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 With the boom of social media in recent years, more and more companies make investment in social media marketing a priority in their engagement strategy. Social media provides ample opportunity for marketing through sharing texts, images, and videos, and helps boost sales and brand visibility.(1) Social media also gives you the opportunity to position your brand better on the market through analyzing your competitors and how they invest in social media marketing. Conducting competitive analysis on social media can help you identify your strengths and weaknesses, establish your KPIs, and build better brand awareness.
As a first step, you need to figure out which social media channels your competitors are using. Competing brands usually set up a social media marketing campaign that is aligned with their attainable goals. Remember that instead of trying to engage consumers on all types of social media, they focus on the ones which best serve their companies’ goals.(2) Another thing to keep in mind is that competitors research their audience thoroughly before going on social media. They identify their target audience, the channels their target audience mostly uses and establish their social media presence based on their customers’ demographics.
Successful competitors carefully determine the type of content and the time and frequency of posting by researching their audience’s preferences.(3) You can evaluate the quality of their posts, the types of content they share, and which hashtags and keywords they mostly use to engage their audience. You can also look into the kind of feedback they receive and explore new areas of opportunity by reading what customers are satisfied with and where they see room for improvement. Competitors also maintain a consistent brand image on all their social platforms.(4) Remember that they build brand engagement by interacting with their audience regularly in the form of promotions, articles, videos, discounts, etc.
Finally, measure the success of your social media marketing strategy and compare it to your competitors’ strategies. Using analytics to assess your performance against the performance of competitive brands will help you determine which strategies engage your target audience better and give you a competitive advantage over similar brands.
Sources Referred:
(1) Social Media Marketing for Businesseshttps://www.wordstream.com/social-media-marketing
(2) Steps in Creating a Winning Social Media Marketing Strategy in 2018 https://sproutsocial.com/insights/social-media-marketing-strategy/
(3) Essential Elements of a Social Media Marketing Strategy https://www.socialmediaexaminer.com/essential-elements-social-media-marketing-strategy/
(4) Social Media Marketing for Businesseshttps://www.wordstream.com/social-media-marketing
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