How to make a good analysis of competition
A few weeks ago we spoke about the best way to create a Social Media report , and then reinforced with an article on the best indicators to create them -that is, the data we have to use for analysis of our communities. Today we will be talking about a very important aspect, at least in regard to the creation of reports: competition analysis. It can be presented individually, and also included in a performance report (all depends on what you’ve previously arranged with the client). But in most cases, has to be.
There are many different ways you can do that analysis. Today I will talk about the way I do, but can vary depending on what we have managed client, the way we like it, etc.. If you have an alternative way to do it, feel free to leave it in the comments. Another thing to consider is that by making an analysis of competition, we may be at a disadvantage in terms of tools. We will also have a large amount of information to be analyzed.
It is therefore very important that we are organized in advance. Thus, we can follow a series of steps to see what things we have to do first. And in this sense, it is very important to define the variables that we use to do the analysis. When doing so, we have to think we can not lose too much time, we need to optimize the way in which we take our business hours, read, we can not spend a day of competition analysis. But we can not stop because it is crucial. Not because we are going to imitate the actions of our competitors, but because it helps us know where we stand and it is something that the client always wants to know.
Definition of variables
At first we have to define what are the variables that we have to analyze so we not overwhelmed by the amount of information that is available. We have two options. The first is to use a tool that we bought us or our client. What these tools is to facilitate our work and statistics show quantitative and qualitative details of the actions of our competitors. This is ideal especially if you are working with mass brands. If you manage social networking accounts of a small company, you probably do not have the budget to buy a tool as well.
Which brings us to the second option, manual analysis. And here is even more important to define what variables we use, because otherwise we will be lost in a sea of information. Obviously, such an analysis is going to take longer, so taking this in advance we just have to fix the things we are looking for. In this way, data may be lost, while others do not have available. But if we can not have a tool, is the best way to do it. Here too we have to be in communication with the customer to know what you are looking for: we can not carry a chore that we will never be able to finish.
The best variables
This is completely subjective, and depends on the needs of our customers, and the availability that we have and the information we need to know. Some of this information will depend on the tools we use while others can easily be relieved of the profiles free of marks. Also I want to clarify that these variables are based on social networks, primarily facebook and Twitter, to make an analysis of a website can use other variables and other tools.
- Number of fans and followers
- Number of interactions
- Number of visits / pageviews
- Number of people talking about this (PTAT – people talking about this)
- Average post comments and likes by
- Average posts per week
- Total monthly promotions that are made
As for the qualitative analysis, we need to look at other things, and in this sense is completely hand-especially if we do not trust estimates that it can get a tool-:
- Type of action taken
- Type promotions
- Contests on Twitter and other social networks
- Types CTA (call to action) of each publication
- Comments left by users
- Number of comments answered
- Type responses (are providing solutions? Comments are answered all, how is responding to criticism?)
Of course that can be analyzed much more, but with this we can put together a good report of competition without losing too much time. Another aspect to consider is putting together a report template to avoid wasting time rearranging the information every time someone asks us something. As with the reports themselves, have a template simply involves replacing the information every time someone asks. Which brings us to our next point.
Organization of Information
I think because we realize that the keyword Competition Analysis is the organization. Once we collected all the information and we define the variables, we have to find a way to put it together to make it easy to visualize and ultimately, “digested” by the customer. So all these variables we analyzed and extracted social networks have to do a final analysis and only put the numbers that we consider relevant. For example, whether they’re doing a lot of 3 postings a week, but more interested in how users are responding and how is the official voice of the brand.
As always, it is important to be in constant contact with our customer to know what they are looking for. With that, we can build a template with the selected variables and then add a section to make relevant comments that work for the analysis. It depends on each case, of course, but once we took her hand and have the tools to do it, we will take almost no time.Tags: Community Manager, Competition Analysis, facebook, Twitter