Methods For Monitoring And Assessing Facebook RivalsOn February 8, 2023 by Bryan Campbell
Facebook is by far the most popular social media platform for brands to use when promoting their products and increasing brand awareness.
At present, the social media behemoth has 2.9 billion active users. This is why companies of all stripes use Facebook advertising to expand their customer bases and connect with new customers.
In order to make the most of today’s extensive digital presence, it is essential to conduct a thorough Facebook competitor analysis.
It’s important for a company to keep an eye on the marketing tactics employed by similar businesses to see what works and what doesn’t. You can learn from their successes and failures to raise the bar for your own Facebook marketing.
Here is a detailed manual explaining the ins and outs of Facebook competitor analysis to help you along your journey.
An explanation of Facebook competitor analysis.
Conducting a Facebook competitor analysis entails monitoring the Facebook pages of your competitors in order to gather useful information and establish a baseline for your own social media marketing efforts.
The process generates reports that can be used to learn about the competition’s social media strategy and where they excel and where they fall short.
The marketing results you get from using Facebook can be enhanced by conducting a competitor analysis. How to do it is explained below.
Here are just a few of the advantages you’ll gain by keeping tabs on your competition on Facebook and conducting an in-depth analysis of them:
1. Recognize your rivals
Knowing your competitors inside and out is the only way to make a name for yourself on Facebook. You can learn a lot about your rivals, their strategies, and how to best them by conducting a competitor analysis on Facebook.
When compared to Adidas, who has a dedicated shop page, Nike primarily uses it for sharing images.
2. Narrow your intended audience
You and your main rivals go after the same customers.
Analysis of your rivals’ Facebook pages lets you see how they engage with their audience, the tone they use, and how often they post.
You will learn which subsets of your audience are most interested in and motivated by your industry. Instead of spreading yourself too thin across various social media platforms, you can zero in on a select group of potential customers.
Analyzing your competitors on Facebook can also shed light on the types of content that are most likely to elicit a response from your target demographic.
As a result, you can direct your efforts towards creating a highly targeted and engaging presence on social media that is more likely to result in increased traffic.
Thematic content is used by companies like Starbucks and Costa Coffee to draw customers.
3. Create targets for improvement
The value of a metric like the growth in engagement on your Facebook posts increases when compared to those of your rivals. Using a standard against which to measure your progress provides valuable context. By doing so, you can gauge how well you’re doing relative to others in your field. In this way, you can adjust your social media strategy in accordance with your progress.
4. A starting point for your Facebook advertising campaign
If you want to have a solid foundation for your own Facebook marketing strategy, tracking your competitors’ efforts is a great place to start. As a result, you gain insight into the kinds of content that tend to do well in your domain. This allows you to adapt your current strategy so that it attracts and retains the attention of your target audience while staying true to your brand’s values.
With Facebook’s help, you can study your rivals’ moves and avoid their pitfalls. Keeping an eye on what your main rivals are doing wrong will help you avoid following in their footsteps. You learn when to publish for maximum impact, so that you can gain an edge over the competition and speed up your business’s expansion.
Five, a Facebook competitor analysis can help you save money while gaining valuable insight into your business and your customers. Keeping an eye on what your competitors are posting will let you know what’s resonating with your audience.
You can also learn more about the brand’s customers, their opinions, and the issues they’re having. You can easily gain insights and enhance your strategy without spending a tonne of money. To research your Facebook rivals in depth, you can buy software like Keyhole.