Standing one step ahead of the competition is essential and technical in the dynamic world of digital marketing. For businesses to surpass their competitors need to have a comprehensive understanding of their strategies. The smart way to achieve this is by analysing the accounts of competitors. You can adjust your strategy and gain a competitive advantage by using the below information.
Steps To Do Analysis Of Competitors Accounts
1. Understanding Competitor Analysis
Before we jump into the nuts and bolts of competitor analysis, it’s important to grasp its significance. Competitor analysis is the process of evaluating your rivals’ performance, tactics, and outcomes to gain actionable insights.
What is the Outcome of Competitor Analysis? By doing so, you can shape your own marketing strategy for success.
2. Identify Your Competitors on Instagram
Start by identifying who your competitors are on Instagram. These are accounts within your niche or industry that have a similar target audience. Look for accounts with a substantial following and engagement.
3. Define Your Objectives
Set clear objectives for your analysis. What aspects of your competitors’ Instagram accounts do you want to assess? This could include content strategy, engagement, follower growth, or influencer partnerships.
4. Choose the Right Tools
Several tools are available to aid in Instagram competitor analysis. Instagram Insights, Social Blade, and third-party tools like Hootsuite or Sprout Social can provide valuable data.
How Can We Get Competitors’ Data?
- Instagram Insights
If the Instagram account you’re analyzing is a business or creator account, you can access basic audience demographic information. You can get data of competitor’s followers related to age, gender, and location. This information can give you a general idea of the audience’s demographics.
- Third-Party Tools
Some third-party social media analytics tools, such as Keyhole, Social Status, Hootsuite, Sprout Social, or Socialbakers, offer more advanced audience analysis features. These tools are helpful in getting competitor’s data related to demographics, their interests and how they react to a particular post.
5. Content Analysis
Dive into the content your competitors are posting. What type of content are they sharing, and how often? Look for patterns in their content strategy. Pay attention to the use of visuals, captions, and hashtags.
6. Engagement Metrics
Examine engagement metrics on their posts. Check the number of likes, comments, and shares they receive. Identify the content that generates the most engagement and look for common themes.
7. Follower Growth and Demographics
Track the growth of your competitors’ followers. Analyze the demographics of their audience, such as age, location, and gender. This can help you refine your target audience.
8. Hashtag Analysis
Take note of the hashtags your competitors are using. Are there specific industry-related or trending hashtags they consistently include in their posts? Utilize relevant hashtags in your own posts to increase discoverability.
9. Stories and Highlights
Examine your competitors’ Instagram Stories and Highlights. What kind of content do they share in these ephemeral formats? This can provide inspiration for your own story content.
10. Engagement with Followers
Look at how your competitors engage with their followers. Do they respond to comments and messages? Engaging with your audience can foster loyalty and trust.
11. Influencer Collaborations
Identify if your competitors are collaborating with influencers or industry leaders. This can give you ideas on potential partnerships to amplify your reach.
12. Analyze Paid Advertising
If your competitors are running Instagram ads, assess their ad content and targeting strategies. This information can guide your own paid advertising efforts.
13. Assess Profile Aesthetics
Review the aesthetics of your competitors’ Instagram profiles. Is there a consistent visual theme or branding? Consistency in profile aesthetics can make your account more visually appealing.
14. Audience Feedback and Reviews
Check for audience feedback and reviews on your competitors’ posts. This can provide insights into customer sentiments and areas for improvement.
15. Adapt and Improve Your Strategy
Once you’ve gathered all this data, it is time to analyze and think about refining your Instagram strategy. Implement changes based on your findings, whether it’s adjusting your content, engaging more with your audience, or refining your target demographics.
Remember, competitor analysis is an ongoing process. Spend time monitoring your competitors’ activities on Instagram and redesign your strategy to stay competitive and relevant in the continually changing world of social media. By doing so, you can strengthen your Instagram presence and grow your business.