In 2023, Instagram will rank among the top venues for brand promotion. Instagram engagement will be the main focus of any social media marketing strategy to reach your target audience. With today's tech advancement, Instagram is not just a photo app but also an e-commerce platform.
Everything has already been created in the era in which we currently live. A new concept is likely a mixture of two or older ideas. By doing a deep industry and competitor analysis, you can get into the goldmine of ideas, perceptions, and food for thought.
Read on to understand the benefits of doing an Instagram competitor analysis in detail and the steps to perform an Instagram competitor analysis. You can also access the free Instagram competitor analysis template at the end.
Here's an overview of the contents of this article:
- What Is Instagram Competitive Analysis?
- Why Should You Consider Doing An Instagram Competitor Analysis?
- Top 6 Metrics On Instagram
- How To Do Your Instagram Competitor Analysis?
- Instagram Competitor Analysis Free Template
- Instagram Competitor Analysis Infographic
- Instagram Competitor Analysis With Statusbrew
- Frequently Asked Questions
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What Is Instagram Competitive Analysis?
Comparing your company's strengths and weaknesses to those of your competitors is the process of competitive analysis. Analyzing competitors on social media is a task that is unavoidably essential for enhancing brand health. There is a lot of inspiration for the content on the social platform. You should be careful choosing the type of content you post because, in the end, only social interaction and engagement matter.
There are three categories of rivals:
Direct: Companies catering to the same market as you by offering similar products and services.
Indirect: Businesses that sell alternatives to yours in products and services with a different objective.
Potentially new participants: Even though you can't anticipate the future, you should consider any information you've learned about new companies entering your industry as you assess your present and potential Instagram competitors.
It is also essential to stay updated about the trends in your industry. You can use social media monitoring tools like Statusbrew to keep yourself updated. Statusbrew collects and presents audience and competition insights.
You can listen to brand references and specific brand keywords to identify the customers' most significant problem points using Statusbrew. What do they hope your product will include? What grievances do they have? What makes them prefer your competitors' offerings over your own?
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Why Should You Consider Doing An Instagram Competitor Analysis?
With 1 billion active users each month, Instagram has a massive user base. As a result, the platform provides a tremendous opportunity for contacting several target populations. Establishing your competitors' identity is the first step in creating a robust competitive analysis for Instagram or other social platforms.
Some of the advantages are:
- To have a broad understanding of what is occurring on social networks in your industry
- Understanding your rivals' strengths, weaknesses, opportunities, and threats will help you save time while conducting your SWOT analysis
- It aids the development of fresh concepts. Finding some inspiration might be seen by researching your competitors
- To carefully evaluate your approach. It will show you what you excel at or struggle with compared to your rivals
- Once you identify the gaps in your competitors' coverage, you can gain an advantage over them
- To more thoroughly understand your customers' behaviors and expectations
- To strengthen your company's position and prevent your strategy from being trapped
Top 6 Metrics To Track On Instagram
The biggest problem you could run into as a marketer on Instagram is when your marketing efforts don't yield the desired return on investment. Instagram platform marketing requires a lot of planning and time to produce the ideal content, research, and patience. However, it would be best to work on the best social media plan with minimal waste of resources. Here are the six best Instagram metrics to track.
Engagement Rate
Pushing for interaction and engagement is one approach to building a following for your brand and reviving your Instagram page. Interactions include commenting, liking, and sharing. You must assess the effectiveness of your content if you want to increase brand engagement. In other words, you need to know how well your Instagram content performs by tracking the engagement rate.
Keep in mind that, according to the Instagram algorithm, the relationship you have with your target audience has a significant impact on how content appears in their feed. In essence, it means that the more frequently your audience engages with your material, the more likely they will see it. Put your efforts into producing content that will engage your readers.
Top Posts
Are you getting anything out of your actions while posting your content on the forum? When analyzing a post's performance, you can find that Instagram Reels are some of the best material for your account because they are the current Instagram trend. You might learn, for instance, that concentrating more on Reels is likely to enhance your interaction by studying your top-performing posts.
When you learn what type of content works best for you, concentrate more on those. Numerous relevant Instagram indicators, such as your top-performing posts based on engagement, are displayed by an social media analytics tool like Statusbrew.
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Video/Reel Views
In essence, this Instagram metric, which solely counts unique views, informs you of the total number of people who have viewed your video content.
Additionally, you may examine your average reach rate, showing a percentage that will be much easier to analyze in connection to your follower count rather than counting every person to whom your video has reached.
This is a crucial Instagram measure you should monitor, especially for campaigns that raise brand awareness. Additionally, it's imperative to regularly track your reach and modify your plan if you're seeking strategies to make your material viral.
Post Reach
Please find out how many people are viewing your material and how many times it has been viewed overall in addition to your follower increase. You may learn more about the types of content that engage audiences by tracking their overall impressions and reach.
To make sure that your brand is seen by your target demographic, keep an eye on the number of Instagram followers you have gained and the number of impressions. After all, the first step to attaining your business objectives is raising brand awareness and developing a devoted following.
Followers
Growth in followers referred to as a vanity indicator, shouldn't be your primary consideration when developing your marketing plan.
Of course, every company hopes that its target market will be intrigued by the essence of the brand. However, quality should always take precedence over quantity. A sizable fan base is good, but it doesn't help if the fans don't interact with the brand's content.
Smaller audience business accounts occasionally stand to gain the most from their social media initiatives. You may use a social media analytics service like Statusbrew for a more thorough examination of your account. In either case, data is your best buddy when assessing how well you're doing on Instagram.
Saves And Shares
Many Instagram saved and shared posts are important because they signal that your content is interesting, high-quality, and relevant, increasing the frequency with which people will see it in their newsfeeds or on the Instagram Explore tab.
Publishing evergreen content is the first tactic to boost the number of Instagram-saved and highly shared posts you have. Alternatively put, information that doesn't become outdated over time. Motivational quotations or advice that may be used all year long, such as tips and tricks, are examples of evergreen content.
How To Do Your Instagram Competitor Analysis?
Identify Your Competitors
Your indirect competitors play a similar role in directing ones in the Instagram realm. In social media, every brand and company fights for customers' attention. Influencers, celebrities, news sites, and popular meme accounts compete for audience engagement rates. As a result, your indirect competitors are also your social media rivals.
Most likely, you can quickly identify your company's competitors. Social platforms with different target niches have a significant impact on the decisions of users of social media. You can locate your indirect social media competitors by observing the conversations in online forums or communities where your potential clients participate.
Get help from technology to make your life easier here. Social media tools like Statusbrew help you to be on trend by monitoring your sector. Statusbrew also analyzes the emotions of your current customers and helps you understand your position in a better way.
Understand Your Competitor's Products
After deciding on your competitors, it’s now time to understand their products and services.
Strategy: What are their social media marketing strategies? Find out their plan to engage and interact on social media. How often do they post? What type of content is being concentrated?
Positioning: Go through their websites, social media platforms, and other platforms where they have their presence to determine and understand their product positioning. Who are they targeting? What’s their competitive advantage?
Reputation: Check out their social platforms for reviews. How often are they being criticized? Why are they receiving bad reviews? How often do they respond to their customer feedback? What level of importance do they give to their customer feedback?
Product: Try purchasing their product or hiring their service. What do you like the most about it? What are your comments?
Price: What type of offers and discounts do they offer? What’s their price positioning? Are they establishing themself as a premium or elite product? Try estimating their profit by calculating their pricing strategy.
Place: Is it an online or offline business? If online, look for all the platforms with their online presence. If offline, where is their store/company located?
People: How many employees are there in their team/company? How big is it? This is to understand their employee resource.
Influencers: Which influencers have they collaborated with? How long has their collaboration lasted? Are they from the same sector?
Do Your Competitor's SWOT Analysis
Perform a SWOT (strength, weaknesses, opportunities, and threats) study if your company wants to join the elite ranks of top marketers. Many free social media SWOT analysis templates are available, and you can easily customize them to perform the analysis. Here, you can analyze your strengths and shortcomings and those of your rivals, as well as spot industry dangers and opportunities. Collect all the social data possible, especially the 6 important Instagram metrics mentioned above.
Your rival will have a few specialty markets where they consistently outperform their rivals. Consider it carefully and learn their defenses. Set that as your goal and begin to work toward achieving it. Make use of the abilities of your rivals as motivation. For instance, if your opposition creates a video, you create one that is superior.
Take Stand On Your Competitive Advantage
Recognize your niche and take inspiration from strategies used by rivals that may work for your company. Then come up with the tactics that make you stand out. There are two options for a brand: stand out from the crowd or outperform your rivals.
After putting the strategy into practice, success is not guaranteed. Access the outcomes at each execution stage and contrast them with your rival. Avoid wasting time on ineffective methods. You need to pay attention, learn from it, and develop.
Make sure to produce engagement and interaction worth content. It is one of the key trends in the Instagram algorithm to increase your post and account reach. The more interaction your content has, the higher probability of your post is on the Explore page and on the top of your followers’ new’s feed.
Instagram Competitor Analysis Free Template
Download our FREE Instagram competitor analysis template and strengthen your company's social standard.
Instagram Competitor Analysis With Statusbrew
Finding your competitive edge will be aided by a competitive landscape analysis. It might be a distinguishing quality that resonates with your target audience and on which you can base your brand image and marketing. Alternatively, you can decide to cut your rates and provide new discounts if you notice a weakness in the competition.
If this is your first competitive analysis, don't stress about being 100% precise or going into granular detail. Gaining a practical understanding of the competitive environment and the broad trends influencing your business is crucial.
Given that social media is a crucial component of any online marketing campaign, marketing managers must include a social media strategy in their action plan to increase their businesses' online visibility and brand recognition.
Statusbrew is a management platform and social media engagement tool that enables companies of all sizes to conduct effective social media marketing campaigns.
You may observe how people respond to your brand, product, or hot issue outside your social feed using Statusbrew's Brand Keywords tool. On Twitter, you can conduct searches for keywords, hashtags, and brands to find trends, assess sentiment, and give prompt real-time responses.
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Instagram Competitor Analysis Free Infographic
Frequently Asked Questions
How to find your competitors on Instagram?
Use the Instagram internal search by typing in relevant hashtags. Try searching for them using sector or product/service-related keywords, and you can spot your direct and indirect competitors. You can also do your research on the internet.
How to collect data for Instagram competitor analysis?
You can collect your competitor's data by manually looking for them on Instagram. Most brand accounts will be public accounts and open to everyone. Check for their followers, interaction on each post, comments, likes, engagement rates, how often they post, their top-performing posts, etc.
How do you engage with competitors' followers on Instagram?
You can engage with competitors' followers with the help of brand monitoring tools like Statusbrew. It helps you stay in the loop every time a potential customer talks about the brand keywords. It can also assist you in monitoring, evaluating, and benchmarking the performance of your various social media platforms.
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