In fact, customers are more likely to discover your brand through social media over a search engine. So it is more important than ever to optimize your social channels to ensure you’re reaching (and engaging) your target audience.

But social media is a data beast!

You probably have an amazing marketing team but unless you have a team of data scientists tracking and analyzing all your social data, you will miss the key insights necessary to elevate your brand.

You can also invest in the right social media analytics tools and empower your marketing team to make the right decisions for running an optimized marketing campaign. Helping you put your brand in front of the right audience at the right time.

In addition, if you run multiple social media accounts, tracking the right metrics can improve your brand management, customer service, and experience, helping you grow your brand.

Now, it’s important to choose a tool that fits your unique needs. To help you find the right one, we’ve gathered and updated our guide to the best 27 tools to use in 2024 & beyond.

1. Keyhole

Keyhole is a social media analytics tool that automatically collects social media data & creates reports for you. It excels at four key things:

• Getting you inside the minds of your customers.
• Simplifying your reporting so you can easily share results with your team.
• Showing you what attracts your consumers’ attention.
• Saving you a huge amount of time as you don’t have to crawl different social platforms looking for and reporting your social analytics.

These are critical features to look out for when making social media analytics software comparisons. 

As Neil Patel says, “This tool (Keyhole) does a lot of things others can’t. And as a bonus, it’s extremely user-friendly.”

Using Keyhole, you can find, identify, track, and reach out to your influencers:

You can also conduct a detailed and in-depth sentiment analysis of social media posts over time:

With Keyhole, you get to see the number of impressions, reach, posts, and engagements that certain accounts or hashtags are getting. You are also able to identify key influencers who get the highest engagement rates and the number of followers in specific industries and reach out to them right from the tool.

And if you ever want to know the demographics of your hashtag users or account interactors or followers, Keyhole shows you those as well — including the percentage of positive and negative sentiments of your followers.

Also, Keyhole customers can publish and schedule unlimited posts each month from all the accounts included in their plan. Managing anywhere from 3 accounts to unlimited accounts depending on your needs.

Why Our Customers Love Us

“Keyhole helps us track influencers and mentions. Dashboards are great – can use as is in reports. Supports influencer tracking and we use it to track corporate campaigns.“

Lauren F, Founder & Strategist

“Keyhole is useful and user-friendly. Keyhole is an excellent tool for providing basic insights about social media accounts and tracking social media conversations. As a college professor, I have found it to be a great way to introduce students to social media analytics.“

Kyle H, Associate Professor

Pricing: Custom

2. Social Champ

Social Champ is a one-stop, social media management tool that also enables users to analyze their social media performances with an attractive analytics tool!

The fact that users can get daily updated insights with an eye-catching graphical representation of all the major metrics, makes it a go-to choice for Startups, Entrepreneurs, Small Businesses, and Agencies.

Social Champ allows users to schedule posts, organize them in a Calendar, and later share, engage with the audiences, and offer post tracking with an exemplary analytics tool.
You can optimize the post performances with the best time-to-post feature. Generate and export reports in PDF, PDF, and CSV file formats.

Pros: Analytics tool of Social Champ is for both free and paid plans where one can save time by tracking multiple social accounts with a single click. A wide range of dates to choose and compare the data from makes it stand-out.

Cons: The Analytics tool of Social Champ is only available on the browser and not on the mobile app.  

Pricing: Starting from $29/month

3. Oktopost

Oktopost is focused on helping B2B brands manage, monitor, and measure all of their social media activities from a single platform.

Do you have global social media teams? Manage social media teams in more than one country all from one platform.

Social media management, social employee advocacy, and social media promotions are some of Oktopost’s best features.

You can measure your social media marketing performance and optimize your efforts accordingly. 

Pro: One huge Oktopost plus is that you can integrate other applications such as Google Analytics to access even more detailed social media marketing insights. 

Also, did you know Oktopost has recently partnered up with Keyhole? Powered by Keyhole, Oktopost now offers advanced social listening capabilities as well as in-depth research and analytics required to remain competitive.

Con: Unfortunately, the platform does not have the ability to cross-post between networks. 

Price: Available upon request

4. Social Status

Social Status is a specialized social media analytics and reports automation tool.

For that reason, the tool goes in-depth for tracking every available metric across all the main social channels including Facebook, Instagram, TikTok, YouTube, LinkedIn, and Twitter.

Metrics can be broken down into paid and organic, and posts can be segmented by theme via tagging. Follower demographics can be seen based on age, gender, country, and city.

Social Status also supports newer media types like Instagram Stories, Instagram Reels, and YouTube Shorts. Social reports can be exported to CSV, PDF, PowerPoint, and Google Slides.

Pro: Social Status is especially popular with digital agencies and brands who need to white label and customize different report templates for different clients or stakeholders.

Con: There are no publishing, scheduling, or listening features in Social Status since it is a dedicated social analytics tool. 

Price: $29/month onwards

Read More: 120+ Instagram Caption Ideas For Every Type Of Posts

5. Vaizle

Vaizle is a Meta ad analytics, social media benchmarking, and reporting tool for startups and enterprises who need actionable insights in the simplest possible way. 

You can get an in-depth analysis of your daily ad spend, latest trends, and top-performing posts along with easy-to-create customizable pdf reports. Vaizle also provides various free tools that provide ad analytics as well as social media analytics across Facebook, Twitter, Instagram, LinkedIn, YouTube, and Google.

It also provides daily insights across multiple variables in the form of graphs, charts, and numbers that aids you in improving your social media performance.

Vaizle is being used by 2000+ happy customers across 90 countries. Some of the few clients that used Vaizle to improve their overall social media performance are American Public Media, Rainbow Financial services, FTI Consulting, and IMCG Creative. 

Pro: An easy-to-use Meta-ad and social media analytics tool that transforms data into actionable insights in a sorted and simplest possible manner.

Con: It does not provide a scheduling feature.

Price: $59 -$149 per month

6. Brandwatch

Data is huge these days and Brandwatch is all about it. They set you up with the right industry data to make smart marketing decisions.

Brand monitoring online has never been easier. Brandwatch provides you with in-depth insights into your target customers’ thinking per time, which makes it super easy to sell to them.

Pro: You can search the Internet for specific conversations about your brand, segment those conversations into categories, and analyze them to spot critical information. Additionally, they have an image analysis tool that can uncover logos.

Con: Brandwatch can be quite technical for someone new to brand monitoring tools and the query structure can be tedious. However, for someone with medium to expert experience, this is one of the best tools to monitor online brand mentions.

Pricing: $108/month onwards

7. BrandMentions

BrandMentions is another powerful tool for measuring your social media marketing impact.

From brand monitoring, reputation management, and business intelligence to competitor analytics, the tool provides you with relevant information about the success of your brand awareness campaigns.

BrandMentions also provides real-time notifications; you get notified once your site gets a new backlink or is mentioned in places that matter across the web.

Pro: BrandMentions is a great option even for small businesses and is easy to use even for a novice. 

Con: Be sure to include/exclude mentions based on keywords otherwise you’ll get results that include spamming sites or results that are too generic.

Price: $99-$499 per month

8. Meltwater

Meltwater is the go-to social media tool if you want to focus on brand engagement, while also monitoring what is being said about you and your industry online.

This social media analytics tool can also help you connect with influencers and quantify your PR impact. 

One of the best ways to drive engagement is by using influencers. Meltwater makes it easy to connect with and vet influencers for your brand. You can also use the tool to manage influencer relationships and measure their ROI.

And like most other social media analytics tools, Meltwater provides email alerts that matter and reporting capabilities.

Pro: The site has over 1 million influencer accounts that you can easily filter and sort. This makes prospecting new high-profile accounts that are relevant to your brand easy. 

Con: Meltwater offers a limited number of users and you have to pay more for more users. Additionally, the price can increase easily for basic functions such as reporting.

Price: Available upon request

9. Coupler

Coupler.io is a data analytics and reporting platform designed to transform complex data into simple reports.

With numerous integrations, it allows you to collect and blend data from all your favorite apps, load it into spreadsheets, data warehouses, or BI tools, and gain a comprehensive view of your business.

Track marketing performance, and replace manual reporting with automated data collection from hundreds of apps.

Ensure data accuracy to analyze trends and predict marketing outcomes. Centralize information from multiple sources to enhance collaboration and decision-making.

Coupler.io integrates seamlessly with social media platforms like Instagram, TikTok, Facebook, and others, automating data collection and reporting. Use ready-made social media templates to gain insights and refine marketing strategies, empowering informed decisions and driving business growth.

Pro: Coupler.io provides automatic data refresh on a schedule, ensuring your data is always updated and accurate. The data stitching feature allows you to combine data from different sources into one sheet or table for easy reporting, survey response, or time-tracking data joining.

Con: Data visualization is available only as a separate service.

Price: $49-$249 per month

10. TapInfluence

Without a doubt, influencer marketing has become one of the most effective ways to reach today’s audiences.

But before spending a dime on any influencer, you want to measure the impact they actually have on your audience.

That’s where TapInfluence comes in; it helps you find the right influencers (who have a real impact) for your business.

It can be difficult to determine what to pay your influencers or even what they should be doing for your brand. From intelligence about an influencer’s reach and impact to their potential rates, TapInfluence can provide you with all this information. 

Pro: TapInfluence allows you to create campaigns, schedule, manage, and track influencer deliverables. Also, you can monitor engagement analytics on your campaigns from the platform.

Con: There’s still a lot of work needed to set everything up as the process is not fully automated. Also, Tapinfluence caters to enterprises, so the price is inaccessible for most agencies.

Price: Available upon request

11. SocialBee

SocialBee is an all-inclusive social media management tool that enables users to schedule, publish, and track their social media content across multiple platforms. 

The tool offers a robust analytics module that helps users track and analyze all their social media data in one place. Users can view and monitor their page and post analytics and receive insights into their overall social media performance.

SocialBee’s analytics module also allows users to track and compare their performance across multiple social media platforms, giving them a broad overview of their social media presence.

Pros: SocialBee’s comprehensive features make it a valuable tool for those looking to optimize their social media performance. 

Con: The platform doesn’t offer the ability to create, schedule, and analyze the performance of your content using its mobile app.

Price: Starts at $19 per month

Read More: 21 Instagram Story Ideas + 5 Expert Tips For More Views & Engagement

12. NetBase Quid

Want to know how people feel about your brand? Try NetBase Quid.

NetBase provides social analytics for brands.

Global brands like Taco Bell, Coca-Cola, and Yum! use this tool to track conversations around their brands on social and make important marketing decisions.

The tool analyzes consumer sentiment around your brand from social platforms, websites, forums, comment data, blogs, news, and review sites.

It also allows you to conduct social listening to understand your competitor’s audience. Also, you can monitor your brand to know when certain key actions occur. It also provides you with customer experience analytics. 

Pro: With these three functionalities, you can know exactly where your brand is getting love from, why customers are dissatisfied, and how you can intervene to get more people to love and trust your brand.

Con: NetBase Quid takes some time to grow on you as the various dashboard templates available are not as intuitive. Also, there is some limitation to the sentiment analysis tool.

Price: Available on request

13. Quintly

Do you want to know how your brand stacks up against competitors on social media?

Then quintly might just be right for you. Not only will you get a peek at your brand’s social media marketing performance, but also see how it’s performing against competitors.

Agencies can use this tool as well; they use it for client management, reporting, centralized analytics, and influencer ranking. Media houses can also use quintly for managing their social media platforms as well as tracking relevant conversations and campaigns.

Pro: The tool is simple to set up and has a minimalist user interface, which makes it easy for even the least tech-savvy users to learn how to use it.

Con: The data insights provided can be a little ambiguous, so you may not be able to link ROI or see attribution from individual posts. 

Price: $449/month

14. RivalIQ

Similar to many other social media analytics tools, Rival IQ helps you track your social media performance.

Rival IQ will send you alerts whenever your competitors post high-performing content, such as boosting social media posts. This gives you the chance to quickly respond before you start losing a chunk of your market share.

Rival IQ also lets you see what content your audience prefers to see, and helps you discover fresh and relevant content ideas.

Pro: Easy to conduct competitor analysis because of the alerts and the tracking you can implement with this platform. 

Con: Rival IQ is competitively priced on a tiered structure which can get expensive if you want additional data.

Price: $239 – $549 per month

15. DashThis

DashThis is an automated reporting tool for marketers, agencies, and social media managers.

With this tool, you can create one dashboard that includes all your social media data and marketing data, automatically updated every single day!

Native integrations include Facebook, Instagram, Twitter, LinkedIn, Youtube, Google Analytics, multiple SEO tools, and much more.

Pro: DashThis provides time-saving features to help you set up your dashboards in seconds like preset report templates, preset KPIs, and much more.

Con: Users reported that once your dashboards are set up, you can’t change data sources manually, and require third-party assistance for any changes to your dashboard.

Price: $249 – $399 per month

16. Sprout Social

Brands like Adidas, Nordstrom, and Edelman use Sprout Social for social media analytics and management.

This tool lets you create social media calendars, schedule posts, and listen to relevant social media conversations.

Sprout Social also provides an agency partnership program, where they partner with agencies — providing them with educational materials, reporting templates, and social media marketing strategies. But most importantly, it gives agencies exposure to brands that already use Sprout Social.

Pro: Sprout’s publishing workflow supports multiple channels and has an intuitive link preview mode so you know exactly what you’re posting. 

Cons: Sprout has an á la carte pricing that makes it expensive if you want extra data such as more analytics. Also, reviewers experienced hiccups when posting on Facebook and Instagram.

Price: $249 – $499 per month

17. Emplifi

Emplifi lets you measure your social media performance, benchmark your results against industry players and report your entire social media activities.

Additionally, you can use this tool to publish, create personas, manage your communities, and generate analytics to help you create and optimize social content.

This social media analytics tool uses Artificial Intelligence (AI) to find your target audience on social, the content they’re most interested in and the influencers they love. All of these make social media marketing and management easier and more effective for your business.

Pros: Emplifi makes automating your social media management easy by enabling you to know your popular content, the best times to post, discover new content, and even target and recruit influencers.

Cons: Lower-tier plans offer just a few months of history, which can be limiting if you’re more interested in analytics.

Price: $240 – $480 per month

18. Brand24

Brand24 collects all the mentions about a keyword, product, or brand name on the web and provides you with a comprehensive analysis of it.

It shows you where your keyword has been mentioned, the ratio of positive to negative sentiments about it, top sources and users of the keyword, and related terms around it.

Pro: Brand24 has an attractive user interface that is very user-friendly and doesn’t require a lot of technical knowledge to use it.

Con: The costs tend to add up when data quotas are exceeded.

Price: $119 – $299 per month

19. Mention

Used by brands like Asos, Microsoft, and Ogilvy, Mention is widely known, and as its name implies, as a social media reporting tool for tracking the mentions of specific terms online.

This social media analytics tool picks up mentions of the names of your competitors or their products, your brand or product name, relevant hashtags, and many more.

Mention also provides a feature that helps to see the different languages through which consumers talk about you or your competitors, including relevant timeframes and locations.

Plus, you also get to identify top-performing topics in your niche and repurpose it for your business.

Pro: Most platforms only engage with customers, but Mention engages with both customers and employees. This gives you more data to work with.

Con: Mention only shows data collected after setting it up. It doesn’t collect sentiment from past activity, and there is no historical data available.

Price: $179 per month

20. Followerwonk

Followerwonk specializes in Twitter analytics.

It helps you search Twitter followers with the highest follower numbers, compare Twitter accounts, analyze any Twitter user’s profile, and track changes in follower numbers — whether for your brand or a competitor’s.

Pro: The Search Bio function allows you to search for influencers and potential clients within your industry and rank them by the number of tweets, followers, followed users, account age, and social authority.

Con: This free social media analytics tool only allows you to analyze accounts with less than 25,000 followers and you can only perform 50 searches, 20 analyses, and 20 comparisons per day and receive 100 results only per search.

Price: Free – $79/month

21. Iconosquare

With Iconosquare, you can measure the impressions and reach of your Facebook and Instagram posts and stories.

You also get to see when your customers are mostly online, so you can put out content only when they are most likely to engage with it. Making it a competitive social media analytics tool option.

Iconosquare also lets you monitor comments and respond to them, after which you can tick them as read so everything remains organized.

Pro: Iconosquare features are beautifully designed and easy to use. You’ll love its advanced scheduling feature, customized Instagram feeds, and comment-tracking ability.

Con: The software does not separate paid and organic post analytics.

Price: $79 per month

22. Audiense

Audiense Connect is a great social media reporting tool from Audiense that helps you uncover details about your audience, discover relevant macro and micro-influencers, and call the best social media marketing shots.

Brands like DHL, Carlsberg, Puma, and Fox Sports use Audiense to discover audience segments relevant to their businesses and make smarter social marketing decisions — especially on Twitter.

Pro: Audiense Connect has brilliant social listening features that help you to understand what audiences are doing on Twitter. Advanced reporting is also really useful for creating events, hashtags, and industry reports.

Con: Audiense Connect offers limited features for lower-tier users, and pricing errs on the higher side for access to more features.

Price: $1499 per month

23. Tailwind

Tailwind lets you manage and analyze your Pinterest and Instagram efforts at scale.

You can discover content, schedule posts, monitor conversations, amplify reach, and analyze your social media performance on Pinterest and Instagram all with one tool.

Trusted by over 2000 brands and agencies, including Walmart, eBay, and Unilever, Tailwind uploads your images in bulk and automatically optimizes your posts to be published at your users’ most engaging times. Also, it uncovers information about your audience, which ultimately improves and measures results.

Pro: Tailwind’s analytics are quite impressive. You get to see how many follow, re-pins, likes, etc., your page has gotten. You also get to see stats for individual pins so you can see what’s getting the most love from your audience.

Con: Tailwind has many capabilities making the dashboard a bit overwhelming for some users. Also, it is extremely affordable

Price: $79.99 per month

24. Unmetric

Do you want to know how far your posts travel?

Unmetric helps you see the number of impressions reach and the overall engagement your social media posts get. It also shows you who your top influencers are, and allows you to monitor analytics in real time — helping you take faster marketing decisions.

Pro: You can quickly build reports based on keywords or hashtags and export these reports as PDF or XLS files. 

Con: It lacks analytics for LinkedIn and TikTok.

Price: $1000 per month

25. Sociality.io

Sociality.io is an all-in-one social media management platform. The platform covers 5 different modules that every social media marketer needs: Publish, Listen, Engage, Analytics, and Competitor Analysis.

With its comprehensive and powerful social media reporting and analytics tool, you can easily streamline the social media reporting process, save time and help make data-driven decisions that drive results. Sociality.io gives you the insights you need to optimize your strategy and stay ahead of the competition.

Pro: Sociality.io covers the whole social media management journey in one single dashboard, starting from publishing your content at once, listening keywords and mentions of your brand, engaging with your audience, and creating comprehensive social media reports and competitor analysis reports. 

Con: Sociality.io does not provide a scheduling feature for TikTok for now.

Price: Starts from $99/month with a 14-day free trial

26. Whatagraph

Built for marketing agencies and in-house marketers, Whatagraph lets anyone create a marketing report within minutes. Once you’re done creating amazing marketing campaigns, this tool helps you report on the results by connecting to the marketing platforms you use.

Speaking of which, there are 40+ data sources to connect to, including Google Ads, Google Search Console, Ahrefs, SEMRush, and many others. To get started, you can create reports from scratch or use one of the 100+ available marketing report templates.

Agencies will love the customization options as they can change all aspects of the reports, including the widgets and their placement, as well as elements such as colors and logos. You can go one step further and white label your reports, removing all Whatagraph branding.

Pro: Its ease of use, high degree of customization, excellent customer support, and large template library are praise-worthy.

Con: You have to opt for the annual pricing, and at $199 per month for the cheapest plan, things can get expensive

Price: From $199 per month

27. Statusbrew

Statusbrew is one of the top social media analytics tools that helps teams get insights in a way that can be used for benchmarking, decision making & smart future planning. It supports all major social channels like Twitter, LinkedIn, Facebook, Instagram, YouTube, etc. and saves you a lot of time and effort by providing you with a centralized platform.

You can build intuitive and data-rich reporting dashboards using 200+ metrics and share the reports as a PDF, CSV or even directly as live links. You also get summarized reports in your email on a daily, weekly or monthly basis. 

You gain crucial insights and grasp a deeper understanding of your customers and target audience on social media via Statusbrew’s reports. 

Pro: The tool enables you to monitor social media conversations in real-time, uncovering patterns and insights in the data. Its social listening feature keeps you informed of the latest trends, competitors, and advancements in your industry.

It also facilitates better team collaboration by integrating with communication and business tools. Also, you can benefit from its AI-backed sentiment analysis to improve your customer experience management.

Con: Having so many metrics can sometimes confuse and overwhelm newer users. Some integrations have certain limitations and may not support all features.  

Price: Starting from $129 per month

The Final Verdict

There’s no one-size-fits-all answer for the best social media analytics tool; your best bet is to look carefully at each option, select the ones that suit your needs the most, and try them out.

With this list, you can see what each of the tools does, make a full comparison, select the ones that seem to suit your needs, try them out and make a concrete decision.

Keyhole helps marketers make data-driven decisions while streamlining their social media management efforts. On top of campaign tracking, influencer marketing, and social listening, now you can also use Keyhole’s social publishing and scheduling, all in one platform.

Saving marketers an average of 5 hours a week on gathering and social media reporting data, Keyhole also saves marketers over $7,000 every year in manual work. Contact us and let us get you the metrics you need to get the most out of your social media strategy.

The post 2024’s Best 27 Social Media Analytics Tools For The AI Age appeared first on Keyhole.

Oftentimes, you see a handful of players dominating a particular industry despite having so many brands offering the same thing. This is because the top players have an edge in introducing newer add-ons to the customers before anyone else. 

They dedicate their time to study their competitors and outroot them by filling in the gaps. Here’s a secret that will keep your acquisition wheel moving too. 

With competitor analysis, you can fuel your customer acquisition speed by delivering them more than you promised with newer updates and strategies. Let’s see how exactly competitor analysis can give you that unfair advantage. 

What is competitor analysis?

In the simplest term, competitor analysis is researching and analyzing your competitors to gain insights into their strengths and weaknesses. By understanding what your competitors are doing well and where they’re struggling, you can identify opportunities to differentiate your business and offer your customers more value.

Once you know your top competitors, start analyzing what they’re doing well and where they’re struggling.

Let’s say you’re running a small coffee shop. You might have a few other coffee shops in your area that are your competitors. You could visit their shops, check out their menus, and see what kind of vibe they’re going for. You may notice that one of your competitors has a really cool outdoor seating area that customers love. Try to replicate or improve that at your shop.

You can also look for gaps in the market that your competitors need to address. For example, none of your competitors offer a vegan breakfast sandwich, but you know there are a lot of vegans in your area. That could be an opportunity to offer something unique your competitors don’t have.

Another thing to look at is your competitors’ marketing strategies. How are they getting the word out about their business? Are they using social media, billboards, or something else? If you notice that your competitors are all advertising on Instagram, that is a good place for you to focus your marketing efforts.

Ultimately, the goal of competitor analysis is to find ways to offer better value to your customers. By understanding what your competitors are doing well and where they’re falling short, you can change your business to help you stand out and attract more customers.

How to identify competitors in your industry?

Here’s a step-by-step guide to identifying your competitors in your industry:

1. The first step is the discovery phase where you define the industry you’re in clearly. This will help you narrow down your search for competitors. For example, if you’re in the fitness industry, you might define your industry as “boutique fitness studios” or “personal trainers.”

2. Use search engines and perform a backlink analysis together with social media to research businesses that offer similar products or services. Look for businesses located in your area or with a similar target audience. For example, if you’re a personal trainer, you might search for personal trainers who offer similar services.

3. Talk to your customers and colleagues to see if they know of businesses offering similar products or services. They can provide valuable insights you couldn’t find through online research.

4. Attend conferences, trade shows, and other industry events to network with other businesses in your industry. This can be a great way to learn about new competitors and stay up-to-date on industry trends.

Once you’ve identified your competitors, analyzing their strengths and weaknesses is important. This can help you identify areas where you can differentiate yourself from your competitors and develop a product strategy that secures a competitive advantage.

How should you analyze competitor products and services?

Once you are done with researching for top contenders, go ahead and make a list of their products and services. This could include anything from the types of products they offer to the services they provide.

Take a closer look at what your competitors are offering. Examine the features of their products or services, the quality of what they’re providing, and the price point they’re selling at. This can help you identify areas where you can differentiate yourself from your competitors. 

For example, if you’re a coffee shop, your competitor offers a variety of specialty drinks at a higher price point. Consider offering similar drinks at a lower price point to attract more customers.

Look at what makes your competitors unique. This could include anything from their branding to the customer experience they provide. By understanding how your competitors differentiate themselves, you can identify areas where you can improve your business. 

If you notice that your competitor has more modern and trendy branding, consider updating your branding to better appeal to your target audience.

Use your gathered information to identify areas to improve your products or services. This could include anything from offering a wider variety of products to improving the quality of what you’re providing. If your competitor offers a loyalty program that customers love, you should also design a loyalty program for your business

Remember, analyzing your competitor’s products and services is an ongoing process. Keep monitoring your competitors and making adjustments to your strategy as needed. By analyzing your competitors, you can identify opportunities to differentiate yourself and offer more value to your customers.

How should you evaluate your competitor’s branding strategy?

The best way to evaluate your competitor’s branding is by analyzing their social media marketing styles. Look at the types of ads your competitors are running. Are they using social media ads, print ads, or commercials? What messages are they promoting in their ads? Are they highlighting any specific features or benefits of their products or services?

Make sure you add the social media profiles of your competitors to a competitor analytics tool like Keyhole. Track their online presence. Are they posting regularly? What types of content are they sharing? Do they engage with their followers?

Make it a point to notice what types of content your competitors create to promote their products or services. Are they writing blog posts, creating videos, or hosting webinars? What topics are they covering? How are they positioning themselves as experts in their industry?

Find out where your competitors are focusing their marketing efforts. Are they targeting specific demographics or geographic regions? Are they using different channels to reach different segments of their target audience? 

By evaluating your competitor’s marketing strategies, you can identify what’s working well for them and what you can do differently to stand out in your industry. If your competitors are all using social media to market their products, consider investing more in search engine optimization (SEO) to improve your website’s visibility in search results.

Read More: 131 Astonishing Social Media Statistics Revealed[2024 Edition]

3 Ways to identify competitor’s strengths and weaknesses

In order to assess your competitor’s strengths and weaknesses, find out what makes your competitors unique. What are they offering that sets them apart from other businesses in your industry? This could include anything from their pricing to their customer service to the quality of their products or services.

Then, search for areas where your competitors are struggling or could improve. This could include anything from slow delivery times to poor customer service. You can position your business as a better alternative by identifying these weaknesses. 

For example, if you notice that your competitor’s customer service is slow to respond, you could focus on providing faster and more responsive customer service to differentiate yourself.

Here’s how you can do this:

1. SWOT analysis: A SWOT analysis template is a framework used to evaluate a company’s strengths, weaknesses, opportunities, and threats. This can help you identify your competitor’s strengths and weaknesses and determine how to differentiate yourself. 
2. Reviewing their website and social media: By reviewing your competitor’s website and social media, you can get an idea of their marketing strategies, the types of content they’re producing, and how they’re engaging with their customers. This can help you identify areas where your competitor is doing well and where they could improve.
3. Conducting customer surveys: By surveying your competitor’s customers, you can get an idea of their strengths and weaknesses from the customer’s perspective. This can help you identify areas where you can differentiate yourself and provide more value to potential customers.

Next up, dig deeper into whether your own business is doing well and where you’re struggling. Use your gathered information to develop a strategy to differentiate yourself from your competitors. This could include anything from offering better pricing to a better customer experience. 

For example, if you notice that your competitor’s products are high-quality but expensive, you could consider offering similar-quality products at a lower price to attract more customers.

How to use SEO for competitor analysis? 

The first and foremost indicator of a good business online is its website design and user experience. Pay heed to how easy it is to navigate their website, how quickly it loads, and how visually appealing it is.

Check keywords of a website you are willing to outperform and improve your own SEO strategy by identifying which keywords your competitor is targeting. Go for a professional website design company if you are just starting out.

For example, if your competitor’s website has a lot of clutter and is difficult to navigate, you could focus on creating a clean and simple website design take less time to develop and easy for users to navigate.

Next up is organic presence on search engines. Evaluate your competitors based on how well your competitors are ranking in search engine results pages (SERPs). This will help you identify what keywords they’re targeting and how you can improve your own SEO strategy. Also, take a look at the Page Experience Report tips on making your website more user-friendly, which can boost your search engine performance.

For example, if your competitor ranks well for a specific keyword, you could focus on creating content that targets that keyword and optimizing your website to rank higher.

Spend some time conducting a competitor backlink analysis and spotting keywords your competitors target and how they use them on their websites. This will help you identify areas where you can improve your SEO strategy and target keywords your competitors may overlook.

Read More: 6 Must-Know Types Of Competitor Analysis Tools With Top Recommendations

How to use social media for competitor analysis? 

Rather than wasting time manually auditing your competitors on social media, use a competitor analysis tool like Keyhole to monitor their online activity. How what types of content they’re posting, how often they’re posting, and how engaged their audience is with sentiment analysis.

If your competitor is posting a lot of video content and getting a lot of engagement, you could focus on creating more video content to engage your own audience.

You can also leverage Keyhole to track your competitor’s social media metrics, such as engagement rate, follower growth, and reach. This can help you identify how your competitor’s social media performance compares to yours and where you can improve.

Moreover, you can head to QuickTrends to compare multiple competitors and their campaigns. Based on this, you can make a note of the bigger players and add those profiles as trackers for a detailed breakdown of their social media presence. 

Final words

In conclusion, competitor analysis is a crucial part of any marketing strategy. By analyzing your competitors, you can identify gaps in the market, improve your marketing strategies, differentiate yourself from your competitors, and stay ahead of industry trends. 

Keyhole is a powerful social media analytics tool that can help you conduct competitor analysis and identify marketing opportunities. With Keyhole’s free trial, you can experience the benefits of social media analytics firsthand and gain valuable insights into your competitors. 

Sign up for Keyhole’s free trial today and start identifying marketing opportunities that can help you grow your business!

The post How To Use Competitor Analysis To Identify New Marketing Opportunities appeared first on Keyhole.

But how does it help, you may ask?

For starters, social media data help you understand your audience, pinpoint well-performing strategies, and weed out the incompetent ones.

In fact, marketers use social data for various purposes. Studies have shown that 56% of marketers use social data for understanding their audience. Another 49% to develop creative content and so on. 

Overall, social media analysis helps you achieve your social media goals, proves what’s working and what’s not, and eventually maximizes your ROI.

Hence, understanding what social media analytics are, how to interpret them, and how to use them to increase traffic and sales is just as important as implementing any social media strategy.

In this post, we’ll shed light on how to comprehend social media analytics and use the data to scale your business and rise above the competition.

Let’s get started.

What is social media analytics?

Social media analytics is the collection and analysis of data shared on social channels to measure the performance of your social media accounts — and improve your strategies. A typical social media analytics report looks like this:

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Social media analytics goes beyond broader metrics such as likes, follows, clicks, retweets, previews, and impressions gathered from social networks.

As you know, social media is about people sharing their lives with others. With social media analytics, marketers get a peek into users’ lives and fetch valuable data to understand them better based on their interests, behaviors, and even demographics. This takes us to our next question: how is social media analytics different from web analytics?

Social media analytics vs web analytics

The main difference between the two is that social media analytics collects demographic and behavioral data from social media networks, while web analytics gathers data from a particular business website.

In other words, web analytics measure your website traffic to give you insights into how users are interacting with your website. Whereas social media analytics gathers information from social channels to help businesses make sense of users’ attitudes and customer sentiments.

Why do you need social media analytics?

All those posts you share, the interactions they generate, the comments they receive, and other activities get together to form useful data. Social media analytics can benefit your social media marketing in many ways, such as:

1. Craft a personalized customer experience

As we discussed before, social data helps you understand your audience. For instance, it tells you what customers want and at what time. These insights allow you to create targeted content and post them when your fans are most active to influence their purchase decisions.

2. Improve your strategic decision-making

You may not be able to create the best strategy in your first attempt. But you can figure out your mistakes with the help of social media analytics. You will know which social media strategies generate results and which ones are lagging. Hence, your decision-making skills will improve throughout your social media journey.

3. Boost ROI

The key goal of every social media post, retweet, or share is ROI. When you understand which efforts aren’t working, you can tweak your strategies accordingly to enhance the performance of your campaigns and overall ROI.

As you see, social media analytics work like peeling back an orange to get the segmented fruit within. The insights extracted from social media analytics can power many parts of your brand strategies. However, you need to use social media analytics tools to get the essential metrics.

How to use social media analytics tools?

Social media analytics tools are software used to gather and monitor the performance data of your social media accounts. These tools deliver a graphical dashboard and data visualization to help you understand social media presence at one glance.

Each social media network has its own analytics tool. For instance, Twitter has Twitter Analytics, and Instagram has the Account Insights platform.

While there are many tools available to perform analysis; however, it’s essential to know what you should measure precisely and why. This will save you from the paralysis of loads of information and help you adjust your social media strategy to meet your social media goals.

Of course, you’ll also need to determine whether you have the necessary in-house expertise to enable you to perform this analysis, or whether it makes sense to recruit an external analyst; you may decide to hire an independent contractor to provide specialist analytical support, for example. 

Here are the key performance metrics to track and get the answers to your social media marketing questions.

Analysis of social media account performance

Measuring your social media account performance is key to understanding where your social media strategy is working and bringing ROI and where it needs a fix.

• Followers growth: It measures the total number of new followers on your social media account at a particular time. It helps you understand how many people are engaging with your brand. More followers equal more eyes catching your content.

• Engagement rate: It’s a metric used to track how actively involved people are with your content and how effective your campaigns are. It includes user interactions such as likes, comments, and social sharing. A higher engagement rate indicates you are creating valuable content, while a low engagement rate signals content improvement.

Here’s how you can calculate the engagement rate. 

• Social media posts’ performance and top posts: Analyzing social shares like comments, engagement rate, clicks, and more, on your posts tell you which posts are receiving maximum engagement and which ones are going in vain. You can use this data to extract top-performing posts and design a better content strategy.

• Types of posts: There are different types of social media posts, including written posts, images, videos, and so on. To consistently produce engaging content, you must understand which types of posts resonate with your audience and are performing well on which platform. For instance, you may find people out your images are doing wonders on Instagram and written posts are more effective on LinkedIn.

• Mentions: It measures how many times your brand name is mentioned on social media accounts. Each time a user talks about you (e.g., post a comment mentioning your brand), you receive a social media mention. People can post positive or negative comments about your brand. Tracking mentions will help you leverage positive comments and take care of negative ones.

Research audience of social media channels

Audience analysis gives you a deeper understanding of your current and potential customers to help you improve customer experience, brand perception, and marketing strategy. Let’s see the metrics you need to research your social media audience.

• Followers location: Knowing where your audience lives will give you insights into how people belonging to a different region are talking about your brand, product, or relevant topics. This will guide your next content strategy or product promotion.

• Gender: Is your audience male or female? Answering this question gives you some basic knowledge of your audience and their gender-based choices.

• Audience by follower count: It’s a ratio dividing the number of your followers by the number of people you’re following. A massive follower count results in more impressions and reach. It leads to more engagement and further audience growth. If you keep analyzing your follower count, you can find multiple ways to keep your followers growing.

Comparing multiple social media accounts

Keeping an eye on your social media accounts and comparing their results help you understand what works best. You can increase your efforts on result-oriented accounts and tweak your strategies on low-performing ones.

• Engagement rate: Notice which social media channels have the most engagement, such as more likes, shares, and comments. 

• Followers growth: What is your total number of new followers on each of your social media accounts in a specific time period? Tracking it helps you understand the platforms where your prospects are most active.

• Post type comparison: Your social media success depends on the success of the content you post. If you compare your posts between multiple networks, you’ll notice that some posts are far more engaging than others. For instance, you may see LinkedIn written posts are generating more results than tweets.

Benchmarking against competitors

Competitive benchmarking tells you where your business stands against your competitors. A set of predetermined metrics show the performance of your social media strategy against your competitors. It will help you identify growth opportunities and uncover ineffectual social strategies.

• Engagement rate comparison: Pay close attention to your competitor’s engagement rate. Are they getting consistent engagement on their content? Do they share written posts, images, slides, or videos? Such insights help you find loopholes in content (either your’s or competitor’s) and fill them up with a better strategy.

• Followers insights: Study competitors’ followers and their social media profiles to get a general idea of the audience demographics your competitors are tapping into. Compare the results with your buyer persona to ensure you target the right audience.

• Top Posts: Analyze their top-performing posts and use them to generate better content ideas that resonate well with your audience.

Analysis of paid campaigns

You need to know what are the most important metrics you should track to measure your social efforts and run optimized paid social media campaigns.

Here you go:

• Clicks: Clicks are a popular social media metric that counts the number of users who click your social ads. This metric represents an interested visitor you should target. 

• Click-through rate (CTR): It measures how many people click your social ads to know more or buy. CTR tells you how effective your social ads are in driving people to your products or services.

• Cost per engagement (CPM): It’s a pricing model where advertisers pay when users interact with their campaign, like by taking the survey or signing up for a free trial. CPM shows the effectiveness of your ad in luring people to take action.

• Campaign ROI: It shows the amount of value you generate from your social media efforts. ROI tells you the overall effectiveness of your campaigns and helps you fine-tune your strategy to enhance returns as you move forward.

Customer support and community management

Customer support is about addressing your prospects’ issues and offering your content, products, or services as a solution. While some companies prefer the new ways such as chatbots or social media to provide support, others still trust business phone providers for more professionalism and reliability.

Below metrics will allow you to offer customer support and build community:

• Brand mentions: Brand mentions are events when your brand is mentioned in social media posts, reviews, videos, comments, or other pieces of content. Monitoring them lets you find what people are talking to you and if they need your assistance.

• Posts related to your brand: Tracking posts relevant to your brand topics help you stay informed about the audience and industry. You can analyze topics your audience is most interested in and how you can support them more with your offerings.

Sentiment analysis

Sentiment analysis shows how people feel about your brand on social media. It collects and analyzes the posts people share relevant to your brand to extract emotions and opinions. A high number of mentions may look great at first glance. But if they are full of negative comments, you need to take care of them before they ruin your online reputation. Thus, sentiment analysis helps you tweak your brand messaging and products as per consumers’ opinions.

Influencer analytics

Influencer analytics analyze and evaluate an influencer’s reach and performance to help you find the influencers that work best for your target market. 

• Influencer vetting: Analyze the influencer’s audience, such as the number of followers, audience size, age, gender, and so on, to ensure they have followers resembling your prospects.

• Influencer posts’ performance: Measure the volume of traffic an influencer’s post receives along with clicks and comments. It helps you identify whether they’re a good fit for your campaigns and have the potential to drive conversions.

• Influencer campaign ROI: It determines the overall effectiveness of your influencer marketing campaign. Plus, ROI helps you adjust your strategy to produce desired results.

At this point, you know which metrics matter the most. Now let’s see how to track them quickly.

Read More: Top 25 Social Media Analytics Tools: The Definitive Guide

How to track your social media KPIs using Keyhole?

Imagine you export separate data from Facebook, LinkedIn, and Instagram. You are trying to put the jigsaw puzzle together, but you are lost in hoards of data. 

Or imagine all your data is pulled together on one dashboard, telling the story of your social media performance at one glance. Sweet times.

Introducing Keyhole, a social media analytics tool with a live dashboard that brings all the data together in one place.

Here are six steps to track social data with Keyhole.

Step 1: Auto-collect data

Keyhole auto-collect all the social media metrics your business or clients care about, including engagement, reach, impressions, and more, to show you the impact of your social media marketing.

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Step 2: Set benchmarks

Before you jump on building social media strategy, it’s crucial to set some goals. It could be anything like increasing sales or brand awareness. Keyhole will track your benchmarks to help you make the necessary adjustments along the way. For instance, if your goal is to grow engagement, Keyhole will measure your posts’ results to analyze the ideal time to post on social media and the optimal post length.

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Read More: Top 7 Social Media Competitor Analytics Tools For Marketers And Agencies

Step 3: Create social media reports

Keyhole automatically generates social media reports within minutes, showing you the overall performance of your social channels. Hence, you don’t need to waste time creating spreadsheets and manually entering data. The icing on the cake is Keyhole reports are visually appealing and understandable at first glances, like this:

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Step 4: Analyze the data to optimize your social media posts

Keyhole provides historical data reports you can use to analyze your social media posts. You can examine which content goes viral and why users react instantly to specific trends but ignore the others. Use these insights to design an effective social media content strategy.

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Step 5: Create and share the dashboard

Keyhole’s live dashboard takes seconds to deliver the latest reports. You can share them with your boss, team, or clients. Or download these visual charts in PDF, or Excel format, or as URL sharing.

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Make quicker, more accurate decisions using the social media analytics tool

To get the most out of social media analytics, make sure you use the right tool to track the results and make accurate decisions. Do you need a helping hand with metrics or tools? Book a demo call now with our social media analytics expert.

The post What Is Social Media Analytics & Why Is It Important? appeared first on Keyhole.