Why regular “competitor analysis” doesn’t work on social networks
Universal competitive analysis tables were written for product and price: there are columns “assortment”, “delivery conditions”, “guarantee”. On social networks you need to compare other things - frequency, format, audience reaction - and almost everything these numbers have to be taken by hand, because public channel analytics either not, or it's paid.
Hence two practical problems that this file solves. First: with what compare. Second: what to do when some of the data is unavailable.
What to compare with: why the base is your sample
The temptation is to take the “ER norm for a niche” from the article and measure against it. The problem is that such norms in open sources differ significantly: some consider the coverage by subscribers, others by impressions, some consider only a like to be a reaction, others all along with reposts and transitions.
Therefore, in the table, the “ER Deviation” column compares the competitor with the average according to your own selection. All numbers were taken using the same method on the same day, which means they can be folded and divided. It's less impressive than "you're 30% below market" but it's true.
What's inside
| Leaf | What does |
|---|
| Competitors | Who, where, link, why included in the sample and date of removal. |
| Channel metrics | Subscribers, coverage, frequency, reactions, comments. ER and deviation from the sample average are considered formulas. |
| Evaluation | Five criteria with editable weights, total via SUMPRODUCT. The sum of the weights is checked by the formula. |
| Where to get the numbers | For each column: where to look and what to do if there is no data. It is specifically stated that “sales” is an expert assessment and not a fact. |
| How to use | The order of work and three mistakes that devalue the result. |
What to do with the result
The final score is a way to sort, not a conclusion. The conclusion is formulated by gap: “two of the five competitors have an ER twice as high as ours, and both half of the posts are analyzes with numbers that we don’t have.” Such a phrase turns into a task. “We scored 3.4 points” does not turn into anything.
Further the gap goes to monthly content plan: if there are not enough reviews - increase the share of the “Expertise” heading and look at ER in a month.
lies nearby
A detailed analysis of the methodology is in the article about competitor analysis and common mistakes. If you analyze your competitors before purchasing advertising from bloggers, then will be needed TK for blogger and crop media plan.
Frequently asked questions
- Why is there no column “ER norm by niche” in the table?
- Because there are no agreed standards. Open sources give significant discrepancies for the same niche, depending on how the coverage was calculated and what was considered the reaction. Substituting such a number in a file means passing off someone else’s confusion as a guide. Therefore, the basis of comparison here is the average of your own sample: it was taken using one method on one day and is therefore comparable.
- Where to get coverage if your competitor's statistics are closed?
- In Telegram, coverage is visible directly below the post. On VKontakte, open community statistics are included by the owner and are not always available - then evaluate based on views of the last ten posts and be sure to mark the cell as an assessment. A separate “Where to Get the Numbers” sheet breaks down each column and tells you what to do when the data is missing.
- Why median and not mean?
- One viral post in a sample of ten doubles the average. You will get the picture “the competitor’s coverage is twice as high” where in fact he has one successful video and nine ordinary ones. The median doesn't do this.
- Is it possible to compare yourself with competitors using the same file?
- Needed. Add yourself as the first row in the sample - then the deviation column will show your place relative to the same numbers taken in the same way. This is the only correct comparison: you cannot compare your internal statistics with someone else’s external statistics, they are calculated differently.
- How often to repeat the analysis?
- Once a quarter is enough, unless you are starting a channel from scratch. More often it makes sense only when something noticeable has happened to a competitor: a change in format, a surge in coverage, the launch of advertising. This is why the file contains the withdrawal date.