Competitor analysis is important in order to obtain information about marketing strategies and to have a strong presence in the sector. You can get ahead with competitor analysis, re-plan your strategies, and get inspired to produce content. In this article, we have compiled for you what you need to pay attention to in Instagram competitor analysis.
What is Competitor Analysis?
Competitor analysis can be defined as strategic research that emerges by analyzing information about companies in the same industry. Competitor analysis helps you take the right steps to reach your goal by analyzing the similarities/differences and positive/negative points of products and services. While analyzing, we can gather the competitors under 3 main headings.
These titles are as follows:
1- Direct Competitor: Competitors in the same sector and service area.
2- Indirect Competitor: Competitors that are not in competition in the same product or service field, but are in the field of products or services that can meet the needs of the common target audience.
3- Potential Competitors: It can be defined as competitors that have just entered the sector or service area. The existence and potential of these competitors should not be ignored.
How to Do Competitor Analysis on Instagram?
Selling on Instagram has become popular lately. You can start by analyzing your competitors on Instagram to get ahead of your competitors in product and service marketing and make more profitable sales on Instagram. There are some tips for doing this analysis. These tips are:
1- Target Audience Analysis: We can define the followers you want to reach as the target audience. You should analyze what your target audience wants, what they like or don’t like, and their demographic situation. In order to make these analyzes, you should check the accounts of direct competitor brands and companies and analyze their target audiences.
2- Analysis of Where the Target Audience Is: Your target audience can be in one or more places on Instagram. In other words, your target audience may be following only Instagram stories, using Instagram Reels or just following post shares. The best way to understand this is to pay attention to and analyze in which field your competitors share the most.
To reach your target audience on Instagram, you can review A Comprehensive Guide to Target Your Instagram Audience.
3- Analysis of New Opportunities: At this point, it is necessary to determine the points that separate you from your competitors. You can differentiate yourself from your competitors by developing different perspectives. If your competitor:
– Does not provide an explanatory response to comments,
– If he/she does not post regularly,
– If he/she posts more/less than necessary,
– If she/he doesn’t use story, reels, and IGTV areas in a beneficial way, you can be active at these points and get ahead of your competitors.
4- Producing Quality and Valuable Content: At this point, producing creative, problem-solving and unique content is important to attract attention. Therefore, you should pay attention to the content created by your competitors, the images and texts they use, and analyze the content well. Instead of evaluating your competitors’ content according to your own taste, you should evaluate and analyze according to the number of likes and views.
5- Comparing Your Brand with Competitors: First of all, you can start the analysis process by determining the positive/negative aspects of yourself and your competitors. At this point, you can eliminate the deficiencies of your brand and develop new strategies that will set you apart from your competitors.
6- Testing the Collected Competitor Information: When you put the ideas you have obtained as a result of the competitor analysis into practice, you should test whether these ideas work or not for your target audience.
What are the Points You Need to Consider While Doing Instagram Competitor Analysis?
There are some points to consider when doing competitor analysis on Instagram. These points are as follows:
· Number of Followers: Pay attention to whether your competitors’ followers are bots or not. Remember that bot followers will not affect your sales.
· Posts: You should pay attention to your competitors’ daily posts and posting hours.
· Likes-Interaction-Comments: You should pay attention to the posts where your competitors get more likes, interactions or comments.
· Hashtag: You should pay attention to the hashtags your competitors use and the conversions these hashtags bring.
What are the Benefits of Doing Instagram Competitor Analysis?
- Making competitor analysis contributes to the generation of new ideas and helps your brand to move on the right path.
- It can make improvements by identifying the positive or negative aspects of the implemented projects and increase your sales.
- You can reach a wider audience.
Brands can gain useful knowledge about the plans, capabilities, and weaknesses of their competitors by doing an Instagram competition analysis. Businesses can better reach and interact with their own audience by learning more about the demographics of their competitors’ audiences through analysis of important data such as amount of followers, engagement, and content types.
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Partnering with Digipeak can help your business stand out on Instagram and increase sales. You can take advantage of our knowledge in social media marketing and competitive analysis to create a strategy to boost your Instagram presence and outperform the competition. If you want to know more about how to improve your Instagram marketing, contact Digipeak.
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