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How to do Social Media Competitor Analysis in just FEW clicks

Social media changed our life in many senses. It also has made competition even stronger, considering competitors’ activities is a necessary process for the viability of your business.

Social insights refer to a piece of information that key stakeholders were not aware of before but can take action to improve products and services once they have it; in result, they can retain the existing customers or acquire new ones based on their actions.

While business professionals can generate these insights intuitively, and it can make sense for many scenarios, data-driven insights are always required for business professionals. The more data-driven the insights are, the less human-bias related errors would happen.

In today’s world, everything is going digital and consumer touchpoints are everywhere. According to a recent study, there are more than 40 different data sources that customers reach companies directly or indirectly. 
Social media, online forums, groups, as well as channels provided by companies such as live chat, support ticket systems, email, whatsapp are the main data streams where consumers leave their ideas in free text form..

Social intelligence platforms like Pivony, Meltwater, TalkWalker are completely focused on understanding what people want in an effortless way, by analyzing human-generated content, discourse.

By analyzing which topics, content and people your target consumers respond well to on social media, you can get information about

  • an organization’s online reputation
  • a company’s customer base
  • social media ad campaigns
  • target audiences
  • consumer trends
  • competing firms
  • and other areas of interest to a business.

Social insight tools are valuable for getting insights from your competitors on social media and optimising your own communication strategy.

If you are not sure who your competitors are and what a competitor analysis is, let’s go back to our previous article on competitor analysis to have an idea of what we are talking about.

Competitive intelligence analysis on social media consists in examining competitors’ activities on different platforms to check your online performance and other things such as feedback related to your products and services and those of your competitors.

The analysis allows you to draw up an operational plan to set the right strategies that can generate a competitive advantage in the online market.

In this article we are going to face:

  • 5 reasons why you should do competitor analysis
  • How to carry out a social media competitor analysis
  • Why automated tools are better than Excel
  • How to do a social media competitor analysis with Pivony
  • Top 5 tools

1. Be aware of your online position: Getting information about your competitors’ online performance makes you figure out where you position in the market, what opportunities you can be exploited and what threats should be limited.

2. Set realistic goals: Comparing your business to those of your competitors allows you to set measurable goals you can really achieve. You can study social oriented goals and strategies to prevail over the competition both in terms of reputation and turnover.

3. Your competitors are a powerful inspiring source: It can open up to interesting new ideas and online strategies. Observing their activities enables you to see your action plans through different perspectives.

Changing perspective can be a powerful move to figure out what you are doing right and what can be improved.

4. Communicate better with your customers: Acquiring information on what the customers think of your and the competitors’ products is really helpful because accordingly you can create more interesting content.

Their reviews, their feedback are extremely beneficial to your business’ success.

5. Keep up with new trends: Because if you are not the one who creates a new trend, you can always ride the wave of new opportunities.

According to Crayon, 90% of CI professionals rated the competitor website as a valuable source of competitive intelligence data
Source

How to carry out a social media competitor analysis

1. Define your direct and indirect competitor online:

The first step is about identifying the competitors and providing an overview of their social media presence.
The valuable information you should gain in this step concerns:

  • In which channels are they active
  • Using which keywords the public makes the discussions about the competitor
  • How do they look in those channels
  • How many followers do they have
  • Who are the fans and followers of the competitors
  • How do their followers respond to the brand’s social activities
  • What is the target customers of your competitors

Focus, at least initially, on a limited number of competitors (top 3/5) so you can easily gather thorough information. The more competitors you want to compare with, the harder it will be to find and analyze data.

2. Analyze competitors’ online behavior:

Following the identification of the main competitors, the next step is the analysis of their behavior on social media.

The main parameters to be analyzed are the following:

  • The social channels used
  • Number of followers and growth rate
  • Frequency of posts
  • Engagement rate (likes, shares, comments in the last 10 posts)
  • Topics of posts
  • Consistency of posts
  • Number of mentions
  • How products sold by your competitors are communicated and perceived online

Credits ShutterStock

3. Get insights and collect data

In this step you will get actionable insights and collect data from different channels: the website, social media platforms and advertising and paid media.

Analysis of site contents

The site of our competitor can tell you a lot about its strategy, even just looking carefully at the messages on which it has chosen to focus:

  • Which characteristics of the product or service it offers are highlighted more?
  • The traffic volumes to their websites
  • The organic positioning
    Website results, finding out if they are limited to an end-to-end traffic or highlight a conversion rate

Acquiring authority online is in fact one of the many actions that can determine the soaring business volume of your company.

Analysis of social media platforms

Social media audit of your competitors is a double-edged sword: if done correctly can bring you exceptional ideas and insights, but if done superficially it will be just a waste of time and energy.

Knowing how to make the most of your competitors by using Competitive Intelligence software allows you to discover this valuable information:

  • What publishes your competitors on Facebook?
  • Are they the same content as Instagram?
  • Does it move only at the company page level or even with personal profiles?

In fact, thanks to the analysis processes of Big Data online put in place by our Data Analysts, it is possible to access a privileged point of view through which to understand precisely what competitors are implementing successfully.

Analysis of paid campaigns

If you have already done paid campaigns (if not, you should consider doing it!) you should know how difficult it is to summarize your value proposition into a few characters. Studying your competitors’ ads will help you shed light on the key messages for your marketing strategy.

You should analyze:

  • What online advertising strategies are being adopted
  • Results from those strategies
  • Engagement rate generated
  • Consumers’ opinions
    In which channels they advertise

Credits ShutterStock

Analysis of link building and keywords’ positioning
To conclude the overview, you should consider the analysis of the backlinks of their website and of their valuable keywords.

Here’s something to check:

  • On what keywords does your competitor position?
  • When does traffic bring them?
  • How is your site positioned for these keywords?
  • The searches for which competitors place themselves on Google

From the synthesis of these data, it is possible to identify your strengths and weaknesses.

4. Implement the right strategy

The last step consists of implementing the data collected into your own social media strategy. Results should be considered to improve your online presence and performance

Keep in mind that these analyses must be done constantly to stay up to date with the latest social media activities and strategies of your competitors.

Why automated tools are better than Excel?

Data insights tools allows you to

  • spare time and energy: the results are presented in few hours and in a way that even for non-specialists in this field it will be effortless to review them
  • get a low risk margin: technology can generate powerful insights with a low margin of mistake
  • gather extensive information: it will be taken into consideration items that you can’t analyze manually

To achieve the expected results from the analysis of competition, it is advisable for you to rely on free and paid tools.

How to do social media competitor analysis in just few clicks

Step by step you can follow our guide to make the most out of your competitors. Here is a social media competitor analysis example done with Pivony social intelligence tool in order to analyze and compare two different companies: Glovo and UberEats.

First of all, you need to have a clear idea in mind of what your customers think of your company, before going on with analyzing competitors. For this analysis we have chosen Mobile App Reviews.

Let’s imagine you are the Marketing Insights Manager of Glovo, you will create a TopicBoard on what the consumers think of the company based on Google Play reviews. You just have to copy the Glovo Url form Google Play and paste it on “Google Play Application Url”. 

If you dive deeper into these topics, you will find out that the sentiment analysis of Glovo is negative, as well as ratings are mainly negative. 

These are just 2 aspects of the amount of data and insights you can get from Pivony TopicBoard. 

Now, you should identify your competitors, we have decided to take into consideration one the most important direct competitor: UberEats. Let’s analyze the reviews of UberEats on Google Play.

These are the main topics around UberEats and you can select one of them and you will have specific insights about that topic. Let’s see also the overall sentiment 

Now you have a complete overview of UberEats’ reviews. The next step is getting insights from these 2 TopicBoards; with the help of Pivony insights experts you will find out what you are the final results from the comparison of your company and those of your competitors. These are the insights we have found out from the competitor analysis between Glovo and UberEats: 

These are the main insights found out from this competitor analysis, you can get these insights in just few clicks. As the Marketing Insights Manager of Glovo you will consider changing advertising strategies and reconsider the recharging and refunding processes, which is a problem that affects many people. 

Top 5 social media competitors analysis tools to use with Pivony (2021)

For insights on keywords, SEO traffic we recommend using tools like Ahrefs and Semrush that offer a lot of useful information such as:

  • estimated site traffic
  • presence on PPC
  • the best keywords used
  • presence on organic search
  • display of competitor landing pages in SERP for each keyword
  • the localization of advertising campaigns
  • the analysis of backlinks.

Wayback Machine is a perfect tool to see how the competitors’ website has changed over time and how the user experience has been improved.

BuzzSumo is an excellent resource for analyzing social engagement of a certain content. If you want to find out how many shares your last post got on Facebook, Twitter or Pinterest blog, Buzzsumo can provide you with that data. 

You can also monitor the performance of content that competes for relevant industry keywords, allowing you to find out how your marketing campaigns’ content compares with your competitors.

You can rely on Adespresso to study the sponsorship campaigns of competitors. It supports Facebook, Instagram and Google Ads campaign creation.

Conclusion

In conclusion, social media competitor analysis is a really helpful process with which you can win on competitors online. 

Conducting this type of research demands constant updating to always take advantage of new opportunities. For this reason, it is a fundamental tool to pursue more ambitious and innovative objectives.

If you want to make your own competitor analysis, start the free trial or book a demo to discuss how we can help you achieve the expected outcomes. 

 

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Eleonora Verdinelli

Marketing Speciaist @Pivony

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