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Aren’t you on Instagram? If your company is not on this social network yet but your competitors are, you should start considering it. If you analyze your competition on Instagram you will be able to find out if they really get positive results by being part of it.
Think about the viral content that your competition publishes on Instagram. Content with a high number of likes and comments, this probably makes you wonder:
- How can you create viral content on Instagram?
- How can you measure the results of that content?
- How will it contribute to your online strategy?
If you don’t know how to get started, your first step should be analyzing your competitors.
What are they doing right? What not? Strategies shared on social networks are public and can be studied by anyone. That includes you.
Why is it essential to analyze your competitors on Instagram?
It’s always positive to be aware of what your competition is up to. There is always a lot to learn from them and their Instagram strategies. Learn from the positive things and the negative ones. In addition, you can find out what you have in common with them.
- Your competitors will make you constantly alert and will help you to keep your strategies alive.
Analyze your competitors
- An analysis of your competitors is indispensable for any marketing plan and it will help you to make a SWOT analysis.
Ultimately, this analysis about your competitors on social networks will allow you to learn what’s working for them. If it works for them, why not for you? Besides, you will also get better knowledge about the audience you direct your products or services to.
Why is it necessary to analyze what your competitors do on Instagram or other social networks?
If you’re still considering whether to analyze your competitors or not, we’ll give you some more reasons to do it:
- It allows you to know other people’s plans, letting you improve your strategy.
- It leads you to creative ideas that you can apply on your own Instagram campaigns.
- It provides you with information on whether a tactic implemented by your competition worked well or not.
- Discover which channels or areas your competitors are focused on and get a better idea of their strategies.
What exactly is an analysis of your competition and why is it good?
Gathering data, understanding it and making decisions based on it is part of a thorough analysis of your competition. This information will assist you with getting a clear idea of what’s going on around you and creating a good strategy on Instagram.
A report about your competitors on Instagram lets you observe their movements and strategies. It will help you to self-evaluate and make changes if it’s necessary. Remember, you are continuously being assessed.
How can you find your competitors on Instagram?
The first thing to consider when you’re looking for your competitors is that the ones on Instagram differ from the ones that you find on the market. This means that while the competition in the market is based on the products or services offered, in social media it is based on the content shared.
If you’ve been in the business for a while, you must know your direct competitors well. However, an effective way to find competitors are:
✅ Hashtag tracking: You will find the content written about your product and who’s writing it.
✅ Listen to your followers, they can provide you with very valuable information. Observe and investigate which other similar brands to yours they also follow and what they say about them.
✅ Monitor hashtags connected to your brand and analyze them. You will probably find brands related to yours as well as direct and indirect competitors.
Once you find an account with many followers, follow it too. Instagram will suggest three other similar brands at that time. Another great opportunity to find new competitors.
How to do an analysis of Instagram competitors with Metricool
Follow these easy steps to analyze your Instagram competitors with Metricool:
- Sign in to your Metricool account and click on Instagram on the left menu within the section Evolution.
- Select the period of time on the top right corner
- Add the competitors’ accounts that you want to analyze. With your free account you can add up to 5 competitors but once you do it, you won’t be able to change them. On the other hand, if you opt for a Premium Account, you will be allowed to monitor up to 100 competitors and make as many changes as you want.
This is the information that will be shown:
- Followers: How many users follow your competitors.
- Following: Number of accounts that your competitors follow on Instagram.
- Posts: Number of posts published by your competitors in the period of time selected.
- Likes: The number of likes obtained.
- Comments: The total number of comments in the period selected.
- Engagement: Instagram Engagement Rate.
Metricool’s free account offers you the competitor’s analysis feature with two restrictions: You can only add up to 5 competitors and once you do it, you can’t erase them.
Example of an analysis of Instagram competitors with Metricool’s feature
We can illustrate this feature with these international franchise restaurants.
We organized the analysis by their engagement rate. In this example, it seems that the level of engagement is directly proportional to the number of posts.
As you can see this type of analysis allows you to get important information about your competition, such as knowing if the number of publications has influence on their strategies success or number of followers.
In addition, on the right of the screen you can see the option to click on the icon of a graphic where you can obtain more specific data about each of the accounts with their growth, information by interactions and by publications.
By clicking on the drop-down menu on the left you can see the metrics you prefer for each of the accounts. Just as we show you in the image below:
What do you think?
I don’t want to take more of your time, you are probably anxious to start monitoring your competitors. If you have any doubt, send us a comment!