a competitive edge. The VRIO framework is an acronym for the various measurements of success that relate to your business. It includes value, rarity, imitability, and organization.

What are the key metrics to do social media analysis? ›

The most important social media metrics
  • Reach.
  • Impressions.
  • Audience growth rate.
  • Engagement Rate.
  • Amplification rate.
  • Virality rate.
  • Video views.
  • Video completion rate.

What are the 3 objectives of social media marketing? ›

Marketing goals for social media usually center around customer engagement, generating more revenue, improving the customer experience and positioning the company as a thought leader.

What are the three main goals of social media? ›

3 common social media goals and strategies to achieve them
  • Goal #1: generate more leads on social media.
  • Goal #2: improve engagement of current follower base.
  • Goal #3: build your brand awareness on social media.
Jan 7, 2021

What are the 5 generic competitive strategies? ›

The Five Generic Competitive Strategies
  • Overall low-cost provider strategy.
  • Focused low-cost strategy.
  • Broad differetiation strategy.
  • Focused differentiation strategy.
  • Best-cost provider strategy.

What are the six pillars of competitive advantage? ›

They are: location, selection, service, quality, price, speed, and turnaround.

What are the 6 factors of competitive advantage? ›

Competitive advantages are attributed to a variety of factors including cost structure, branding, the quality of product offerings, the distribution network, intellectual property, and customer service.

What are the four 4 stages involved in monitoring competitors? ›

These are the four key steps to learn from your competitors and take a few shortcuts.
...
Let's get down to business.
  • Figure out which competitors you'll analyze. ...
  • Choose what you want to monitor. ...
  • Choose the tools you'll use. ...
  • Pull the trigger.
Oct 6, 2016

What are the 5 factors that determine competition and what do they mean? ›

From a microeconomics perspective, five factors (product features, number of sellers, barriers to entry, information availability, and information) can affect competition. When a company has a unique product that no other company is selling, a monopoly exists, as there is no competition.

What are the 5 C's of marketing analysis? ›

The 5Cs are Company, Collaborators, Customers, Competitors, and Context.

What are the 4 types of market analysis? ›

Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

What are the 5 critical success factors? ›

The five critical success factors are strategic focus, people, operations, marketing, and finances. How to find success factors? The first step in finding and identifying success factors is understanding the overall objective of a project and the processes required to achieve it.

What are the six leading success factors? ›

“six success factors” — focused, directed, nurtured, engaged, connected, and valued (see sidebar, Six Success Factors Defined).

How do you write an online competitor analysis? ›

How to do a Competitive Analysis
  1. Determine who your competitors are.
  2. Determine what products your competitors offer.
  3. Research your competitors' sales tactics and results.
  4. Take a look at your competitors' pricing, as well as any perks they offer.
  5. Ensure you're meeting competitive shipping costs.
Nov 10, 2022

How do you write a competitor profile matrix? ›

A competitive profile matrix is a tool your company can use to directly compare your strengths and weaknesses to industry competitors. For this matrix, you will use four elements: critical success factor, weight, rating, and score. Critical success factors are areas that will determine your success.

What are the 2 most essential factors in analyzing the market need? ›

There are two factors you need to look at when assessing the size of a market: the number of potential customers and the value of the market. It is very important to look at both numbers separately, let's take an example to understand why.

What are the six steps in consumer analysis? ›

Yet, less than 40% of marketers use consumer research to influence their decisions.
...
The 6 steps in the marketing process
  • Identify the opportunity. ...
  • Develop a research plan. ...
  • Collect the data. ...
  • Analyze your data. ...
  • Present your results. ...
  • Incorporate your findings.
Apr 6, 2022

What are the 10 ways to evaluate a market? ›

The 10 Ways to Evaluate a Market is a checklist that's helpful in identifying the overall attractiveness of a new market: urgency, market size, pricing potential, cost of customer acquisition, cost of value delivery, uniqueness of offer, speed to market, up-front investment, up-sell potential, and evergreen potential.

How do you analyze competitors on Instagram? ›

How to do an Instagram competitor analysis
  1. Step 1: Identify your competitors. To kick things off, you first need to decide who you want to analyze on Instagram. ...
  2. Step 2: Collect data on your competitors. ...
  3. Step 3: Set up a report. ...
  4. Step 4: Analyze your data. ...
  5. Step 5: Rinse and repeat.

What are the 5 social media metrics? ›

The most common and often important metrics to pay attention to are engagement, impressions and reach, share of voice, referrals and conversions and response rate and time. These combined will give you a 360º view of your social media performance.

What are the top 5 metrics for social media ROI? ›

Metrics you can track to prove ROI include:
  • Reach.
  • Audience engagement.
  • Site traffic.
  • Leads generated.
  • Sign-ups and conversions.
  • Revenue generated.

What makes a good competitive analysis? ›

A competitive analysis should examine your competitors' features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews.

How do you write a competitive analysis example? ›

Here is a step-by-step process for writing a competitor analysis report:
  1. Write down your competitors.
  2. Write what you know about them already.
  3. Discover who their target customers are.
  4. Discover their pricing methods.
  5. Investigate their marketing strategy.
  6. Figure out their competitive advantage.
Apr 16, 2018

What is competitor analysis template? ›

The Competitive Analysis Template is a model for understanding the competitive landscape. Competitor research is crucial to the success of your business and this framework analyzes the market competition and allows you to quickly adapt to changes to stay ahead of the trends.

Which tool is used for competitor analysis? ›

SEMrush. This is the ultimate competitor analysis tool because it's an all-in-one digital marketing suite that covers SEO, PPC, keyword research, competitive analysis, social media, PR, content, and even more.

What is SWOT analysis for competitors? ›

A competitor SWOT analysis is simply a way to assess your competitor's Strengths, Weaknesses, Opportunities and Threats so that you can better understand their business and, in turn, your own.

How do you do influencer analysis? ›

  1. Find Influencers. Filter and sort based on campaign needs.
  2. Analyze Influencers. Make data-driven decisions.
  3. Influencer Database. Curate lists and manage relationships.
  4. Manage Campaigns. Complete oversight from start to finish.
  5. Measure Results. Analyze performance data at every level.

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