How to Make a Social Media Competitive Analysis Template
Today, businesses cannot be separated from social media. So, you need to perform a social media competitive analysis to know your competitors especially on social media. The power of social media has a big impact to get more customers. In this article, let’s learn how to write this analysis.
How to Perform a Social Media Competitive Analysis
Keep in mind that this analysis requires you to get information as much as possible about social media strategies your competitors use. So, you will be able to come up with the ways you can deal with your competitors. Here are some steps in making a social media competitive analysis template.
Before you start performing an analysis about how your competitors use social media, make sure that you know well about your competitors first. In this section, you will need to identify others’ businesses you should consider as a threat to your business.
You must classify who are in the same business industry as you. You also must know whether they serve the same products or services with yours. You need to take a note and write down top threats you think could have the potential to dominate the market completely.
Secondly, you need to perform a SWOT analysis on your business competitors. It means you have to identify how your competitors use social media. This analysis tells you everything about what they do to everything what you can do. SWOT refers to Strengths, Weaknesses, Opportunities, & Threats.
So, you can start by looking for the strengths of your competitors. After that, you need to identify their weaknesses. Then, you should take a look at different opportunities of your competitors. Last, you must figure out the threats of your competitors related to the use of social media.
The next step in making a social media competitive analysis report is to find the strategies to deal with your business competitors. In this section, you will need to use whatever you have gathered about your competitors and then use it to help you come up with your strategies for staying ahead.
Different types of business may need different strategies. So, you have to understand about your own business. Anyway, make sure that the strategies will be able to find ways to deal with the issues & get ahead in the business industry. You may need to find some strategies for alternatives.
Lastly, you have to come up with the ways to deal with risks. As we know, there is always a risk in any condition related to business. That is why you have to know that you will have to plan ahead to make sure that you will be able to deal with whatever strategies your competitors cold throw at you.
In this case, you need to find the potential risks so that you can look for the strategies to come up with them. Then, you can avoid or minimize the risks to happen on your business. That is the importance of performing a social media competitive analysis.
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