Using tools to analyze your competition on Facebook can dramatically improve the reach of your products, and therefore your entire brand. After all, Facebook is the largest social media network in the world, with nearly 3 billion monthly active users.
But despite countless tools and opportunities to look ‚from the outside‘ at the performance, posts, and ads of established competitors, there has been a lack of opportunities to take a direct look inside your ecosystem. Which people are your competitors really interacting with on Facebook? What is the demographic profile of these followers, what are they interested in, and what other products do they consume?
All these questions have, for good reason, in view of the GDPR, have not been easily answered so far. But imagine being able to answer these very questions. This is made possible by the analytics tool that the Web 3.0 Data startup WeDataNation is currently developing. In this article it will be presented for the first time.
Why should you perform a Facebook competition analysis?
Whether you’re just getting started on Facebook or you’re already an established brand, it’s important to look to your competitors for best practices and strategies. After all, they are likely competing for the same target audience as you. While you’re just getting started with marketing, your competitors are probably already serving your ideal target audience.
In summary, there are extremely useful insights that analyzing your competition’s audience on Facebook can provide:
- Demographic information (age, gender, relationship status, income, location, cell phone & credit card usage, etc.)
- Social media information (favorite influencers, groups, friends) for potential collaborations
- Information about preferred times of use in order to choose the optimal time for own postings accordingly
- Websites visited outside of Facebook (including categorization), for targeted ad plays
- Product categorization and products purchased by your competitors‘ customers
- An understanding of potential pain points of competitors‘ customers
- New (and better) ideas for content that might resonate with your target audience (or conversely, will NOT resonate and you’d be better off leaving alone)
- An understanding of how you should communicate with your audience on the specific platforms (e.g., casual or formal)
- And much more!
What insights can you get?
In order to graphically illustrate the possibilities of the WeDataNation analysis tool, 1,000 data records of followers of the brand ‚Adidas‘ on Facebook were simulated and subsequently analyzed.
Facebook and Amazon information about ‚Adidas‘ followers
Detail view Facebook (‚Adidas‘ and ‚Influencer A‘ followers in detail)
Where is the advantage compared to existing solutions?
Existing solutions already offer options for analyzing competitors, but they are based only on publicly available information that is determined via interfaces from Facebook. An improvement in one’s own performance can be achieved here, for example, with a simple analysis of the competitor’s ads.
WeDataNation’s analysis tool offers added value by analyzing information from Facebook, which was previously only available to the respective user, and additionally enriched with insights into purchasing behavior on Amazon. The cross-platform linking of attributes from e-commerce & social media thus offers the first and so far only possibility to use such sensitive information for analysis purposes.
Where does this information come from? Is WeDataNation the next ‚Cambridge Analytica‘?
In contrast to the incidents of the Cambridge Analytica scandal, where in 2014 over 50 million user data were stolen from Facebook without the consent of the respective users in order to build a system that ultimately influenced the US election, at WeDataNation we rely on the active provision of the respective data by the users themselves.
The data from Facebook and Amazon evaluated here is thus provided
by the user on WeDataNation’s aggregation platform and evaluated exclusively with the user’s unambiguous consent. In return, the respective users participate in the revenues generated. This prevents any unconscious influence and, on the contrary, even ensures that users can actively participate in the development of certain projectors. Be it through surveys or other interactions (more on this in our upcoming article ‚Hypothesis Validation Marketplace‘).
The data provided by the respective users is combined into anonymized subgroups and placed in relation to the desired search criteria. For example, the information shown above is an exemplary evaluation of the group of people who liked ‚ADIDAS‘ on Facebook.
Additional search criteria, which for example refer to Amazon purchases, demographic data or to further Facebook Akttribute, are possible and can be selected without prior knowledge by drag and drop.
Imagine, for example, analyzing a group of people consisting only of female users, with a high demand for sustainability, who have liked ‚Adidas‘ on Facebook, with an income >€3,000 and monthly e-commerce spending >€300 on shoes. The possibilities are limitless and the design options as multifaceted as your product or brand itself.
Can’t I find out this information myself?
Competitor analysis on Facebook is important. However, the way you do it is at least as important. For starters, you can track your competitors manually. However, the disadvantage of this method would be that it is not only very time-consuming and technically demanding (HERE is an article explaining the procedure step by step), but the information presented in the previous section is not accessible to you.
With WeDataNation’s Facebook competitor analysis tool, you can run queries for numerous competitors in a short amount of time, giving you a holistic picture of the competitive landscape.
How can I use this tool?
The release of the analysis platform is planned for Q2 – 2023. Currently, it is under development. However, the team is already taking note of every inquiry, specific search request and interesting conversation to ensure that the needs of potential future customers are taken into account.
Contact via mail: Partner@WeDataNation.io
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by Barbara Marx Hubbard
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