What You Need to Know About YouTube Competitor Analysis?
You may be doing a lot on YouTube to build a loyal count of real YouTube subscribers, but unless you’re also tracking the performance of your competitors, you could be missing out on taking full advantage of the platform for your business.
With YouTube’s surge in popularity over the years, brands have understood that it’s important to use YouTube marketing to further business growth. Creating engaging videos for your YouTube subscribers will help you get more YouTube views and communicate your brand personality with your audience.
YouTube Analytics and Competitor Analysis aren’t the same
YouTube has an in-built analytics tool on the platform, which allows a brand to track its performance and growth. Using the YouTube Analytics tool, you’ll be able to see how your videos are performing, the demographics of your target audience, and measure other key performance indicators to identify which strategies are working and which ones aren’t. You can then make changes to your YouTube marketing strategy based on the YouTube Analytics tool’s insights.
While the Analytics tool gives you data about your channel, it won’t be able to offer you data pertaining to other channels. For this, you need to make use of YouTube Competitor Analysis tools. Using such tools, you’ll be able to access insights from data that will show you where you stand in relation to the competitors in your industry. This will allow you to draw comparisons between the content you put out on YouTube and the content uploaded to the platform by your competitors.
Based on the metrics you’re already tracking, you can see how your number of YouTube subscribers compares to that of your competitors. You can also draw a comparison between the number of YouTube views you get versus that of your competitors. Keeping track of such data and drawing the needed comparisons can highlight the things lacking in your strategy and help you pull your socks up so that you can work towards giving your brand an edge over the competition.
Why should I care about how my competitors are doing?
If you’re wondering why keeping an eye on your competition is important, here are some reasons you should consider.
Identify what’s lacking in your videos
When you track the performance of your competitors, you’ll be able to get access to details about what’s working for their videos. A successful video is about doing so much more than just having a good script and shooting a high quality video. It also involves video descriptions, tags, titles, and thumbnails. If you don’t sell it even through these elements of your video, a great video could be overlooked and fall flat of connecting with your YouTube subscribers. Tracking your competition will help you analyse all that they’re doing right with their videos and enable you to make sure your videos are made to create the impact you want and boost business growth.
Keep track of the trends and stay relevant
The digital world changes every day and you need to be able to adapt to the new trends in an industry if you want to stay relevant. You may feel like you’re already doing a pretty good job of keeping up with the trends in your niche, but you never really know what could be a source of inspiration online. When you do an analysis of your competitors, you’ll be able to learn different content creation strategies. You may even be able to identify certain types of videos that are trending in your niche. For example, a competitor analysis may reveal that tutorials for your products or unboxing videos work the best in your niche. Such information is crucial because it will enable you to adjust your content strategy to take advantage of the latest trends in your niche and get more YouTube views and YouTube subscribers for your channel.
Evaluate whether you’re reaching the right audience
Just because you’re getting more YouTube views on your videos doesn’t necessarily mean that you’re experiencing business growth. For you to truly be benefiting from YouTube marketing, you have to be getting a high enough return on investment to make the process worth it for you. Each niche has its own target audience and it’s important for you to cater to the needs of your target audience if you want to boost business growth. By keeping track of your competitors, you will be able to see the demographics of their YouTube subscribers and identify if you’re connecting with the right group online. Once you assess whether you’re reaching out to the right target audience, you can make the changes needed to build your YouTube subscribers and connect with the right audience.
The platform’s growth only increases every day and with more brands making use of YouTube marketing, there’s no dearth of options when it comes to what potential customers can access online. If you’re not offering your customers what they need, you can be sure that there will be a brand that is, so you need to track your competition to see what you can do to make customers flock to you.
Ok, I’m convinced. But how do I conduct YouTube Competitor Analysis?
Having gone through the above reasons, we’re certain that you understand just how important it is to track your competition on YouTube. If you want to boost business growth and create more real YouTube subscribers, competitor analysis isn’t an option – it’s a necessity.
But you may be wondering how exactly to go about doing this. We’ve got you covered. Read on to find out how you can conduct YouTube competitor analysis to put your brand at an advantage.
Conduct market research and identify your competition
In order to be able to track the performance of your competitors, you need to identify who they are in the first place. Carrying out market research will help you identify your competition. Brands that have similar products or services and target the same audience are likely to be your immediate competitors. Identify them and then check how active they are on the platform to get started with YouTube competitor analysis.
Evaluate your competitors’ video content
Once you’ve managed to identify your competition, you need to study their videos carefully. Yes, we do them STUDY them. See what kind of videos they’re making for their YouTube subscribers and what types of content are most popular among your competition. Are they hosting giveaways? Are they relying more on tutorials, unboxing videos, product reviews, or influencer marketing to boost brand growth? Answering these questions will help you get inspired to make more engaging content for your YouTube subscribers based on what your target audience is engaging with. Apart from giving you ideas on making engaging videos for the platform, it will also help you identify where your content creation strategy is lacking so that you can work on it and upload content that your audience will love.
Monitor the metrics of your competitors
Think of the metrics you’d track for your brand’s YouTube channel and make sure you track the same metrics for your competitor’s channel. The number of YouTube subscribers they have, which of their videos are performing well, the likes and dislikes they get on their videos, the number of YouTube views they have for different videos and other metrics need to be carefully monitored so that you can draw a comparison between the metrics on your videos and the metrics on theirs. This way, you can identify what they’re doing right and where you will need to improve if you want to see growth in your key performance indicators.
Check how active your competitors are on YouTube
It’s not enough for a brand to just be present on a platform like YouTube. Truly successful YouTube marketers actively engage with their YouTube subscribers to boost the growth of the business. Assess how active your competition is on the platform. When did they post their last video, and how frequently do they post on their YouTube channel? How quickly do they respond to comments, and do they clarify any queries that their YouTube subscribers express? Making a note of your competitors’ activity levels can tell you a lot about whether you’re actively engaging with your audience on YouTube or whether there’s more that you need to do.
Identify gaps in your competitors’ content
As great as your competition may be, there’s always something more that they could be doing to level up on their YouTube marketing strategy. Keep a close watch on them and identify any gaps that you can in the content they offer so that you don’t end up making the same mistakes. Whether it’s something like video quality, ad placement, or lack of CTAs, by paying close attention to their content, you can identify what could be better about their content and ensure that you keep that in mind when you’re creating videos for your channel.
These tasks are time consuming which is why making use of competitor analysis tools for YouTube is necessary. Such tools will give you access to reliable data that you can draw insights from and use to drive your business’ growth.
Great YouTube marketing is incomplete without competitor analysis. Make use of YouTube competitor analysis tools to keep an eye on your competition and use the insights generated from such analysis to boost business growth.