Social media competitor analysis is an exercise almost inevitably crucial for improving brand health. While you are trying to solve a particular problem for your target audience if you turn a blind eye to other players in the market, you’re in for a risky ride.
There’s a wealth of content out there. No matter which industry you are in, you will always have to compete for social media reach and engagement.
Especially on Instagram, which has over 1 billion monthly users, conducting an Instagram competitor analysis is very important for your brand image.
If you didn’t already know, 90% of users on Instagram follow at least one business account. So, what are the chances that the right audience segments follow you on the platform? And besides that, how do you know if your brand is getting the desired share of voice?
We will answer all these questions in just a bit. But first, let’s try to make sense of what social media competition tracking is all about.
There are many perks to social media competitive analysis. Let’s start with decoding social media competitive analysis.
Decoding Social Media Competitor Analysis
For those of you who are new to the concept of social media competitor analysis, don’t worry, we’ve got you covered. Here are some commonly asked questions that will clarify your doubts-
How Do you Analyze Social Media Competitors?
To analyze your competitors on social media, you need to identify who your competitors are, first. You will need to track competitors’ activities on social media. A good social media competition tracking tool will do the work for you.
How Can I Spy on My Competitors?
To spy on your competitors and that too through ethical means, you can use a good social media competitor analysis tool. Scouring through the social media feeds of your competitors is not only time-consuming. But, it can also be very difficult to separate all the substance from all the noise. This is why, using a social media competitor analysis tool will help you in spying on your competitors.
What is the Purpose of Competitor Analysis?
Competitor analysis helps you uncover important intelligence about your competitors, as the name suggests. This helps inform your content strategy. You can learn from your competitors’ strong points as well as mistakes. At the same time, you can stay on top of industry trends as well.
What is Instagram Competitor Analysis?
Instagram competitor analysis simply involves assessing your competitors on Instagram. To be more specific, Instagram competitor analysis lets you track your competitors’ Instagram activity.
How Do you Analyze Instagram Competitors?
For Instagram competitor analysis, you need to clearly identify your competitors. But when it comes to analyzing your competitors’ Instagram activity, you will need a proper competitor analysis tool. Based on the insights you gather, you can take important decisions pertaining to your Instagram presence.
But before learning more about Instagram competitor analysis, here’s a quick recap to give you some context.
What is Social Media Competition Analysis?
Social media competitive analysis is the exercise of ethically spying on your competitors. It involves tracking competitors’ social media activity, and identifying their strengths and weaknesses, in the process.
Social media platforms are brimming with competition for reach. You can derive intelligence and insights about competitors with social media competitive analysis. Benchmarking your performance against that of your competitors gives you clarity about your strengths and weaknesses.
Fortunately, there are social media competitor analytics tools to help you analyze your competitors. We will dig into these tools in the later sections. And, once you’re at it, you will be able to uncover a lot of important information- competitor activity and performance as well as trends in the industry.
Instagram, being one of the most popular social media platforms is a very competitive one. Whether you’re in the fashion industry or F&B, home decor, or FMCG, there is no dearth of competition on Instagram. This is why Instagram competitor analysis is very important for your brand. There are too many perks to Instagram competitive analysis to ignore.
Still not sure whether Instagram competitor analysis is something you need? The next section will help you gain some clarity.
Instagram Competitor Analysis- Here’s Why You Need It
If you’re actively using Instagram, you’ll probably know how this platform can be a boon for building brand presence. But there are other businesses vying for Instagram reach as well. To gain a competitive edge, you need to keep an eye on your competitors and build a well-rounded Instagram strategy.
Here’s looking at some reasons why you need to analyze your competitors on Instagram-
1. Benchmark Your Performance Against Competitors
Is your Instagram presence up to the mark?
Instagram competitor analysis provides you with the necessary data to benchmark your performance against that of your competitors. In fact, with this data, you can gain a competitive edge.
Are your competitors stealing all the thunder? What is working in your competitors’ favor? Instagram competitor analysis helps you dig into these competitor insights and give you direction.
2. Stay on Top of Platform and Industry Trends
Keeping your competitors within your sight will also help you stay on top of important industry and platform trends. What topics, themes, and trends are your competitors talking about? Instagram competitor analysis helps you with just that.
With Instagram competitor analysis, you can track what themes and trends your competitors are focusing on. What’s more, you also get to track how your competitors’ content is faring. This will help you understand which trends and themes you can focus on.
3. Capture your Share of Voice on Instagram
If you want to stand out from your competitors, you first need to know where you stand against them. This is what your share of voice is all about. Instagram competitor analysis will help you in measuring your share of voice on the platform.
Your share of voice basically tells you how large your brand presence is, in comparison with competitor brands. Even before analyzing your competitors’ strategy, won’t it make sense to spot which competitors are drawing the most attention? And, to what extent are you ahead or behind them?
4. Build a Well-rounded Content Strategy
As a marketer, you probably put a lot of thought into your Instagram content strategy. You may also be using an Instagram analytics tool to inform your marketing plan. But it’s not like you’re operating in a vacuum. There are other brands on Instagram that largely influence major trends as well as audience activities.
Use Instagram competitor insights to make sense of what’s working and what’s not. Which content pieces posted by your competitors are working well? Are there certain content formats or themes which are not working well? With Instagram competitor analysis, you can answer all these questions and build a well-rounded Instagram content strategy.
5. Find Market Opportunities
You must’ve heard of the saying Their loss is your gain.’ Like that, your competitors’ missed opportunities can turn out to be your potential customers. Instagram competitor analysis will help you identify these opportunities.
Analyze Instagram competitors’ data to identify gaps in their strategy. You share your target audience with your competitors. Use competitor analysis to find out what this audience has to say about your competitors and spot potential opportunities for your business.
But here’s the catch! Researching and surveying your Instagram competitors is only going to be inconclusive. It is just not easy to draw clear conclusions or insights by simply looking at your Instagram competitors’ accounts.
To gather clear competitor insights, what you’ll need is a good Instagram competitor analysis tool. So, now let’s look at the different Instagram competitor analysis tools from which you can make a pick!.
5 Best Instagram Competitor Analysis Tools
1. Unbox Social
This is a multi-faceted Instagram competitor analysis tool. Right from helping you capture your share of voice to digging into competitors’ posts, Unbox Social makes it all super easy for you.
With the help of this Instagram competitor analysis tool, you can capture all your competitors’ data. You can build competition buckets of up to 5 brands and start tracking their data.
And here’s the best part! Unbox Social offers advanced competitor analytics for Instagram. This is where you can look up your competitors’ Instagram activity along specific keywords and hashtags.
Conducting Instagram competitor analysis with Unbox Social is easy as pie. This is what you need to do to monitor your competitors with Unbox Social:
- Sign Up with Unbox Social
To begin with, sign up with Unbox Social. Once you fill-up the necessary details, someone from the team will get in touch with you to understand your requirements.
- Head over to the Competitor Tracking Section on the Unbox Social Dashboard
Log in to access the Unbox Social dashboard. Head over to the Competition Tracker section to get started with tracking competitors.
- Start Adding Brands to your Competitor Buckets
Now, start adding different brands to buckets. You can add up to 5 brands to a single bucket to track them simultaneously.
Firstly, name your competitor bucket. Then start building your bucket by adding links to your competitors’ Instagram accounts. Once you’ve created your competition bucket, you can start capturing all your competitors’ insights.
- Get an Overview of your Competitors’ Performance
Get an oversight of how your competitors are doing with Unbox Social’s overview section. Look at competitors’ follower size, no. posts, interactions engagement rate and the most engaging post.
- Look at Competitors’ Content Strategy
With Unbox Social, you can deep-dive into your competitors’ content strategy. What is the number of posts that competitors are putting out? Further, the content formats that are most prominently being used by your competitors and a whole range of other insights are covered here.
You will also find a range of resourceful insights about your competitors audience. This includes how the audience interacted to different competitors.
- Competitors’ Post Analysis
Delve deeper by looking into the insights for each and every post put out by your competitors.
- Explore Advance Analytics
You can also explore advance analytics for your competitors to further gain a competitive advantage.
Besides tracking competitors on Instagram, you can also track your competitors on other platforms as well, using Unbox Social.
2. Preview App
While Preview App is known for its social media publishing tool, it also comes with an Instagram competitor analysis feature. The tool basically allows you to track the analytics for different Instagram accounts. Here is a snapshot of the tool-
Vaizle is a free Instagram competitor analysis tool. To track your competitors on Vaizle, you just need to enter the URL for yours’ as well as your competitor’s Instagram handle. With the help of this tool, you can benchmark your performance against competitors’ along post frequency, and content engagement levels.
Phlanx is another Instagram competitor analysis tool you can check out. The Instagram engagement calculator by Phlanx lets you check the engagement level for your competitors by simply adding your competitors’ Instagram handle. You can use this tool to asses your competitors’ engagement levels.
5. Rival IQ
Rival IQ is yet another Instagram competitor analysis tool that you can use. This tool helps you look at your competitors’ strategy on Instagram, as well. Here, you can look at your competitors’ activity and get insights around the same.
How to Do Instagram Competitor Analysis with Unbox Social
If you want to analyze what your competitors are up to, on Instagram, you need to follow a smart step-by-step approach. To get started, you need to first identify who exactly your competitors are. So, let’s get started!
1. Identify your Competitors on Instagram
Instagram is ripe with rival brands competing for their market share. Your brand will always have direct competitors as well as indirect competitors to watch out for. There are some brands that may be offering the same solution, but not necessarily the same target market. Another set of competitors maybe those who do not offer exactly the same solution but are catering to the same target audience.
Every niche or industry has its own set of competitors. Your goal should ideally be to identify who these competitors are, first.
2. Conduct Keyword Research
Use Google AdWords Keywords Planner to short list a set of keywords for which competitors may be ranking. Look at your target keywords for which other brands are ranking. Apart from this, you can shortlist keywords based on an analysis of your website. Find important keywords along with the average monthly searches and estimated competition levels.
3. Scan for Potential Competitors on Google
Once you’ve shortlisted the keywords, you can conduct a Google search around these. Explore the different brands and websites ranking for these keywords. You can also explore business listing and directories for the same.
4. Conduct an Instagram Hashtag Research
Another smart way to find who your competitors are on Instagram is by exploring the Instagram hashtags. Explore generic hashtags relevant to your brand as well as specific ones.
It would also be a good idea to use your keywords as hashtags to explore further. Look out for potential Instagram competitors who may be using these hashtags.
5. Get Unbox Social’s Instagram Competitor Analysis Tool
To track your Instagram competitors, sign up on Unbox Social and go through the on-boarding process. Then, build your Instagram competitor buckets. You can add no more than 5 brands to each competition bucket. Once you’ve added the URLs of your competitors’ Instagram handles, the tool will start tracking their activities.
6. Capture the Larger Picture
Get an overview of where you stand against your competitors. How big a following do they have? How much engagement are they generating? Look at the total interactions that they have received as well as the posts that received most engagements.
7. Know your Share of Voice
Find out what your brand’s share of voice in the industry is. This Instagram competitor analysis tool provides you with a share of voice, based on how the audience is talking about you as well as your competitors.
8. Explore Content Themes Competitors are Talking About
Find out what kind of topics and themes your Instagram competitors are talking about. The tool also provides you with the engagement generated on content created around these posts.
9. Analyze Audience Sentiment
With Unbox Social’s Instagram competitor analysis tool, you can also analyze your competitors’ audience sentiment. Gauge the sentiment behind your competitors’ audience along with their reactions to your competitors’ content.
10. Analyze Each Competitor Post
You can also dig into every post that your competitors put out on Instagram. Unbox Social provides you with the engagement, interactions, likes and comments for each post that Instagram competitors share. You can take cues from your competitors’ content to make important content strategy decisions.
11. Find Out Your Brand Score
Unbox Social automatically generates a brand score for your Instagram handle. This score gives you an idea as to how effective your Instagram strategy is, in comparison to your competitors’. You also get to know what your key performing areas are, here.
12. Generate Instagram Competitor Analysis Reports
Finally, pull out reports for your Instagram competitor analysis data. Capture all the historic data with a few clicks by generating reports. Benchmark your performance against competitors’ using competitor analysis reports. The best part is that you can pull out reports in multiple formats including PDF, XLS and PPT.
13. Build a Winning Strategy with Instagram Competitor Analysis
The key to build a winning strategy for Instagram is to be fully aware of the environment in which you are operating. Again, we will emphasize that your brand does not exist in isolation. You have Instagram competitors vying for audience attention. Tracking their moves with a reliable Instagram competitor analysis tool is the only way to get ahead.
Now that you know the process of conducting Instagram competitor analysis you must also know about the important points to look for.
Things To Look In For When Conducting Instagram Competitor Analysis
1. Indirect competitors
Brand owners know about their direct competitors but what about indirect competitors on social media. Indirect competitors are those that cater to a differ audience base but offer similar products and services or vice versa. Any brand that is similar to your brand in terms of products, services, goals or target audience can be an indirect competitor. With the help of Instagram competitor analysis, you need to keep an eye on your indirect competitors.
2. Sales tricks and tactics
Marketing on social media allows brands to be as creative as they want. With images, videos and the recently launched Reels, your competitors will have opted for several sales tactics to attract the target audience. See to it that you analyse the same and see where your sales tactics need a push. Additionally, Instagram is primarily used for influencer marketing. Keep a watch on the kind of influencers your competitors are collaborating with. Even in influencer marketing, there is a lot of scope for framing creative content strategies for driving sales
3. Quality of audience responding to the competitors’ content
Don’t just compare the number of likes and comments your competitor has received. It is necessary to check the quality of the comments and likes too. See what kind of comments your competitors have received whether they are positive, negative or neutral. Additionally, you can also check what kind of audience is reacting to their content.
4. Frequency of posting content
Most brands have a fixed schedule of posting content on their social media handles. See to it that you keep a check on how frequently your competitors post content. This can tell you whether you need to post more or less. Check whether your competitors are posting on certain festivals or if they are banking on the weekend to get the audiences’ attention. These minor details can help you get the most out of your content strategies.
5. Check the other social media platforms your competitor is active on
Though we are focusing only on Instagram competitor analysis, as marketers you must know where else on social media your competitors have a strong presence. Many times brands that are popular on other social media platforms automatically gain attention on Instagram too. This will tell you which other platforms should you tackle to increase your brand presence.
Tap into Unbox Social’s Instagram Competitor Analysis tool. Find out what your competitors are up to and gain a competitive advantage over them.
Get started with tracking competitors and gathering vital insights with Unbox Social. Sign up now!