This Week in Social Media Marketing

Free Tips From Your Competitors

social media social media for creatives social media for entrepreneurs social media marketing Feb 07, 2022

What's Happening

When a competitor has a big win, you try to figure out how they did it.

The good news with social media is the fruits of our labor are public so there’s no need to find someone on the inside to leak you intel.

You just have to be intentional about observing those who have done it well and applying it to what you’re doing.

In the marketing world, we call this a competitive analysis.

Rival IQ recently posted a very thorough primer on performing your own. They use their tool to demonstrate but the same results can be done using a simple spreadsheet and a little data mining.

Use it for Your Business

Sleuthing on your competition gives you creative inspiration for post ideas and strategies to borrow for your own accounts.

Steps for a simple competitive analysis:

  1. Identify the competition: Pick 3-5 businesses or personal brands in your niche that are crushing it. List them on a spreadsheet. Seek them out on the socials: Note which social platforms each competitor is active on. Star the social platform where they have the largest audience. Ask yourself: Am I missing a big opportunity on a different platform?
  2. Compare social bios: Copy and paste the bio from each competitor’s most active social account in your spreadsheet. Ask yourself: What common keywords could I add to my bio? Is my CTA as strong as theirs?
  3. Compare the Top Nine: Look at the most recent posts on their most active accounts. Note your observations on your spreadsheet.
  4. Ask yourself: What types of posts are performing well for them? What types of content could I add to my account?
  5. Analyze the hashtags: Cut and paste to the spreadsheet the hashtags competitors are using on Instagram and Twitter. Ask yourself: Which hashtags could I use on my accounts?

 

Relevancy Rating

Just because it's new doesn't mean it's worth your time: Is conducting a competitive analysis worth your time?

YES!: I give it 5 out of 5 thumbs up.

Spying on your competitors can net you a gold mine of insights. I’m talking Watergate-level revelations. The time invested will definitely be worth it.

Social media is constantly changing. Sign up for This Week in Social Media Marketing to stay informed of the trends and decide whether it’s worth your time to try them.