Ways to Conduct a Competitor Analysis!

Posted by: Admin
Oct 03 2023

Ways to Conduct a Competitor Analysis!

Dear Esteemed Readers,

Welcome to the latest edition of "Future Mortals," your go-to destination for all things related to cutting-edge marketing & branding strategies and trends. In an era where the Business landscape is constantly evolving, we are thrilled to embark on this journey of knowledge-sharing and innovation with you.

If you're a brand or social media manager looking to get a leg up on your competition, it's time to run a competitor analysis.

With it, you can identify what other brands in your industry are doing on social media, spot opportunities, and make more informed decisions about your own online presence.

We’re sharing everything you need to know about conducting a competitor analysis.

What Is a Social Media Competitive Analysis?

Typically, a competitor analysis includes a thorough investigation of your competitors' accounts on platforms like Instagram, TikTok, YouTube, and Facebook, as well as an analysis of their social media campaigns.

Why Should You Run a Social Media Competitive Analysis?

Running a competitor analysis can be incredibly valuable for any business looking to gain a competitive edge. By analyzing your competitors, you can identify what they’re doing right and where they’re falling short. This helps you spot areas of opportunity for your own business, while also providing a benchmark you can measure your growth against. Plus, you'll be able to spot industry trends and emerging opportunities with ease, allowing you to stay ahead of the curve.

How to Conduct a Competitor Analysis ?

Ready to run your own competitor analysis? Here’s how to do it in 3 simple steps:

Identify Your Competitors
Conduct Research
Analyze Your Findings

Step #1: Identify Your Competitors

Before any good investigation can begin, you’ll first need to scope out the competition — after all, you can't beat 'em if you don't know who they are. Start by looking at businesses within your industry or niche, and consider both direct competitors (those who offer similar products or services) and indirect competitors (those who offer substitute products or services).

Step #2: Conduct Research

Now that you know who your competitors are, it’s time to learn what they’re all about. This involves delving into your competitors' social media activity to understand what they're doing well and focusing on. This might involve analyzing their posting cadence, identifying which posts receive the most engagement, and monitoring their followers to understand their target audience.

Step #3: Analyze Your Findings

Time to put all that research to good use. Make note of high-performing social media posts, their captions, the visuals they used, and any hashtags (or keywords) added. You can also take it a step further by conducting a quick SWOT analysis: make a list of your competitors’ strengths, weaknesses, opportunities, and threats. With a clear understanding of your competitors, you can then tailor your content strategy to meet your audience's needs and stand out in the crowded social media space.

We hope that this blog has given you some useful thoughts.

We are excited to embark on this journey with you, exploring the vast realm of online marketing, branding, technology and other informative topics and sharing our insights to empower you in your business endeavours. The digital world is ever-evolving, and together, we'll navigate the trends, challenges, and opportunities that lie ahead.

Thank you for joining us on this enlightening ride. Stay tuned for the captivating insights and knowledge that we are all set to bring in each edition.

Ways to Conduct a Competitor Analysis!

Ways to Conduct a Competitor Analysis!

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