How to Conduct Social Media Competitor Analysis for the Hospitality Industry?

There are so many writers out there who go through a writer’s block, and much like that, agencies or companies more often than not find themselves sinking down the metaphorical quicksand, that drains them of their ability to think out of the box for their posts. So in order to learn more and gain more information, one can take the route of competitor analysis.

1) Do thorough research and identify your competitors:

Before jumping into any conclusion, do extensive research and figure out who your competitors are and what they are currently up to. Learn and observe how they are behaving on their various social media platforms, by gathering intelligence and then making sense of the data. In order to achieve the same, many people in the hospitality industry use social media competitive analysis tool, as it helps them give a better and comprehensive understanding.

2) Start gathering intelligence:

It might seem tedious, but it needs to be done. Start with small steps such as see what they are doing on different social media platforms or what kind of hashtags they are using, and it will give you a brief idea. Some of your competitors might be on facebook, some on twitter; however, after a thorough research, you will figure out where you need to be.

Keep on asking yourself questions such as how often do they post or What hashtags do they use? Try to maintain a balance between over-posting or not posting at all; all of this can be made easier by using social media data analytics.

3) The next step is conducting a SWOT analysis

After you are done gathering all the necessary intelligence and stats, the next thing in line is SWOT(strengths, weaknesses, opportunities, threats) analysis. 

-Strengths

What are they good at doing? Maybe it is their catchy copies that make people engage or the minimalistic videos that garner them retweets/likes/shares. Figure out what they are doing right and take inspiration.

-Weaknesses

Try and figure out where are they falling short? Is it the inconsistency in posting or silly grammatical mistakes. Whatever their mistakes might be, this is your chance to separate yourself from them.

-Opportunities

Between strength and weakness lies opportunity. For example, the hospitality industry gets a lot of queries asked on social media platforms, maybe that is where you can come in and guide the audience. 

-Threats

Arguably the most significant part, if you still haven’t identified the threats and how to deal with them, one can take help from some experts who have a background in social media marketing.

These were some of the fundamental steps that one needs to follow to do a thorough competitor analysis. However, in a world where there are around 2.2 Billion monthly active users on Facebook, 800 million monthly active users on Instagram and 330 million monthly active users on Twitter. It can be very hectic for anyone to do a competitive analysis. To help you out with the same, one needs to hire a social media management company, and such is BCV marketing, a RateGain company. 

It leverages its proprietary guest experience cloud platform, which offers you a comprehensive social media solution to drive ROI while telling your hotel’s unique story. 

Furthermore, BCV’s comprehensive solution is  supported by various tools and analytics aimed at improving sales and provide unparalleled guest interaction. So what are you waiting for? This software can help you save a lot of time and energy and still give you the insights that you want.