Competitor Analysis

Overview

Have you ever been curious as to how your rivals acquire so much interaction on Instagram? What's their secret?

The only way to find out is to conduct a competitor analysis.

Competitive analysis is the activity of researching and evaluating your competitors' strengths and shortcomings in comparison to yours. This usually necessitates a detailed study of your rivals' business, including an assessment of its company overview, go-to-market approach, pricing strategy, and so on.

Takeaway skills

  • Identifying competitors
  • Conducting competitor analysis
  • Learning from competitors

We’ll cover the following:

  1. Ways to use the link in the Instagram bio
  2. Some tools which make it easier
  3. How to collect data and create reports?
  4. Summary

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1. Why Conduct Competitor Analysis?

Before you get too worked up, fear not; Instagram competition analysis isn't that difficult. All you have to do is analyze your competitors' audience interaction, content performance, and hashtag approach.

Looking at your competition can help you build the foundation for your Instagram plan as a novice. As a result, rather of reinventing the wheel, you may learn from your rivals' accomplishments.

Keeping an eye on your rivals is a good way to stay up with the latest developments for old-timer instagramers.

Performing an Instagram competition analysis can assist you in the following ways:

  • Compare your performance to the industry's best practices.
  • Stay up with the latest industry trends.
  • Increase your Instagram content planning skills
  • Develop a plan to outdo your competition by identifying possible strengths and advantages.

2. Identifying Competitors

To begin, you must choose who you wish to analyze on Instagram. It's a good idea to include three to five rivals, including both big and little companies, as well as direct and indirect competition.

  • A direct competitor is a brand or company that offers similar products or services as your own.
  • Indirect competitors are those accounts, who offer different products or services but still compete for your audience/customer's attention or money.

Additionally, you want to concentrate on those who are actively utilizing Instagram to expand their business. Non-active Instagram accounts would not give you any valuable insights.

Keep an eye on the latest happenings in your industry and one of its leaders. To stay on top of new developments, including at least one industry leader and one curator account.

For example, for a yoga clothing brand, you can analyze accounts like Lululemon, Outdoor Voices, Athleta, etc., for inspiration. Some curator accounts would be @love.yoga.99 or @yogapractice.

Let's look at ways to identify rivals on Instagram next.

Searching for Competitors

The Instagram search is the simplest method to find out who your competitors are. Go to the Search tab and type in the keywords (such as yoga clothing, yoga lifestyle, etc.) into the search bar which will give you multiple accounts to check out. Based on their following and activity, you can easily choose the profiles you want to keep tabs on.

Instead of keywords, you can also use hashtags such as #yogawear to find out top posts, and then you can choose accounts you want to follow and analyze more.

One other useful way is to search on Google, for example, you can search for "top yoga clothing brands" or "top yoga accounts on Instagram".

3. Collecting Data

Typically, you'll want to examine how your competition performs in terms of followers, content, interaction, and hashtags.

Follower Count

It's a useful indicator of brand popularity. To see how popular your company is in comparison to those of your direct competitors, compare your followers to theirs.

It is important to look at follower growth as well, this gives you the indication of how fast are they growing.

Content Performance

Analyzing the content of your competitors can help you spot areas where you may improve your own Instagram content plan.

What should you be monitoring?

  • Post Count: The total number of postings on your competitors' accounts
  • Posting frequency: How often do your competitors post on their Instagram feeds?
  • Posts: How are they using single images, videos, and carousel-type posts?
  • Stories: What kind of content do they post? How do they create engagement (for example: using polls)?
  • Reels: What kind of content do they create? Analyze the use of sub-titles and music.

Next, you'll want to figure out how your competitors' content is received by their audience.

  • Engagement rate: the best way to find out engagement is using free tools such as provided from Phlanx or Inbeat.
  • Engagement per post: You can use advanced paid tools such as Sprout Social or Hootsuite to do a deeper competitive analysis or you can do a walkthrough of their posts to capture likes and comments. You can identify the posts which work for them and the ones which don't.

Hashtags

Hashtags are all over Instagram, and for good reason. Many businesses employ hashtags to improve organic reach and monitor brand sentiment. Looking at your rivals' hashtag approach might give you some ideas:

  • Number of hashtags per post
  • Hashtags on posts with high engagement

Competitor Analysis report

While you are conducting the analysis, you can put all the collected data into a spreadsheet, such as a google sheet, notion or you can use paid tools. There are many paid tools out there and we have listed some below,

If you do not want to put money yet on these tools, use Competitor Analysis provided inthe Instgrumpy templates.

Summary

It's now time to dig into your data and put the findings to use after you've created a strong report.

The report will help you find out,

  • Comparison of your Instagram performance to that of your competitors
  • Content that works best on Instagram
  • Top hashtags to use for making your content discoverable
  • Any latest trends you can ride as well to grow followers or engagement

Keep track of how many new followers your competitors have gained. They might have done something different lately, such as collaborate with well-known influencers or run a contest to get people to follow their accounts.

Consider revisiting new data at different intervals to ensure you don't overlook new competitors or trends.

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