Instagram Competitor Analysis: Complete Guide for Business Owners

Instagram competitor analysis – is crucial for you. As one of the biggest social media, Instagram is a good platform for business marketing. Now, if you also want to use this social media as part of your business strategy, there is one thing you should do first. It is Instagram Competitors Analysis.

What is Instagram Competitor Analysis?

Instagram competitor analysis is a process to collect and review information about your business competitor. The result of this analysis is unique data that helps you, as a business owner, decide the best direction and strategy the company uses in the future.

And, when we combine this process with Instagram, we get a study process to know how your rival activity and achievement on the Instagram platform. You can find more about their followers, viral posts, responses or comments from the audience, and many more.

All the data that you get from this process will be essential to preparing your company’s campaign using the Instagram platform. Your team will know what they should do or make to ensure that the campaign yields the best result.

Another thing you also should do is the Instagram competitive analysis. It is more to research your brand position and how well your campaign runs on this platform compared to the market situation and competitor activity and achievement. You might need it after you launch your Instagram marketing campaign.

Why Instagram Competitors Analysis is Important for Beginner Business Owners?

You might think that you don’t need to do this research inside instagram competitor analysis because you only started your business recently. That is wrong. To get the best start, you should know the field where you market your product or service. Thus, it is still necessary for beginner business owners. Here are some of the reasons why you should do the competitor analysis.

To Find What Competitor Type You are Facing

Through the competitor analysis, you can find the competitor type in the industry. There are at least two types of a competitor, which are:

Direct type

They have the same product and services as yours, and use the same elements and keywords to promote their business,

Indirect type

They have products and services that can replace your product and service. They don’t use the same specific keyword and elements but use the same general elements and keywords.

Other than those two types, you also could find potential new entrants in the competition. This type of competitor could be the dangerous one because many beginner business owners don’t know they exist. Suddenly, they appear and threaten their business with more innovative products and services.

Understand your audience

It will give you an insight into what kind of content your audience likes and engages the most. The most engaging content is essential to your Instagram marketing campaign. By inserting a correct message and call-for-action suggestion, you can increase the conversion rate several times higher than other content.

Furthermore, this part also helps you to get the best ideas for your campaign. Many marketing teams in big companies use it as the base to develop successful and viral Instagram marketing. Therefore, you also should pay more attention to this part of your Instagram Competitors Analysis.

Find Out Which Feature your Audience Used The Most

The analysis also helps you to know which feature your audience often uses. In this case, whether they watch the reels or enjoy the Instagram stories the most. Then, you also can compare it with the competitor campaign on Instagram.

By doing that inside instagram competitor analysis, you can find which area you should aim to get the maximum result, more than your competitor. For example, if your competitor uses Instagram stories a lot to promote their product and service, you can try to utilize the Instagram reel. Make the unique content that the audience can only find in this part, and you will get the best result.

However, according to the data from Instagram, 49.02% of the Instagram stories’ content is video. It has better performance than the still image on the reels or the stories themselves. The reason is it keeps the audience watching for more seconds than the still image. You can use it by creating a more sensational and high-quality still image for marketing on reels, though.

Find The Competitor’s Weakness

We call it the gap. It is the area where you can use and optimize to win over the competitor. You can find many things in this part. For example, your competitor does not respond to the comment too often. They also could post too early or too many. Or, the competitor content feels too obsolete and does not follow the trend.

Those gaps are the opportunities you can use for your company’s benefit. It is necessary, especially for newly-started businesses. You could have an early start and equal ground to compete with an old player in the industry. You will be their dangerous potential new entrants.

How to Do Instagram Competitors Analysis: Step-by-step

You can use different types of analysis tools for this process. But we will show you the general step to do the Instagram competitor analysis process. Here is the step-by-step guide:

1. Identify your competitor that also is doing an Instagram marketing campaign,
2. Conduct the keyword research,
3. Use Google search to find the website or company that uses the keyword,
4. Next, conduct the hashtag research on Instagram,
5. Launch the analysis tool that you use,
6. Enter the data you get from the first 4-steps above,
7. Find and analyze the competitor content that is related to the data,
8. Analyze the audience response to that content,
9. Get your business brand score on Instagram.

Conclusion

The result from the analytic tool you use will help you a lot to see the detailed situation regarding the field where your company is. Then, based on that data, you and your team will be much easier to create the decision and strategy to promote your business. Instagram Competitors Analysis might be complicated. But it is necessary to help your business survive and even win the modern business competition.