Social media competitor analysis is an exercise inevitably crucial for improving brand health. 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 the answers to 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 can also be very difficult. This is why using a social media competitor analysis tool will help you in spying on your competitors.
- 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.
Instagram Competitor Analysis- Here’s Why You Need It
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’ favour? 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 industry and platform trends. What topics, themes, and trends are your competitors posting on? Instagram competitor analysis helps you with the same.
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 on the platform. 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 share of voice is all about. Instagram competitor analysis will help in measuring your brand’s share of voice on the platform.
Your share of voice basically tells you how large your brand presence is, in comparison to the competitor brands.
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 for 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
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.
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 10 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 with specific keywords and hashtags.
Conducting Instagram competitor analysis with Unbox Social is as 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. 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 with different competitors.
- Competitors’ Post Analysis
Delve deeper by looking into the insights for each and every post put out by your competitors.
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.
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 with 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 handles. You can use this tool to assess 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’ strategies 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
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 targetting the same market. Another set of competitors maybe those who do not offer exactly the same solution but are catering to the same target audience.
2. Conduct Keyword Research
Use Google AdWords Keywords Planner to shortlist 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 onboarding process. Then, build your Instagram competitor buckets. You can add 10 brands to each competition bucket. Once you’ve added the URLs of your competitors’ Instagram handles, the tool will start tracking their activities.
6. 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 the share of voice, based on how the audience is talking about you as well as your competitors.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
Get started with tracking competitors and gathering vital insights with Unbox Social. Sign up now!