Get the Most Out of your Competitor Analysis
Photo by Nathan Dumlao
Want to Stand Out on Social Media from Your Competitors?
Here are 6 crucial steps to perform a competitor analysis.
You might be thinking, “why should I analyze my competitors?”
Well, knowing what your competitors are doing helps you stay competitive, learn from what’s working for them and avoid what’s not.
However, it’s not about copying them, it’s about picking up on trends, strategies, and engagement tactics that you can adapt to fit your brand and take it to the next level.
Okay, let’s get into how to get the most of your competitor analysis!
Step 1. Identify Your Top Competitors
The first step is finding out who your main competitors are in your niche or industry.
How:
Look at businesses similar to yours. These could be local, regional, or even international competitors. Use Google, social media, or industry directories to compile a list of 5-10 competitors.
Step 2. Review Their Social Media Platforms
Check which platforms your competitors are active on. Are they focusing on Instagram, TikTok, LinkedIn, or a combination?
How:
Visit their profiles and note where they seem most engaged. Look at their follower counts, how often they post, and their general activity across platforms.
Step 3. Analyze Their Content Strategy
Dig into the type of content they’re creating. Are they posting videos, carousels, stories, or user-generated content?
How:
Pay attention to the themes and formats. Are they educational, entertaining, promotional, or interactive? Note the content that gets the most engagement (likes, comments, shares).
Step 4. Evaluate Their Engagement Levels
It's not just about follower count—what’s their actual engagement like?
How:
Check the number of likes, comments, and shares on their posts. Are people engaging with their content? Look for patterns in which types of posts perform best.
Step 5. Learn from Their Strengths and Weaknesses
Now that you’ve gathered insights, it's time to figure out what you can learn from your competitors.
How:
Identify their strengths—what are they doing really well? Then, look for gaps or weaknesses in their strategy. Where are they falling short, and how can you fill that gap with your own content?
Step 6. Apply the Insights to Your Strategy
Competitor analysis is only effective if you use the data to improve your strategy.
How:
Take everything you’ve learned and think about how you can stand out. Whether it’s posting more frequently, using a different content format, or engaging more with your audience, use these insights to refine your approach.