When was the last time you ran a competitive analysis on Instagram for your brand?
By performing a competitor analysis in general, not only on Instagram you'll be able to:
- Identify gaps in the market
- Develop new products and services
- Uncover market trends
- Market and sell more effectively
With the appearance of new software and technology, marketers, and business owners can know more about their competition than ever before.
Conducting a competitive analysis with regularity will help you to stay one step ahead of others.
Anne Pazier - Owner of Santa Barbara Gift Baskets:
"Design, create and promote your product/service in an authentic manner.
Keep tabs on the competition but don’t let it distract from your vision and endeavors."
In this article, you’ll learn what competitive analysis means and understand how to analyze your competition on Instagram to sustain a competitive advantage.
- What competitive analysis means?
- Why is it important to research competitors?
- Why should you analyze your competitors on Instagram?
- How can you find your competitors on Instagram?
- How to analyze Instagram competitors with Socialinsider
- Identify the area of improvement
Let’s start with a definition. What exactly means “competitive analysis”?
Competitive analysis or competitive research is a field of strategic research that specializes in the collection and review of information about rival firms.
With this evaluation, you can establish what makes your product or service unique, and therefore what attributes you play up in order to attract your target market.
By analyzing your competition Instagram accounts and then monitoring them on an ongoing basis, you’ll get to know their behavior, enabling you to anticipate their actions and stay one step ahead.
This is an essential tactic for finding out what your competitors are doing on Instagram and what kind of threat they present to your financial well-being.
The first step in order to create a killer competitive advantages wether on Facebook and Instagram or with outreach, SEO, PPC, etc. is to know who is your competition.
There are three types of competitors:
- Direct – Businesses that sell the same types of goods and services you do, to the same market.
- Indirect – Businesses that sell substitute products or services, or items that can be used in place of yours.
For exemple, if you own a bakery, an indirect competitor might be a restaurant.
- Potential new entrants – Although you can’t predict the future, any news you’ve picked up about new businesses entering your market should be taken into account as you analyze your current and future competition.
Tip:If your company is not on this social network (Instagram) yet but your competitors are, you should start considering it.
For businesses and not only, Instagram is an excellent oportunity to market their products to a more targeted audience.
This social media platform has a lot of features, and it’s always good to be aware of what your competition is up to and learn from their Instagram strategies.
Finally, this analysis about your competitors on Instagram will allow you to learn what’s working for them. What type of content they post (photo,video,carousel), when, what hashtags are they using and not only.
For example, if you are looking at @socialinsider Instagram account, you'll see that starting from this year all their photos are real. Pictures from their vacations, with the team members, from their meetings and from places they're working.
Also, they are using the same filter and posting with regularity news about their product/blog articles.
Being authentic in this social media world is very important.
Benefits of analyzing your competitors on Instagram:
- Discover creative ideas that you can apply on your own Instagram account.
- Discover which channels or areas your competitors are focused on and get a better idea of their strategies.
- Allows you to know other people’s plans, and improve your Instagram strategy.
If you’ve been in the business for a while, you must know your direct competitors well. However, an effective way to find competitors are:
- Listen to your followers:
Listening to your followers is very important when creating a social media strategy. They can provide you with precious information. If they are happy they will like and comment, but if they won't like you will quickly figure it out.
Observe and investigate which other similar brands to yours they also follow and what they say about them.
- Hashtag tracking:
Traking branded hashtags will help you find the content written about your product and who’s writing it.
If you are a social media analytics tool, for example, you can find who's using #socialmediaanalytics or #socialmediaanalyticstool hashtags and follow them. In this way, you'll have the chance to see what your competitors are posting and how are they creating their Instagram strategy.
Once you follow an account, Instagram will suggest three other similar brands at that time. This is a great opportunity to find new competitors.
Follow these steps to analyze your Instagram competitors with Socialinsider:
- Add your competitor's Instagram profile.
- Click on the 'Add Social Profile' button on the top
- Click on 'Instagram Competitors' Business Profiles'
- Type or paste the Instagram profile link, then click Verify.
- Add the Instagram profile to a project, select the history time for the profile scan then click 'Add Instagram Business Profile'
- Select the period of time on the top right corner.
This is the information that you will see:
- Followers: How many users follow your competitors.
- Posts: Number of posts published by your competitors in the period of time selected.
- Likes: The number of likes obtained.
- Comments: The total number of comments in the period selected.
- Engagement: Instagram engagement rate/post and Instagram engagement rate/page.
- Top hashtags: The most used hashtags that your competitors are using.
Now the final step.
After performing a competitive analysis, you now have a better idea and understanding of what your competitors are doing on Instagram.
Take all the information you gathered about each competitor and identify particular areas that need improvement. Use what hashtags they use, add a location, use the same filter or anything that will increase your engagement level.
When it comes to Instagram competitive analysis, the engagement on this social media platform should be one of your primary goals. You want to stay ahead of the competition and learning the perfect way to engage audiences is a crucial aspect.
Socialinsider offers you three types of plans, according to your needs: Explorer, Freelancer, and Agency.
Choose the plan that fits you and start a competitive analysis on Instagram.
Report and analyze social media performance for multiple business profiles from one dashboard with Socialinsider! Create social media benchmarks for your clients or industry, generate .pdf or .ppt reports, and automatically send them to clients. - *For users on an Agency plan.