Can looking at your competitors’ Facebook Pages help your SEO strategy? In short, yes. But there is more to it than just that. Think about how many people spend a lot of their time on Facebook, and what they do when they get bored. I’ll give you a hint — it’s not posting statuses! So if they spend so much time on Facebook, wouldn’t it be helpful to get some insight into how they are doing organic marketing with Facebook? The answer is yes.
In the past, there were few options for a marketer to learn about what was being said about their competitors. Now, organizations have access to a wealth of information including news articles, press releases, blog posts, company website and social media activity. A Facebook Page gives an excellent starting point for social listening due to the sheer volume of content posted on both the organizations’ Facebook Page and its users’. What kind of insights can organizations gain from analyzing their competitors social media channels?
How to do Competitor Analysis on Facebook?
No business can thrive in the dynamic landscape without spying on its competitors. One of the widely used channels by marketers for this activity is Facebook. Brands utilize Facebook competitor analysis to track vital rivals as it is home to more than 10 million advertisers.
So how do you use this game-changing strategy to make your way to the top?
It’s evident that ignoring competition on Facebook isn’t the solution. Rather brands should spend some time planning how to do competitor analysis on Facebook, what all metrics to track, and which Facebook audience insight tool to use.
How would you define Competitor Analysis on Facebook?
Facebook competitor analysis essentially revolves around identifying your key rivals in the niche and analyzing all strategies they are leveraging to get leads. It also includes identifying bottlenecks in your competitors’ plans, so you address them to woo their customers to your offering.
Competitor analysis doesn’t deal with research alone but also requires you to predict the next set of steps to outdo the current ad campaigns run by your competitors. You can plan way ahead in advance and discover some fresh ideas to garner 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.
Go through the kind of videos the brand shares, and based on that, come up with something unique that could lure more visitors into exploring your page.
Why is it important to Conduct Competitor Analysis on Facebook?
Facebook boasts of the most extensive social media user base, with enriching diversity. Apart from that, here are a few more reasons why Facebook competitor analysis is a must for every marketer out there.
1. To Refine Target Audience
As we saw in the above example, by finding your key rivals on Facebook and exploring their marketing strategies, you can get an idea of what your targeted customers demand.
Moreover, it gives you an understanding of all the pain points your prospects generally face so you can promote your brand in a way that gives them a solution to fix those. Also, focus on the audience segment that your competitors are targeting and offer them something out-of-the-box, so they turn to your brand.
2. Learn from your Competitors’ Mistakes
Every business learns a lot from mistakes they commit over time. But being prompt on competitor analysis will give away major learnings. It gives you a chance to learn something valuable from what your rivals have done wrong.
This could prove to be a 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 for engaging your targeted visitors?
- At what time should you post so it reaches the maximum of your potential leads?
3. Discover a New Niche/Opportunity
Spying on your competitors regularly on Facebook allows you to look through what alternative social media channels are leveraging. Not many of them may be utilizing multiple platforms. So you can make use of the untapped potential of other platforms like Pinterest, Instagram, Twitter, etc., to reach customers that are out of your rivals’ radars.
4. Monitor a few KPIs
Putting in efforts without tracking is of little use. The same applies to Facebook competitor analysis. Track and compare some key performance indicators of your Facebook campaigns, so you know if you are heading in the right direction.
Let’s explore how to track KPIs from your competitors.
- Go to Page and click on Insights from the left pane. Scroll to 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 popup box will give you certain suggestions too.
Based on your search history and preferences, Facebook suggests new business pages. These appear both on the original Insights page and pop-up search window.
After adding a few of your competitors, you will get to observe some impressive stats:
Here, you can track the following metrics:
- Total page fans of your key competitors
- Total number of posts your rivals share weekly
- Engagement received by their posts such as likes, comments, shares, etc.
- Total page likes along with the increase/decrease in comparison to the previous week
Along with the above metrics, check the best-performing posts shared by the added competitors.
- Go to the Posts tab and choose Top Posts from the Pages You Watch section from the top menu.
Here you can view the top posts from your valued competitors published during the last week, ranked in terms of engagement, based on the total number of reactions, shares, and comments those posts have received.
The best thing about this section is that it is great for exploring what’s trending in your niche, and based on the same, you can curate the best content for your targeted customers.
By analyzing top posts, you can also compare engagement rates of these pages and study how often they are sharing their posts and their impact on the overall page engagement.
If you want to view more than 5 posts, then you need to switch your profile from personal to page. Follow the below-mentioned steps to do so:
- Click on 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.
Best Facebook Competitor Analysis Tools
Competitor analysis on Facebook is important. However, the way you do it is equally important. For starters, you could manually track your competitors. But it wouldn’t be very effective.
You can only see a few metrics manually. Also, the process is time-consuming and you can only track a handful of competitors with this method. It’s also very error-prone.
Facebook competitor analysis tools, on the other hand, give you the capability to easily track lots of competitors (even into the hundreds, or thousands!). These powerful tools can also enable you to dive deep into all the social media metrics to give you detailed competitive intelligence. So, let’s take a look at the various Facebook competitor analysis tools you can leverage.
Social Status is a powerful social media marketing tool that comes with Facebook competitor analysis capabilities. Using it, you can easily benchmark engagement against your competitors on multiple social platforms. These include Facebook, Twitter, Instagram, LinkedIn and YouTube.
Social Status also allows you to track the sentiment of your audience and that of the competitors based on the types of reactions used by the audience.
- Benchmarking based on tagging in comments and emoji usage
- Detailed analytics of competitors’ posts including impressions and engagement rate
- Ability to sort competitor content based on metrics like engagement, comments, likes, etc.
- Possible to understand competitors’ strategies based on content analysis
- Helps understand the different content formats used by competitors
- Easy to identify which sort of posts work the best
- Helps find optimal posting frequency
- Can discover themes and topics for better engagement
- Comes with a suite of social media tools
- Free version available
- Report credits aren’t available in the free version
Easy to use
Beginner to Advanced
- Free version available
- Starter: $29/month
- Pro: $199/month
- Business: $399/month
- Corporate: $599/month
- Enterprise: $1,499/month
BigSpy is a Facebook competitor analysis tool that’s specifically designed for social media ads. It boasts of a massive database of over 1 billion ads and supports over 6 major social networks, including Facebook.
Using it, you can easily discover the latest ads being used by other businesses in your niche and get ideas for your ads. Its powerful search features help you find and filter out ads based on a variety of factors such as countries, industries, CTA, date, and more.
- Daily trending ads
- Powerful filters like engagement, language, and marketing objective
- Ability to select how old the ad is
- Can sort ads based on a variety of parameters
- A unique popularity score
- Shows accurate ad details like impressions and duration
- Five advertisement ranking methods
- Doesn’t offer much beyond ads
Easy to use
VIP Enterprise: $9K to $29K per year
Socialbakers is a popular social media management tool used by Fortune 500 companies that also offers competitor analysis features for social media channels, including Facebook.
Socialbakers gives you an all-around view of your competitors and their strategies. It offers you the power of social listening functionality too so you can maintain an ear to the ground and find the conversations relevant to your brand (or indeed conversations about your competitors).
- Social listening for your brand and competitors
- Analysis of competitors’ conversations
- Ability to see what’s trending
- Market sentiment breakdown
- Easy to compare your brand with competitors
- Numerous metrics are compared very accurately
- Graphical display of comparison makes it easy to measure where you stand
- Comes with numerous other powerful tools for managing your social media presence
- Leaves more to be desired in terms of identifying competitors’ strategies
Easy to use
- $200 for 10 profiles
- $400 for 20 profiles
- Complete SocialBakers Platform: Custom pricing
Like BigSpy, SocialPeta is yet another social media ad intelligence platform that comes in handy as a Facebook competitor analysis tool when you’re running ads.
Using this tool, you get access to over a billion ads on various social media platforms like Facebook, Twitter, YouTube, and others. This platform also gives you a detailed insight into each ad — something which many other platforms fail to do.
- Data on 5 million+ global advertisers
- Cost intelligence features to find cost benchmarks for Facebook Ads
- Shows target audience data like country, gender, age, and more
- Data on CPC, CTR, CPM, and so much more
- Detailed analytics of each competitor’s ads, including creatives used, dimensions, and more
- Treasure trove of competitors’ ads data
- CPC and CTR data helps with cost estimates
- Detailed competitor analytics can help inform your strategy
- Shows ad duration, impressions, and creatives too
- Lacks capabilities to track organic posts and their performance
Moderately easy to use
- 3-day free trial available
- Contact the team for pricing information
Sprout Social is yet another social media management platform that provides a Facebook competitor analysis tool too. With its social listening capabilities and competitor reports, you can easily understand the pulse of the industry and understand where you stand in comparison to your competitors.
You can track and measure fundamental metrics for your brand and competitors to understand what needs to be done to surpass their performance.
- Side-by-side competitor comparison feature
- Shows top posts in the industry and even competitors’ top posts
- Network-specific performance reports are available
- Filtering options based on content and message types
- Shows current sentiment among the audience
- Works for a whole range of social media platforms
- Easy to see what’s trending
- Loads of details about competitors’ content’s performance
- Access to competitor demographics
- Can be costly to start as it comes with a whole suite of tools
Moderately easy to use
- Standard: $89 per user per month
- Professional: $149 per user per month
- Advanced: $249 per user per month
Fanpage Karma is a Facebook competitor analysis tool that helps you analyze numerous profiles to help you discover your competitors’ strategies.
The tool helps you easily analyze the social media interactions of your competitors. Aside from this, Fanpage Karma also has community management features as well as publishing and scheduling features which bring all basic marketing needs together in one platform.
- Full featured social media management tool
- Custom dashboards with graphical reporting
- Alerts for high volume activities
- Content analysis and time of the day analysis
- Possible to analyze your own profiles
- Team collaboration features
- Ability to customize report colors
- Exporting to PDF
- Ability to share dashboards with external stakeholders
- Free for Facebook with a single profile
- Higher plans give access to multiple social platforms
- Can be quite costly for each additional user
Easy to use
- Bronze: $55.11 (€49) per month
- Silver: $167.57 (€149) per month
- Gold: $280.03 (€249) per month
- Platinum: $729.89 (€649) per month
If you want to take your Facebook marketing to the next level, it’s essential that you understand your competitor’s Facebook strategy. Because if you don’t, then why would anyone buy your products or services?