Competitor Analysis Template for Social Media Marketing

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For newcomers to the sphere of social media marketing, there are a number of things that can be done to increase chances of success and one of them is analysing your competitors’ activity with the same target audience. This is why a Competitor Analysis Template can prove to be so useful at this stage.

Today, we will show how to build the template, which will collect important information and make your account stand out from the numerous accounts on social networks. Let’s dive in!

Step 1.Create Competitor Social Media Profiles

The first step is to determine the key competitors and assess their activity in the sphere of social networks. Here’s how to start:

List of Competitors: List 3-5 competitors that you consider as your direct competitors in your industry.
Profiles: Jot down the social media accounts they use (Facebook, Instagram, Twitter, LinkedIn etc.)
Follower Count: Make a record of the number of followers they have on every platform they use.

Hello, social media marketers!

An illustration of an application would be;

Step 2. Use Content Strategy

Second, consider what type of posts your competitors create: the subjects, formats, images, etc. This helps you get an indication of what is well-received in the industry that you operate in.

Content Types: Are they uploading videos, pictures, links to a blog, or information graphics?

Themes: Concerning the kinds of information and content that they provide, what topics or themes are dominant? It can be used to pass information or messages through; Educational, Promotional, Inspirational, and other types.

Frequency: How frequently does the user get to see their posts in their feed?

Example:

Step 3.Use an Engagement Metrics

Gaining knowledge on how audiences of competitors interact with the content will help you comprehend what would suit similar audiences.

Step 4. Audience Demographics

Knowing who your competitors’ audiences are can help you tailor your content and strategies.

Age: What age groups are most engaged?
Gender: It is also important to know about the gender distribution.
Location: Where are the audiences most often based?

Example:

Likes/Shares/Comments: Total likes, shares and comments on the posts divided by the total number of posts.
Engagement Rate: To commence with, determine the Engagement rate by dividing the Total Engagement by the Total Followers.

Today, we learn how to achieve competitive differentiation.

By gathering all this data, you can:

Identify Gaps:

Find out where your competitors might be weak at something and provide that content to customers they are perhaps not giving them.

Improve Your Strategy: Understand what they are doing right and apply it to your brand since that is their specialty.

Differentiate Your Brand: Always try to provide a solution the competitors aren’t offering to consumers.

Final Thoughts

Designing a Competitor Analysis Template is the best thing that one can do while starting social media marketing. It assists you in realising competitors’ gaps and potential chances for you to excel.

Therefore, spend time to study the competitors and incorporate the information gathered into the improvement of the social media strategy.

Happy analysing, and may the social media have no hold on you!

You can leave your comment with any questions you have below the article. EN: Let me explain it to you in detail or maybe we can learn together something new?