Social media analysis is a common term, but most of us fail to understand its meaning. This is the process of gathering the most crucial information from your social media platforms and coming up with the most appropriate conclusion. It is based on the information you already have collected from your previous interactions with your target audience.
NetBaseQuid is one of the leading social media analysis platforms. Here is where our primary focus lies. NetBaseQuid is a merger of two companies: NetBase and Quid. The company was founded specifically to offer its customers an accurate analysis of social media data to help the thriving of businesses. The merger of these two companies can be described as “jigsaw” brought together. The firm has a well-developed Natural language Processing technology useful for determining accurate solutions based on factual data. NetBaseQuid offers services in hard RIO, reduces the cost needed to capture social media insights, and maximizes production. For the firm to meet its goals, it has to break down its goals by tracking its progress, be committed, accept its imperfection, and be flexible to meet its goals.
How to Come Up with a Social Media Competitive Analysis
One of our primary focuses will be on how to create a media analysis based on your business. Therefore, you must have a plan in place
- Know Your Competitors
Carry out a detailed analysis of your competitors. Know who they are, what they do, and their social platforms. After you know who your competitors are, you will group them according to the following criteria: indirect or direct competitors, competition level, and audience.
Through the indirect or direct competitors, you get to know the group you are rivaling for the same customers and those who indirectly impact your target audience. The level of competition helps you understand the level you are competing at. It may either be regional, national, or global. Lastly, the audience they appeal to helps you know where to channel your marketing efforts.
- Focus to the Top Competitors
Your primary focus should be on those who are a major challenge to your business. The following criteria will help you identify the top-notch rivals:
Please focus on the market gap by choosing opponents with a similar buyer persona as yours, considering the services given and how yours outsmarts them, considering the size of the business, and the business’s location.
- Have Competitive Analysis Goals that Are Precise
This helps you know where to focus. By doing so, you get to improve your content strategy, learn the best ideas for the next campaigns, how interactive your rival’s audience is on social platforms and the type of content that is selling most.
- Choose the Right Social Media Analysis Platform
Your target audience should guide you on the type of platform to choose from. You need a platform where you will have several followers and, if not, work on improving your activeness on them.
- Data and Statistics
You need to gather the necessary information and statistics. Your primary focus should be on customer metrics, content metrics, engagement metrics, and paid data statistics. Finally, come up with the most appropriate plan from the analysis you’ve made.
Social Media Strategy to Outsmart Your Competitors
A competitor social media analysis helps you understand your opportunities and ways to implement to compete effectively. The following tips will guide you appropriately.
Understand the activities of your competitor and how they are making use of social media. Get to their profile and learn how they interact with their customers and go about with their activities.
You can also assess the duty of social service as customer service. Get to understand how your competitors give solutions to their customers through social networks. Check on the customer-support response and in case there are any complaints. Ensure that from your side, you are supportive and kind to your customers.
You also need to know the strengths and weaknesses of your competitors. This will help you understand gaps. As you do this, your primary focus should be on knowing what you all do best, what nobody does to its perfection, and what customers love most. Doing so helps you develop a rival matrix and understand where you and your competitor are grouped. To be the best, ensure you offer the best regularly, give quality, and remain relevant.
Most of us fail to know that you can use your competitors to rise to the next level. How is this possible? By knowing your competitors’ weaknesses, you work on that and make it your strength. Also, improve your interaction with your target audience and ensure you interact with them more often than your competitors do. Always go after large clients who may offer your firm credibility when interacting with other capable candidates.