Curious about how your brand stacks up against competitors in your industry? Or maybe you’re wondering if your engagement rate on Instagram is actually good. You can easily answer these questions and more by doing a social media competitive analysis.
A lot of brands measure success based on their own growth. Your followers increased 20%, great! You’re averaging 10% more comments per post, awesome! Or is it?
While all those numbers are great, how do they stack up against similar brands in your industry? Doing some competitor analysis allows you to benchmark your metrics against others to see how you stack up.
You shouldn’t get too caught up in comparing yourself to others, but a social media competitive analysis can give you valuable insights into what works in your industry, some areas you need to improve and much more. The question is, how do you start?
Don’t worry, we’ve boiled down the process into five simple steps. Here’s how to do a social media competitive analysis with ease:
Don’t want to start from scratch? We’ve got you covered. Download our free social media competitive analysis template.
1. Identify Your Social Media Competitors
First, identify your social media competition& and find which platforms they use. Hopefully, you already!DOCTYPE>