A Complete Guide to Facebook Competitor Analysis
When you are going to develop a dependable digital strategy for your business, an analysis on what your competitors are carrying out on social media is necessary.
The fact is that Facebook remains the goldmine for brands to grab audience data, and acquire important insights from it. Since most brands have their very own Facebook page, it becomes much easier to keep an eye on their efforts and set the proper benchmarks for your brand’s Facebook marketing strategy.
But this also signifies a clear competitor base targeting the same group of the audience like you. And while it is appropriate that there is no shortcut to success in social media marketing, competitor analysis can be that essential factor you require for your marketing efforts.
Facebook Competitor Analysis
Facebook competitor analysis focuses on figuring out major rivals within your niche to help evaluate the strategies behind attaining leads. It also comprises finding bottlenecks in your competitor's plans, allowing you to address them to pursue their clients to your offering.
Competitor analysis doesn’t deal with analysis alone but also calls for you to expect the next set of phases to excel in the current marketing campaigns run by your competitors. You can strategise in advance and come up with some fresh approaches to garner more leads.
Competitor analysis includes reporting on crucial brand growth and engagement metrics for your business and its competitors. Your team can adopt this social data to set a standard for audience growth, publishing and engagement targets. This data can help you determine what it takes to offer exceptional content and services on social media, building up the business impact of your presence on the network.
Figure Out Your Competitors
Start by determining which competitors you need to analyse. Competitor analysis consists of your direct and indirect competitors – businesses that cater for a very comparable solution to the same target markets. Don’t forget competitors who extend an entirely different service, yet target the same issue that your ideal client persona is experiencing.
You’d be stunned by businesseses deceiving understanding of who their preeminent competitors are. Too often, we have uncovered main players, putting in thousands of dollars on digital marketing, targeting the same users that in one way or another flew under the radar of our audience.
Tools like Semrush, SimilarWeb, Ahrefs, and Facebook Ad library can benefit you by approaching a better perspective on the actual competitors in your specific market area and what plans work best for them.
You have to focus on 3-5 competitors and delve into their digital marketing efforts on all platforms or look into your top competitors per platform, i.e., the top 3 organic businesses and the top 3 competitors in paid search.
Check the Social Media Strategy of Competitors
Before you set up your social media strategy, it is worth exploring what others are doing. Go through their LinkedIn and Facebook profiles, watch their YouTube channel, and check to see if they use TikTok.
Facebook has one free tool to check the insights of your competition. The Facebook Ad library supports you to search by keyword or business name to identify all active ad campaigns. However, it is important to note that you are limited to tracking whether a competitor was active on Facebook in an earlier quarter.
Brands usually use Facebook and LinkedIn lead ads to take users to personalised landing pages. The options for personalisation and branding will make conversions evident at the tip of your fingers. Dig a bit more profoundly to find what offers, visuals, and content work well for your competition.
Analyse Your Competitors Content Marketing Strategy
When analysing the content marketing strategy of your competitor, most of the effort required must be done manually. At this phase, you need to put in time and effort scouring competitive web pages to see what sort of content and formats they adopt, and how you can be different from that. Make sure to keep the following pointers in mind:
- How you navigate their page content
- How their site pages interlink
- How your competitors present the benefits and details of their products and/or services
- What content formats do they adopt for their digital marketing campaigns
- Gated and non-gated content sources
- Major topic hubs
Comply with your audience’s intent, requirements, and pain points with exceptionally relevant and valuable page content. Any competitor that builds up such a strategy would appeal to and retain its audience.
It is imperative to understand your audience's searches with top, middle, and bottom of the funnel content. Look at whether your competitors have the finest pages to support the client's journey at all of these three specific stages.
Find out how they connect their unique selling proposition and comprehend their competitive edge over the rest. Your competitors are possibly using behavioural tactics to develop their prospects and bring about a purchase choice.
Facebook competitor analysis is not a one-time job to monitor your list. In order to ensure that your business stays on top of social media, you have to regularly monitor your Facebook competitors and their exercises. Remember that your competition is continually changing and you have to change with it.