We’ve talked about why you should monitor your competitor’s marketing, and how to set up a monitoring dashboard to do so. But really, all that data you’re collecting on competitors is worthless if you don’t know what to do with it.

Smart data needs to lead to smart decisions.

And that means doing more than just hoarding competitor mentions in your dashboard. You need to sit down, dig in, and get analytical.

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Monitoring your competitors isn’t enough—you need to sit down and analyze the data.

Whether that’s once a week, once a month, or once a quarter is up to you. But it deep dives need to be done regularly. That is, if you want to improve your brand. Today we’re talking about conducting a social media competitive analysis.

What You’ll Learn From Social Analysis

By sitting down and dedicating time to look at the data your social media monitoring dashboard has been bringing in, you’ll be able to know exactly where your social media strategy stands, compared to your competitors.

From that, you can tell:

Which Trends and Insights to Look For

So, how will this help you build your social media strategy anyway?

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You’ll see where your brand stands in relation to your industry, who the influencers of your niche are, which competitors are succeeding on social, and how they’re doing so.

How to Conduct Social Media Competitive Analysis in 5 Minutes

Now, once you have alerts set up to monitor competitors in Mention, creating a competitive analysis report will take about 5 minutes, tops. You’ll want to have separate alerts set up for each competitor.

Once you’ve created your reports and it’s time to dig into the data. Here are some ideas on how to use it:

Mission: Accomplished

Over the past month, we’ve walked you through the process of becoming the ultimate marketing spy through smart monitoring. Now your training is complete. You have what you need to build and execute a competitor listening strategy.

 

A version of this post originally appeared on Mention, and is re-published with permission.

Image Credits

Featured Image: Image by Brittany Berger
All screenshots by Brittany Berger. Taken January 2016.