A woman sitting cross-legged with her laptop on her lap is performing a competitive analysis. Next to her are three charts of information Nuvi Analyze shows to help businesses learn more about strategy performance on social media. The first is a long bar and line graph that tracks a company's posting activity and customer engagement with those posts. This graph is described later in the article. The second is a taller image that hovers over the first. It shows the image and content of a social post along with the number of comments, reactions, shares, post clicks, and link clicks. The last graph is simply a line graph showing customer engagement over a certain period of time and whether the engagement is decreasing or increasing overall.

Analytical Social Media Tools for Competitive Analysis

Most businesses understand the necessity of social media marketing and market research. We all need to be aware of our target customers and make sure that our target customers are aware of our product and its value. But many companies are unaware that they’re making their strategies based on incomplete information. Knowing your product, your industry and your target customer is a step in the right direction, but it’s not enough to formulate a competitive strategy.


Many businesses struggle to include comprehensive social data in their research because there is so much information available. The idea of sifting through an infinite amount of tweets, posts, and comments can be overwhelming. But when you have the right tools to segment and analyze your data and the right concepts to focus on, it is more than worth the effort.


So what should you focus on? Thorough competitor analysis is what separates an excellent social media content strategy from an average one. How do you make a thorough analysis of your competition? You’ll need to consider and compare not only their product but the success and failures of their content strategy. Analysis of their share of voice, the sentiment of mentions of their brand, and their audience demographics will give you the information you need to put your business on top.


Share of voice

Share of voice measures the number of times a brand is mentioned online in comparison to its competitors. This makes it an excellent metric for brand awareness and engagement; it tells you who is generating the most conversation on social platforms. It gives you an idea of the success of product, marketing, and social content all at once, so it’s a good way to evaluate the overall success of a business. Looking at your competitors’ share of voice and not just your own allows you to track their success. Are they slowly encroaching on your or another competitor’s share? If so, what are they doing differently to accomplish this? Asking these questions can help you figure out where you need to focus.


Nuvi's new share of voice analysis allows companies to compare their share of voice to competitors. It compares total mentions, a companies original social content, authors talking about a company, and the shares each company has. All the numbers are expressed as percentages, but there is a total section for each of the four categories. For example, in the total mentions part of this share of voice example, four insurance companies are compared against each other. The total mentions are 624.9k. Allstate has 40.1% of that total, Progressive 0.6%, Geico 46.8%, and State Farm 12.5%.
Nuvi’s new share of voice widget


Engagement

An analysis of the engagement your brand generates can show you how positively or negatively people feel about your product and content on social platforms. Making a change to your product or your marketing plan and tracking customer engagement can show you which efforts are most successful in making your customers happy. Analysis of your competitors' engagement can show you when you need to learn from their strategy. You may notice seasonal trends in your competitors’ engagement that you can use to your advantage. If their sentiment takes a turn for the worse, it may be a good time to subtly remind customers why your product is a better option.

Nuvi Analyze's Engagement graph shows the number of brand posts as a bar graph over which a line graph showing total engagement flows.
Nuvi's Activity and Engagement dashboard shows the number of a company's social posts and customer engagement with those posts in a certain time period


Demographics

Keeping an eye on the demographics of your audience lets you know who you’re reaching and who you’re not. Doing the same with your competitors can give you insights as to how to reach customers in languages or countries where your competitors are currently more successful. What are they doing differently to reach those customers, and how can you do the same?


Nuvi Analyze shows demographic data on each of a business's social profiles. This example shows Age and Gender, Top Cities, and Top Countries as sideways bar graphs. The blue bars extend to the right from the base graph line, expect for the Age and gender one. The age is the y axis of the graphs while the number of each gender per age group is the x-axis. The blue bars indicating number of men extend left while the grey ones indicating the number of women extend right.
Nuvi's Demographic dashboard shows the age, gender, and locations of follows and reached users.


Are you ready to give your marketing team the tools they need to perform a thorough competitor analysis? We’ll show you how we can help.

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