Step 1: Pick competitors and start monitoring.
While this might seem self-evident, picking the right competitors to benchmark yourself against is a task. If you’re thinking big and want to conduct comprehensive market research, you need every name of the competitive brand on the list. Big and small, well-established and new to your industry.
For more customizable competitive analysis, you’ll need direct competitors only, preferably a company list of comparable size. As soon as you are ready with the lineup, jump to a tool. You’ll need to put in your brand name and competitor brand names; you can use Awario or try other similar devices. We need to set up mentions in a monitoring tool to start tracking.
When you set up your alerts, give the tool some time, and it’ll pick up recent mentions and some historical data — this way, you’ll be able to do an initial analysis. The more information you have, your competitor analysis will be more thorough.
Related: Five Reasons Small Organisations Should Invest in Social Listening
Once the tool has collected data, you can visit the dashboard and look at the analytics.
Mentions and reach
The mentions and reach metrics will show you how much weight each of your competitors’ accounts has on social media platforms. The buzz a name generates corresponds to brand recognition and overall visibility.
In social listening terms, measuring share of voice — the number of times a brand is mentioned on the web and in social media posts vs. the number of times competitor brands are mentioned — is the closest to measuring market share.
Countries and languages
The countries and languages sections will give you an idea of the geographical distribution of mentions. Depending on the markets you operate in, you can check specific locations to see if any market segments are overlooked and underserved by business competitors. You can see how the competition spreads and analyze what that means.
Age and gender
These sections show who mentions your brand most and reveal the age of people that post messages on the web about your company. It helps you to meet your target audience.
Next is sources —the distribution of the buzz among social networks and the web. This is an important metric that shows where the mentions come from, platform by platform. More often than not, there are unexpected insights into how well content competitors create, how their advertising is performing across social networks, and how much buzz is coming from the web and news.