Competitors' online analysis is one of the practices in Digital Marketing and it is also overlapping with social media monitoring and listening.
Do we need software/app/tool to monitor or track our competitors on social media? Well, there are free monitoring features available on Social Media platforms for example Page's performance tracking with LinkedIn Analytics:
- Under 'LinkedIn Analytics' > 'Competitors', you can add up to a maximum of 10 competitors pages to track
- Standard tracking metrics include the number of Page Followers (All-time & new followers gained) and Organic Content Performance (Total number of posts & total number of engagements)
However, with the other social media monitoring & listening tools, we are able to track a lot more information to gather deeper insights to understand our current positioning in the market in order to formulate a better social media marketing strategy plan.
There are some free and paid tools available in the markets and you may refer to the existing reviews/comparisons as such:
Besides that, we do have some courses available on Social Media Monitoring using SemRush & Mentionlytics Tools to learn about the key performance metrics while tracking your competitors.
Feel free to chip in your thoughts here after watching the videos.