No company can thrive in today’s volatile market without spying on its competitors. Facebook is a popular avenue for marketers to engage in this activity. Because Facebook has over 10 million advertisers, brands use competitor analysis to keep track of key competitors. So, how can you use this game-changing strategy to climb to the top? Ignoring competition on Facebook is clearly not the solution. Rather, companies should determine how to do a Facebook competitor analysis, which metrics to follow, and which Facebook audience insight tool to use. Let’s start with a definition of competitor analysis before we get into the method.
How would you define Facebook Competitor Analysis?
Facebook competitor analysis is identifying your top competitors in the area and examining all of the techniques they use to generate leads. It also entails finding bottlenecks in your rivals’ plans and addressing them in order to get their customers to switch to your product. Competitor analysis entails more than just conducting research; it also necessitates predicting the next set of steps to outperform your competitors’ current marketing campaigns. You can plan ahead of time and come up with new ways to get more leads. For example, if you run a Facebook page for beauty services, start by selecting a handful of your main competitors.
Consider Sephora Cosmetics as a competition, and then investigate their page to see what kinds of things they are publishing and what is attracting attention. The website contains a large number of videos. Examine the kind of videos shared by the company and create something unique that will entice more people to explore your page.
What is the importance of Facebook Competitor Analysis?
Facebook is the largest social media, with a broad user base. Aside from that, here are a few other reasons why Facebook competitor analysis is essential for every marketer.
To narrow down the target audience
As we saw in the previous example, by locating your important competitors on Facebook and researching their marketing tactics, you can learn about what your target customers want. Furthermore, it provides you with an awareness of all the pain points that your prospects commonly experience, allowing you to advertise your business in a way that provides them with a solution to those issues. Focus on the audience group that your competitors are targeting and offer them something out of the norm to entice them to choose your brand.
Learn from the Mistakes of Your Competitors
Every business learns a lot from the mistakes it makes over time. However, being timely with competitor analysis will result in significant learning. It allows you to learn something beneficial from what your competitors have done incorrectly. This might be a winning combination since you can fine-tune your social media approach with the correct tools and never miss an opportunity to grab a lead. You can also get an idea of the following:
- What type of content works best for engaging your target audience?
- When should you post so that it reaches the greatest number of possible leads?
Identify a New Niche/Opportunity
Spying on your competitors on Facebook on a regular basis helps you to see what other social media platforms they are using. Few of them may be using multiple platforms. As a result, you can make use of the untapped potential of other platforms such as Pinterest, Instagram, Twitter, and others to reach customers who are not on your competitors’ radars.
Keep an eye on a few key performance indicators
Putting up effort without tracking is useless. The same holds true for Facebook’s competitor analysis. Track and analyze some key performance metrics of your Facebook campaigns to see if you’re on the right track. Let’s look at how to track KPIs from competitors.
- Navigate to Page and choose Insights from the left pane. Scroll to the bottom of the Overview tab and select Pages to Watch.
- Click the Add Pages option to begin adding the pages of your primary competitors. The pop-up window will also provide some suggestions.
Facebook recommends new business pages based on your search history and preferences. These are displayed on both the main Insights page and the pop-up search box. After you’ve added a few of your competitors, you’ll notice some impressive statistics:
You can track the following stats here:
- Total number of fans on your top competitors’ pages
- The total amount of posts your competitors share weekly
- Engagement received by their posts such as likes, comments, shares, etc.
- Total page likes, as well as the increase/decrease from the prior week.
Check the best-performing posts shared by the added competitors in addition to the above stats.
Go to the Posts tab and choose top Posts from the top menu’s Pages You Watch section.
View the top posts from your valued competitors published in the last week, rated in terms of engagement based on the total number of reactions, shares, and comments received. The nice part about this section is that it is perfect for researching what’s happening in your niche and creating the best content for your targeted clients based on that. By examining popular posts, you can compare the engagement rates of different pages and investigate how frequently they share their content and their influence on total page engagement. If you wish to see more than five posts, change your profile from personal to page. To do so, follow the steps outlined below:
- Select the page you wish to use to like the new page by clicking the down arrow at the upper right of the Facebook toolbar.
- Explore the pages on your Pages to Watch list and begin liking them.
Facebook competitor analysis allows you to keep a close eye on your main competitors. These have several advantages. You can learn a lot from their marketing styles and then add your own spin. You have the opportunity to fine-tune your company objectives and re-evaluate your whole social media plan to ensure optimum outcomes. Strive for more qualified leads by using the suggestions we’ve provided here. So, get started and boost your marketing efforts.