Social Media Competitor Analysis

How to set up automatic competitive intelligence on social media?

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In the dynamic world of influencer marketing, staying up-to-date with trends and competitors' performances is crucial. With Favikon's new tracking system, niche and custom list monitoring are automated across all social media platforms. It's the most efficient solution for obtaining real-time, precise information about your competitors without the need for constant manual surveillance.

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Here are the key steps to set up your automatic monitoring:

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1. Create a list with all your competing brands

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📝 Start by adding all relevant competing brands to a list

This step is essential for effectively targeting competitors' performances.

Example: Here's a list of the leading luxury fashion brands in the industry.

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2. Launch tracking on this list

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📆 Select a specific period

Determine the period for analyzing competitors' performances

Example: Tracking will be launched for the Paris Fashion Week 2024 period: from February 26 to March 5.

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📊 Analyze key figures in your industry

‍Monitor competitors' activity, the number of posts published, total engagement, and views during this period

Example: During the 9 days of Paris Fashion Week 2024:

- 389 posts were published by brands on my list

- 3M total reactions (engagement)

- 360M total views

- 30 out of 31 brands on my list were active

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3. Analyze the top-performing brands

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🔔 Activity

Discover the number of posts published by each brand during this period

Example: Valentino was the most active brand during fashion week as it published 62 posts in total, compared to only 2 for Louis Vuitton, which is among the least active brands during this period.

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💬 Engagement

Analyze the level of interaction and engagement generated by their content

Example: Gucci was the brand that elicited the most engagement during Paris fashion week.

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👀 Views

Discover the brands that generated the most views during this period

Example: Prada significantly outperformed its competitors in terms of views with 162M.

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📈 Overall Growth

Examine the progression of their audience and engagement over the selected period

Example: Jean Paul Gaultier is the only brand to have experienced growth over these 9 days.

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3. Conduct monitoring on the top-performing posts

Dive deep into the most effective publications of your competitors, focusing on:

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📲 Formats

Analyze the content formats that were most utilized.

Example: During Paris Fashion Week 2024, tweets were the most utilized format by major luxury brands, representing over 30% of the publications, followed by Instagram Reels at nearly 26% and TikTok videos at 20.3%.

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📣 Interactions

‍Identify the number of views, likes, comments, and shares for each publication made by your competitors during this period.

Example: Prada's TikTok on March 3rd featuring Harris Dickinson garnered the highest number of views (over 43M), but it was Gucci's Instagram Reel published on February 29th that received the highest number of likes, totaling 477.4K. Jacquemus posted an Instagram Reel in collaboration with Nike that generated the most comments (4.3K).

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🗣️ Hashtags and Mentions

Identify the hashtags # and @ mentions that contribute to publication engagement.

Example: The #MFW (My Face When) was the most used hashtag during this period. The #parisfashionweek was only used 11 times.

@olivier_rousteing was the most mentioned by Balmain (12 times) among all mentions made by the brands on the list during fashion week.

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5. Find the partners of your competitors

Utilize the "Creator’s Network" feature to explore your competitors' network and discover their collaborations with creators and brands:

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🤝 Identify partnerships

Identify the creators and brands with whom your competitors collaborate.

Example: In the case of Balmain, it can be observed that the brand has been tagged by many magazines like GQ France and ELLE. Additionally, it has been tagged by its partner SPOA, a digital communication agency based in Paris. Of course, it has been tagged by Olivier Rousteing, the artistic director of Balmain, as well as the influencer Lythan Cottaz with whom the brand has had several partnerships.

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👁️ Track collaborations

Monitor the publications associated with these collaborations to understand their impact and reach.

Example: Regarding the partnership with French influencer Lythan Cottaz, it's possible to automatically identify the 7 Instagram posts in which he mentions the brand simply by clicking on the mention, and even directly access these posts on the platform where he shared them.

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By following these steps, you can establish an effective automatic monitoring system on social media to track the performance of your competitors and stay ahead in your influencer marketing strategy!