Unleashing the Power of Social Media: A Quick Guide to Social Media Audits and Competitor Analysis

Ryal Curtis • April 2, 2024

At NP Strategy, we recognize the value of effectively managed social media in support of public relations and strategic brand communications. And through our extensive experience in managing social media for clients, we’ve seen firsthand the impact of a well-conducted social media audit and competitor analysis.

What is a Social Media Audit and Competitor Analysis?

A social media audit and competitor analysis is a comprehensive review of your organization’s social media program compared to a short list of other organizations competing for attention in your same market or industry.

Why Conduct a Social Media Audit and Competitor Analysis?

Conducting a social media audit and competitor analysis will tell you how your social media program stacks up against others that you view as key competitors. This will uncover new opportunities and potential threats, and provide actionable recommendations to improve your overall social media strategy going forward.

1. Identify Strengths and Weaknesses: A social media audit provides a clear picture of what’s working and what’s not across your social media channels. This insight allows you to capitalize on your strengths and address your weaknesses.

2. Enhance Engagement: By understanding the types of content that resonate with your audience, you can tailor your social media strategy to increase engagement and foster stronger connections among new and existing customers.

3. Stay Ahead of the Competition: A competitor analysis gives you a bird’s-eye view of what your competitors are doing. This knowledge helps you to innovate and stay ahead in your industry.

4. Optimize ROI: Do less of what’s not working and do more of what is. By reallocating resources from underperforming areas to strategies that get better engagement and conversions, you can optimize your overall return on investment of using social media.

Key Steps for Conducting a Social Media Audit

There are countless ways to approach doing a social media audit and competitor analysis. Here are the steps we use for clients at NP Strategy.

1. Inventory Your Accounts: Begin by listing all your social media accounts, including those that are less active. Verify that each account is complete and aligns with your brand’s messaging and aesthetics.

2. Analyze Performance Metrics: For each account, assess key performance indicators (KPIs) such as engagement rates, follower growth, and content performance. Tools like Google Analytics and native social media analytics can be invaluable here.

3. Evaluate Content Quality: Review the content you’ve posted to identify what types of posts generate the most engagement. Look for patterns in format, topic, and posting time.

4. Understand Your Audience: Use analytics to gain insights into your audience’s demographics, preferences, and behavior. Tailor your content strategy to better match their interests.

5. Set Goals: Based on your findings, set realistic and measurable goals for improvement. These goals should be specific, time-bound, and aligned with your overall business objectives. Determine which goals will have the greatest impact vs. the overall effort to implement each (see graphic below).

Conducting a Competitor Analysis

1. Identify Your Competitors: Make a list of your direct and indirect competitors on social media. Don’t overlook smaller players who might be doing innovative work.

2. Analyze Their Strategy: Look at the content they post, their engagement rates, and how they interact with their audience. Note what works well for them and what doesn’t.

3. Spot Opportunities: Identify gaps in your competitors’ strategies where you can excel. This could be a particular content type they’re neglecting or a demographic they’re not engaging with effectively.

4. Benchmark Against Competitors: Use your findings to benchmark your social media performance against your competitors. This will help you understand where you stand in the industry landscape.

5. Incorporate Insights into Your Strategy: Leverage the insights gained from the audit and competitor analysis to refine your social media strategy. This might involve experimenting with new content formats, adjusting your posting schedule, or targeting new audience segments.

By understanding your current standing and the competitive landscape, you can make informed, data-driven decisions that propel your brand forward. Whether you’re looking to enhance engagement, increase your reach, or simply stay ahead of the curve, an audit and competitor analysis can be a vital tool in your social media toolkit.

Learn more about our firm’s digital and social media services and contact us to discuss doing a social media audit and competitor analysis for your organization: www.npstrategy.com/services/digital-and-social-media.