Instagram evolved into more than just a social platform where communities can connect and share photos and videos over the years. It has also become a tool for brands to spread the word about their business and showcase their products or services. That said, businesses can significantly benefit as they make the most of the platform to tap into more audiences, especially since Instagram already has billions of users around the globe.
With that, an Instagram competitor analysis is worth considering to remain relevant and stand out from the competition. Make the right move by prioritizing an analysis so you’ll have guidance in making the right choices for your brand.
What Is Instagram Competitor Analysis?
An Instagram competitor analysis is a process involving the gathering and careful review of data about the competition in the industry. With an Instagram competitor analysis, you can use tools to track someone’s activity on Instagram. This can give you an advantage since you get to know the activity of your target audience, which can provide you with valuable insights to improve your marketing campaigns.
Simply put, the information from the report will be essential in creating marketing campaigns that’ll meet your company’s goals. Aside from the data on the report, you might gain additional information from Instagram activity tracking tools.
Checking out reliable Instagram viewer tools such as Increditools and other similar sources would be a good starting point.
Why Is Instagram Competitor Analysis Important To Business Owners?
Conducting an Instagram competitor analysis should be one of the priorities for any business eager to stand out in the digital world. Unfortunately, not all companies are familiar with the many benefits linked to such analysis in boosting their business’s growth. Avoid the same mistake and make it a priority, so your brand stays on track immediately.
To give you an idea, here are several key reasons why it’s crucial to conduct an Instagram competitor analysis.
- It Allows You To Know Your Competition
When running a business, knowing the competition is important. Conducting an Instagram competitor analysis can provide you with insight into the competitors you’ll be facing in your niche. Generally, you’ll face two types of competitors – direct and indirect.
Direct competitors are companies offering similar products or services to your brand’s offerings while utilizing similar marketing elements. As for the indirect competitors, these companies have products or services that serve as suitable replacements for what your brand has to offer but employ different marketing schemes.
Aside from the direct and indirect types of competition in your industry, the competitor analysis report might also reveal upcoming brands in the industry. That said, an Instagram competitor analysis can be beneficial in knowing existing and new competitors already in your niche.
- It Can Help Pinpoint The Weakness Of The Competition
Aside from knowing your competition, another advantage of performing an Instagram competitor analysis is identifying your competitors’ weak points. These weak points or gaps are areas that you can use to gain an edge. Some of the weak points include being unresponsive to comments, out-of-date content, and being unable to keep up with the current trends, to name a few.
Utilize the weak points of the competition to stand out. For example, when a competitor is unresponsive to comments, make it a priority to respond to all comments on the platform actively.
- It Enables You To Understand Your Target Audience
An Instagram competitor analysis can also be crucial in knowing your target audience and pinpointing the feature they use the most on the platform. Determining these factors can guide you in making the necessary adjustments to your upcoming promotional campaigns.
Generally, a report will reveal the type of content your audience prefers and is more likely to engage with. And from there, you can improve your content strategy and strengthen your digital marketing campaigns. You can present enticing content and call-to-actions (CTAs), which can help boost your conversion rates.
Analyzing the competition through analytics can also help you understand which features on the platform the audience likes the most. You can modify your campaigns by focusing on what your audience loves, ensuring a better outcome against the competition.
How To Perform An Instagram Competitor Analysis
If you’re going to conduct an Instagram competitor analysis, you can utilize a variety of tools that are readily available online. When it’s your first attempt, there are general steps that you need to familiarize yourself with, but it tends to vary on the analysis tool you’ll be using.
In most cases, you need to identify your brand’s competitors and gather relevant data, such as followers, content performance, engagement level, and hashtags. Depending on the tool you use, you need to provide all the data to receive an accurate report. The data on the report can then serve as your guide in developing an effective Instagram strategy that will deliver the best results.
Final Thoughts
An Instagram competitor analysis is all about knowing everything about the competition in your niche. Generally, a report can provide valuable insights on what you need to improve with your marketing campaigns to establish a wider reach, earn better engagement on the platform, and increase lead conversion rates.
