Social Competitive Analysis

What is Social Competitive Analysis?

Social Competitive Analysis (or Competitor Analysis) evaluates a competitor’s social content, profile and overall strategies to identify strengths and weaknesses. Using this assessment, a brand can better position themselves in the market and create more compelling content.

What Does a Social Competitor Analysis Look Like?

There are a variety of social listening tools that make competitive analysis much easier. When your competitors have a new ad campaign running, you can see exactly how consumers are responding and where their sentiment falls.

Understanding what your competitors’ audiences love – and why – means you can offer the same thing, even if you never thought to before. Understanding competitor audience dissatisfaction gives you the chance to fill a need and gain new loyal customers.

3 Things you Need to Know

FAST FACTS

  • Adweek provides a great source for how to do a social competitive analysis on Twitter.
  • Top of the line Social Competitor Analysis solutions deliver impactful insights or you can do it more simply with a variety of free tools.
  • The Forrester Social Media blog is a great source of information and thought leadership.

First Steps to Social Competitive Analysis

  • Consider a Range of Competitors: Consider a wide range of competitors including established competitors, new entrants, and potential challengers within your category that may enter the market using Social Media Listening.
  • Compare Apples to Apples: Maintain competitive topic definitions similar to brand topics to accurately benchmark share of voice, Net Sentiment, and Brand Passion KPIs.
  • Segment Conversations for Deeper Insights: Use theme analysis to identify differences in volume and sentiment across sub-segments of the conversations – by competitor, operational segment, product feature, etc.
  • Perform Ongoing Analysis: Extend ad-hoc competitive benchmarking as an ongoing analysis to identify trends and deviations to benchmarking metrics.
  • Act upon Competitive Insights: Correlate KPIs to operational metrics (revenue, NPS, Survey data, etc.) and decide to improve processes, change spend, change resources, or develop new ideas to grow market share.

Best Practices for Social Competitive Analysis:

  • Understand which metrics matter – demographics, psychographics, and sentiment are more important than superficial metrics like mentions, likes, retweets, etc.
  • Decide who merits your attention is analyzing sentiment, so you know which topics have the most passionate audience – those are the ones worth your time.
  • Compare social content across platforms – look beyond the platforms you use to see where consumers are interacting with your competitors.
  • For more information, check out our guide to conducting a social media competitive analysis.

Social Competitive Analysis

Why Consumer Loyalty Still Matters in 2021

Why Consumer Loyalty Still Matters in 2021

Consumers are incredibly fickle these days, with loyalty that seems to shift with little warning. Are consumers loyal to brands anymore and is it something businesses should strive to attain going forward? Consumer loyalty has become the golden ring for marketers, and...

What is Digital Intelligence and How is it Used?

What is Digital Intelligence and How is it Used?

Markets are in a constant state of flux, and our online world ensures that brands must stay on their toes to keep up with shifting market conditions. It’s not enough to put out a great product, and hope everybody loves it. A competitor that has done their digital...

3 Top Social Metrics and Why They Matter

3 Top Social Metrics and Why They Matter

For brands wanting to hop on the fast track to understanding consumer behavior and boosting campaign success, tracking social metrics is the way to go. With today’s social listening tools, there is a seemingly inexhaustible supply of social metrics brands can choose...

NetBase Product Line

Premier social media analytics platform

Tailored platform for growing businesses

Expand your social platform with LexisNexis news media

The power of social analytics for your entire team

Customer experience analytics platform

Out-of-the-box integration with other data sources

Actionable data to drive your business decisions

AI, Image Analytics, Reporting Tools & more

Product configurations to meet all needs

Quid Product Line

Media analytics and market intelligence platform

Enrich your media analytics with social data

Media coverage for historical & real-time monitoring

AI algorithms, NLP, data sources, and visualization

Tailored, configurable solutions