Social media competitors can help you a lot in terms of improving your presence on social media. It simply means you can learn a lot from your industry rivals! Brands and businesses wanting to expand their reach on social media platforms need to analyse their competitors regularly. Apart from gaining an edge over competitors, competition tracking also helps you detect new opportunities in terms of content creation, audience engagement, and so on.
The basic motto of every brand present on social media is to increase brand awareness. But with the help of competitor monitoring, brand managers can find out more about their niche players and trends. This analysis is crucial for framing social media strategies.
Before we move on to the steps of Instagram competitor analysis, let’s understand the basics.
What is competitor analysis?
Competitor analysis is the process of examining your industry competitors and dissecting their marketing strategies, strengths, and weaknesses. The process also brings to light where your competitors lack and where you need to improve as a brand on social media. In this analysis, one compares their own brand presence with that of the competitors. The competitor analysis results help you gauge the effectiveness of your strategies, the relevance of your target audience, and the impact of your content amongst other things.
What is Instagram Competitor Analysis?
Instagram competitor analysis simply involves analysing your competitors on Instagram. In this analysis, only Instagram is the focus and everything related to this particular platform is compared and analysed.
Why Do Brands Need Instagram Competitor Analysis?
1. To measure the effectiveness of a brand’s social media strategy
When you compare your industry rivals with your brand you come to know how effective your strategies are as compared to competitors. This analysis will tell you whether your strategy is hitting the right notes with the intended audience. It also helps you figure out if your social media marketing approach needs an upgrade!
2. To know the brand position in the industry
Every brand that is active on Instagram will have Instagram competitors. Instagram competitor analysis will help you know your stand in the industry. The comparison results will tell you which brands and businesses are faring better on the platform as compared to your brand. Every Instagram competitor will have its unique approach to stay relevant on the platform and with the help of competitor analysis, you will know which brands are ahead of you in the race and who are your direct and indirect competitors.
3. Helps you find out what the competitors are not doing
Instagram is crowded with content, to say the least, and almost every brand on the platform has done it all in terms of content. So how do you differentiate your brand from the competition? Competition tracking can help you find that out. The analysis you conduct will tell you what other brands are not doing in your niche. This will help you frame better strategies. Moreover, once you know what is not being covered by your rivals, it becomes easier to frame content and to go a step ahead.
4. Helps you find your brand’s Share of Voice
Instagram competitor analysis helps you find your brand’s Share of Voice. Share of Voice in general terms is benchmarking your brand performance in comparison to your competitors. SOV is the measure of your brand presence on social media.
Competition tracking will help you understand how your brand is being perceived on social media and whether your content is reaching the intended audience and generating the appropriate response in comparison to your competitors.
Want to know more about Share of Voice? Read here.
5. Tells you what is trending on the platform
Analysing your Instagram competitors with the help of competition tracking tools like Unbox Social will give you an insight into what’s trending on the platform. Instagram is coming up with new features and brands are making the most out of it. With the help of competitive analysis, you will be able to detect what kind of content format works best for your niche. Check whether your competitors are inclined towards Reels or are focused on Stories and posts. Make sure you also check what kind of posts are garnering them the most audience engagement.
Now that you know Instagram competitor analysis can give you a goldmine of data, let’s move on to the process of conducting competitor analysis for Instagram.
Steps to Conduct Instagram Competitor Analysis
Most brand managers take competitor analysis as a part of social media analysis but competition tracking in itself is a broad field. While there are several competitor analysis tools it is important to know the method of conducting this analysis. Simply comparing the number of likes, comments, and shares will not do much for you. Let’s understand the steps of conducting Instagram competitor analysis.
Step 1- Study your niche and identify your competitors
In order to analyse, you need to have your list of Instagram competitors ready. Make sure you dissect your industry and identify your competitors well. Brand managers often think of only their immediate competitors but your business can have indirect competitors as well such as start-ups dealing in similar services, brands following a similar marketing strategy as yours to market a similar product or service, and so on. So make sure to choose your competitors wisely.
Step 2- Examine your brand’s goals and objectives
There need to be some parameters based on which you will compare your brand with others. To analyse thoroughly, you must know your brand’s goals and objectives. Moreover, keep your past marketing strategies and their performance handy to compare better. These parameters will effortlessly bring to light what needs to improve in your social media marketing plan.
Step 3- Check the frequency of your competitors’ posts
The post activity of your competitors on Instagram is of high importance here because metrics take into account the content and then give data. See to it that you analyse the frequency of your competitors’ posts on the platform.
Step 4- Keep a check on the audience they are intending to reach
No matter how amazing your content is, if it doesn’t reach the right audience it makes no sense. Analysing your competitors’ target audience can help you reach an undiscovered audience base. This is why it is important to see what kind of audience forms the crux of your competitors’ target. Social media competitor tracking tools like Unbox Social give you in-depth data on audience demographics and SOV.
Step 5- Use a social media competitor analysis tool
Once you have done your homework, it is time to dig deeper into your rivals. With the help of Instagram competitor analysis tool, you will be able to get in-depth data. Unbox Social is one of the best competition tracking tools for Instagram. The platform also caters to social media platforms YouTube, Facebook, and Twitter. The competition tracking solution of Unbox Social will help you with more than just post metrics. Here are the features of this tool at a glance-
– Get an overview of your competitors
The platform gives you an overview of your competitors wherein you can check the number of followers, number of posts, interactions, engagement rate, and the most engaging post.
– Content insights
The Unbox Social platform gives you detailed data on how your competitors are performing on Instagram wrt the content. In this feature, you will be able to see the comparison of the number of posts, audience interaction, total interactions, engagement rate, engagement rate as per content form, themes your competitors are posting on and post recommendations for promotion. This will give you a total idea of how effective your content is in comparison to your industry competitors.
– Post insights
The Unbox Social competition tracking solution will give you post metrics for each post. This will help you see what kind of posts they are creating and how they are performing. Such insights help in curating effective content strategies.
– Compare feature
The highlight of this platform is its Share of Voice feature that gives you details on posts and interactions. Further, this section will also give you a breakup of content type and average ER, and type of posts in percentages. Not just that, the platform allows you to compare based on keywords and hashtags too. Simply put in a query and you will get data related to your query with just a click!
Social media competitor analysis needs to be done in a clearly defined process. Make sure you keep a note of the data gathered and implement the same in your strategies. Brand managers often consider only current results but it is important to keep a check on past data performance too. Keeping a track of past data will help you understand the brand position better.
Want to know more about competition analysis and social media analysis? Read the blogs below.
– 10 Reasons Why Your Social Media Reach Is Low And Ways To Improve It
– Competition Tracking: 10 Tips And Strategies On How To Monitor Competitors
– 10 Common Mistakes Every Brand Must Avoid In Social Media Marketing