“There is nothing like good competition to push you even further. Embrace competition -- you might surprise yourself!”
Peter Economy (The Best Selling American Business Author)
No business can thrive in the contemporary dynamic and competitive landscape without spying on its competitors. And when you have a presence on one of the social media sharks, Facebook then it becomes even more important to track your fellow brands as there are more than 3 million of them operating in the same niche and fighting for reaching to the top and there would be many of those who are your business rivals for sure!
It’s evident that ignoring competition on Facebook isn’t an option for you but the real challenge is how to do competitor analysis precisely on Facebook, what all metrics to track and which Facebook audience insight tool to use? Before understanding the process let’s get an idea of why you should do it in the first place and what are the possible perks for the same but hey do you have an idea of what’s competitor analysis?
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How Would You Define Competitor Analysis In Terms Of Facebook?
Evaluating competitors on Facebook essentially revolves around identifying your key rivals in the niche and analyzing what all strategies they are leveraging to grab leads. Also, it involves spotting the bottlenecks in the policies that your competitors are using and enhancing on the same to snatch away some of their customers, now, that’s smart!
Besides, competitor analysis doesn't deal with research only but this also requires you to act like a CBI agent and predict the next steps and current ad campaigns that your rivals are running or might come up with in the future. This gives you a chance to plan way ahead in advance and discover some fresh ideas that could land you more leads.
For example, if you have a beauty services page on Facebook, start with identifying a couple of your key competitors:
Take Sephora Cosmetics as a competitor and then explore their page to look for what kind of posts they are sharing and what’s grabbing attention. The page has an extensive collection of videos:
You can simply walk through what kind of videos the brand is sharing and based on that come up with something unique that could lure more visitors and lure them to explore your page.
Why Is It Important To Conduct Competitor Analysis On Facebook?
- To Refine Target Audience
Like we saw in the above example, through finding your key rivals on Facebook and exploring their stuff, it becomes even easier for you to get an idea of what your targeted customers are demanding.
Moreover, it gives you an understanding of what all pain points your prospects might have and how you can tweak your marketing strategy to fix them. See, so much data crunching but without any major investment! Also, you can focus on the audience segment that your competitors are targeting and offer them something out of the box so that they switch their ways and knock on your doors.
- Learn From Your Competitors' Mistakes
When you start posting stuff on your Facebook business page going forward you get many learnings from your mistakes. But competitor analysis gives you a chance to learn something valuable from what your rivals have done wrong.
Believe me, this could be your jackpot as you can refine your social media strategy by leveraging the right tools and never miss a chance to grab a lead. Also, you can get an idea of:
- What kind of content performs the best at engaging your targeted visitors?
- At what time you should post stuff so that the maximum of your leads can see that?
- Discover A New Niche/Opportunity
Spying on your competitors regularly on Facebook allows you to look through what alternative social media channels they are leveraging. It’s possible that not many of them are doing it which means you can start with the same and exploit the untapped potential of other platforms like Pinterest, Instagram, Twitter, etc. to grab targeted leads that are yet to come into the radar of your rivals.
- Monitor A Few KPIs
Just putting efforts randomly isn’t of any use and hence tracking your progress comes into the picture. The same applies to Facebook competitor analysis as you can set-up some key performance indicators and track the progress of your Facebook promotions and ads so that you know if you are heading in the right direction.
Let’s look at some of the key KPIs that you should be tracking regularly. Also, looking at how to do competitor analysis by tracking these metrics would be great, right?
track these metrics, firstly, you need to go to the Facebook Page Insights section and go to the Pages to Watch at the bottom of the Overview tab.
Click the Add Pages button and start including the pages of your key competitors. The window will give you certain suggestions:Bonus Insight:
You will be surprised to know that based on your search history and preferences Facebook suggests new business pages for you and these appear both on the original Insights page as well as in your pop-up search window.
But there’s no need to get dishearten if you can’t find the specific page you’re looking for because a couple of them might have changed their names or have chosen a name that’s different from their parent company. So, just check the name of the specific page again and you might land at it!
After adding a few of your competitors you will get to observe some really cool stats:
Here, you can track the following metrics:
- Total page fans your key competitors have
- The total number of posts your rivals share weekly/monthly
- What kind of reactions their posts get like how many comments, shares, etc.
- The total number of page likes along with the increase/decrease in comparison from the previous week
- The total number of times they’ve posted content on Facebook in a week
- Engagement count for the week
Along with the above metrics, you can walk through the best performing posts shared by the competitors that you have added.
Go to the Posts tab and choose Top Posts from Pages You Watch section from the top menu.
Here you can view the top five posts from your key competitors published during the last week, ranked in terms of engagement, based on the total number of reactions, shares, and comments those posts have garnered.
The best thing about this section is that it is great for exploring the top posts shared by your competitors that will give you an idea of what’s trending in your niche and based on the same you can curate the best content for your targeted customers.
You can spot tactic trends by looking at these top posts and understand what kind of content is trending in your targeted audience segment. If images are the top in the list of best performing posts than you can shift your focus from sharing videos to posting engaging visuals.
Similarly, if you find out that there is very little text in the top posts try sharing short content with a crisp message. Besides, analyzing top posts you can also compare engagement rates of these pages by studying how often they are sharing their stuff and what impact it’s leaving on engagement.
For example, you can pick any of the above mentioned top posts and see the details of its engagement metrics just by clicking at the same:
These stats are relevant information because keeping an eye on them gives you an idea of what’s working and what’s not based on which you can formulate your strategy.Bonus Insight:
Do five posts per week seem less to you? If yes, you can begin liking other relevant pages. But for doing this you need to switch from your personal profile to your page profile and walk through the full string of the stuff that's been posted by the specific pages.
For switching to your page profile from your personal profile you need to follow the below-mentioned steps:
- Click the down arrow at the top right of the Facebook toolbar and pick the page you want to leverage to like the new page.
- Explore each page on your Pages to Watch list and start liking their pages.
Keep These In Mind
Do Added Pages Get To Know That Someone Is Spying On Them?
Yes, as soon as you add a specific page to your tracking list Facebook sends them a notification for the same. But they will never get an idea of exactly who's watching list they have been added to. So, just chill!
Is There Any Alternative Way To Identifying Competitors Other Than Adding Them To Your Watch List?
Very much! To get a broader idea of what kind of stuff is loved by your prospects you can just sift through the pages that your current fans are liking. Many of these pages might not be directly related to your business segment but yes you will get an idea of what’s trending and been spinning around Facebook.
The Final Word
Keeping an eye on your Facebook rivals not only helps you in coming up with fresh ideas but it also blesses you with the potential to refine your business objectives to grab more quality leads and that too quickly than your competitors. So, what are you waiting for? Wear your magnifying glasses and start digging your rivals on Facebook! Who knows you might hit a jackpot. Best of luck!
Frequently Asked Questions
There are a few ways in which you can spy on your competitors on Facebook.
- The first step is to follow their page.
- Add their pages in your Facebook insights tab.
- Keep a close eye on their KPIs
- Learn and implement things that worked for them