How to conduct a Facebook competitor analysis report?
Are you new in the field of social media marketing, and do you want to stay ahead of your competition? Or are you tired of reacting to the rapid changes in marketing trends or customer needs instead of being on the top of the curve? You can avoid all this frustration by doing regular competitor analysis.
Competitor analysis is the process of accessing the strengths and weaknesses of your potential competitors. You can identify what your competitor is doing right or wrong, which can give you an idea to opt for a strategy better than your competitor.
Here are the steps to conduct a Facebook competitor analysis report:
Find your competitors:
For a competitive analysis, you must know your competitors first. Look for the top brands and industries offering a similar item or service to yours. For this purpose, do keyword research and find the direct and indirect competitors using a similar keyword of your niche.
Find what you intend to discover from the competitive analysis:
For a competitive analysis, you must discover what you intend for that analysis to find your competitor. There are some goals and objectives behind a research analysis plan, so keep a check on your goals so that you can structure your analysis plan accordingly.
Collection of data and metrics important for research:
Once you identify your competitors, start collecting data and metrics that will help you understand your competitors, like followers, views, posts, likes, etc. Then, compare these elements with yours by making a spreadsheet.
Watch your competitor’s audience:
After collecting all the data and metrics, keep an eye on your competitor’s audience. By comparing your competitor’s audience with yours, you will identify whether you need to change your strategy to attract the maximum audience or you need to redefine the base audience.
Examine your competitors’ strategies:
Analyze the strategy of the top brands and pages with the maximum audience. It can help you decide how many changes are required in your content strategy to bring people’s attention to your services and products.
Consider the mistakes of your competitors:
Identify the things your competitors are doing right. It create new ideas to beat your competitors. Also, identify the things that your competitors are doing wrong. It will give you an idea about the gaps in the market. Then, choose a strategy that can help fill this gap.
Collaboration with the influencer:
Collaborating with an influencer is a crucial part of social media marketing. The influencer you choose for your brand impacts your performance, so check the influencers your competitors are collaborating with. It will help you shape your marketing strategy according to the need.
Above mentioned steps can help you understand marketing trends, customer needs, and the strengths and weaknesses of your competitors. This analysis will help you structure your marketing strategies. You can also identify what your competitors are doing right or wrong, which can give you an idea of what you should do.
I created this social media agency “Social Media Grows” to provide social media services those are designed to keep you in total control of your messages across various social media networks and is based on understanding your own unique business challenges and objectives.
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