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Carrying out an analysis of your competitors on Instagram will make a difference in your strategy.
Analyze your Instagram competitors: Why you should do it
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.
✔️ 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.
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 information about 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
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
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:
✅ 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.
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.
Analyze with Metricool
Follow these easy steps to analyze your Instagram competitors with Metricool:
1️⃣ Sign in to your Metricool account and click on Instagram on the left menu within the section Evolution.
2️⃣ Select the period of time on the top right corner.
3️⃣ 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.
Example of an analysis of Instagram competitors with Metricool
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.
⚠️ REMEMBER ⚠️
With a free account the competitor analysis has three restrictions:
You can only add 5 competitors, you won’t be able to delete them or download the table in a CSV file.
A Premium account allows you to add up to 100 competitors, you can delete them whenever you want and you can download the table.
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? Would you analyze your main competitors for free? If you have a premium account you can download the chart in a CSV format to manage the data whenever you want. That’s all!
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!