How to one-up your competition with social media industry analysis

Reality check: conducting industry analysis doesn't have to be complicated or time-consuming.

In fact, it's arguably easier than ever.

And we have social media to thank for that.

Whether it's competitor activity or trends dominating your space, industry analysis through social media provides real-time insights for businesses.

How so? According to data from the Sprout Social Index, the following two types of posts receive the most engagement via social:

The takeaway here is that social media is a prime place to conduct industry analysis. If you want a better understanding of what your competitors are doing or what your customers want, the information is out in the open.

That is, if you're listening for it.

What is industry analysis, anyway?

Industry analysis involves researching your target audience, competitors and customers to uncover relevant product and content insights.

Social media manages to highlight the happenings of your industry in real-time without any sort of filter.

Want to know what your competitors are promoting? Curious about what your customers are buzzing about? Chances are you can find the answers in your social feed.

Just as consumers adopt trends at a break-neck pace, businesses are expected to keep up. Think about industries like fashion and food which are so time and trend-sensitive. Whether it's the latest festival fashion or the milkshake IPA craze, brands that don't have a pulse on the social space are definitely missing out.

Social media industry analysis isn't just about what your competitors are doing, though. To figure out where you stand in your industry, it's crucial to look inward. This means digging into customer insights to see what you're doing that's winning over actual buyers to uncover new trends as well.

Thanks so much, Hannah! I'm so happy to hear your family is enjoying our new mug cakes! I'll be sure to pass your comments on. Enjoy!-Cheri

— Udi's Gluten Free (@udisglutenfree) March 30, 2019