We all know many people who have been in a successful position! Corporate executives to entrepreneurs all choose social media to expand their business. But what is in common in them all? What keeps their thirst for success alive? Yes, you guessed right! A strong sense of competition … .
This vary sense of competition is what paves the way for success. There are many lessons for us to learn in every race, no matter what the outcome may be. If we analyze our competitor correctly, we can make the most of his strengths and weaknesses. As simple as that! So Competition Analysis on Instagram can help your business grow on social networks. But you might be wondering how competition analysis is done on Instagram and what are its principles? Follow us until the end of this article to learn more about Competition Analysis on Instagram.
What Does Competition Analysis on Instagram Mean?
In order to answer this question, we must first determine the meanings of competition & competitors on Instagram?
While surfing through Instagram pages, you probably have encountered pages that do almost the same kind of business as you do. These pages are exactly considered to be your competitors! From now on you have to go to full-scale war with your competitors on Instagram! So you have to prepare yourself. But how?! By using Competition Analysis on Instagram! This means identifying your competitors in similar businesses as well as evaluating their strategy to expand and improve the work space on social networks. If you do this analysis correctly, you will find the strengths and weaknesses of your competitors on Instagram and use them to expand your business.
Right! We have now been introduced to the concept of Competition Analysis. But how is it done? The easiest thing is to pick up your mobile phone, log in to your Instagram profile and find your competitors’ pages! In this case, you have to be a little curious and monitor your competitor’s activity carefully! But if you want to be more professional, follow along with our article and we will teach you the tricks and know-hows of competing on Instagram.
How is Competition Analysis Done on Instagram?
If you, like many others, have chosen Instagram for your business marketing, think about analyzing your competitors as soon as possible! To do this, you first need to know the companies, industries and businesses associated with you and your business and know what they publish on their Instagram profile pages. Also, how is it their Hash-Tagging and Captioning? The next step will be to collect and classify information about them. Join us for a thorough review over these topics.
Step One: Identifying an Opponent
Nowadays, nothing remains hidden! With the advent of communication technologies such as the Internet and cyberspace, it is easy to find a lot of information related to corporates and businesses. Some of the methods for identifying competitors are:
- Using Google: Some of your Instagram competitors may also have an advertising website or weblog as well as their Instagram profile page. How can we access them? With Google of course! By searching for keywords related to your business on Google, you can find many similar companies around the world and access their website. Of course, choosing the correct keyword type is also very important. The more specialized these keywords are, the better your results will tend to be.
- Using the Opponents’ Following List: In this section, you should take a peek at your opponent’s profile page on Instagram! Need to know what they’re looking for? Which pages do they follow? Probably the person who is your target is also your rival’s target! So you can meet your other competitors by visiting the following section of your opponents’s profile page
- Writing the Final List: You have probably been able to identify many of your Instagram competitors using the two methods mentioned above. But can all of them be treated in the same manner? Most definitely not!! So it is best to write a final list including four or five competitors and carrying out you Competition Analysis according to them.
Second Step: Gathering Information for Competition on Instagram
After identifying your competitors on Instagram, you need to gather information about them. But what information is important to us? Some of this vital information is as follows:
- The Type of Social Network: Today, among the various types of social networks, Instagram is the leading one! Many people have expanded their business through Instagram activities. So your competitors probably have an Instagram profile page as well. So search and find them.
- The Number of Followers on Instagram: How many followers do your have? You have probably heard this question over and over because the number of followers has become important to everyone these days. How important do you think the number of followers for a business profile page on Instagram can be? It can definitely be very important! So to analyze competition on Instagram, you need to take note of the number of followers your competitors have and take note of this information. Then check how many followers are added after each week passes by. Finally, you can also plot the number of increase or decrease in followers in the graph.
- When to Share New Posts on Instagram: What time does your Instagram competitor choose to share new posts? To answer this question, you need to constantly check your competitor’s profile page. You’ll find out and get the hang of how he/she works on Instagram and realize the order in which they share new posts.
- The Popularity of Each Content: If you want to know how popular a post is, you have to pay attention to the number of likes and comments it receives. Then write down this information to find out what your audience desires. It’s as simple as that!
Third Step: Applying a SWOT Analysis
The last step for Competition Analysis on Instagram is to use SWOT analysis. This analysis is one of the most well-known methods utilized in marketing analysis, which means assessing the Strengths, Weaknesses, Opportunities, and Threats (SWOT). So by using SWOT analysis, you can analyze your Instagram competitors and find out all about their pros and cons. What do you think should be taken into consideration when assessing an opponent on Instagram? Here are some tips:
- The Opponent’s Strengths: After reviewing and assessing your competitors’ activities on Instagram, you may come to the conclusion that they are sharing better content on Instagram than you are. Or their posts and stories are more often seen. In these cases, you should be curious and try to find out reasons for the success of the competitor. You can be strong just like them. Why not?!
- The Opponent’s Weaknesses: Some Instagram businesses may be on a downward slide towards defeat. These companies are also good options for Competition Analysis on Instagram. So don’t miss out on assessing them! Bad customer service, spelling mistakes in the shared content, excessive Instagram advertising, or unrelated stories can be some of the weaknesses that these businesses have.
- The Opportunities at Hand: You can discover many opportunities by doing Competition Analysis on Instagram. Each of which can be a launching platform for your own business. Just think about where your competitors are weak. Investing in the same sector can be a winning factor to guarantee your success.
- The Threats Present: There can be a lot of mistakes done in social media, especially on Instagram, which can totally lead to ruining your business. Some of these mistakes are the use of fake accounts or delay in providing your customers with answers.
Some Golden Tips on Competition Analysis on Instagram
- Get Inspiration but DO NOT Copy: Don’t think of copying others’ ideas to expand your business on Instagram! You will become familiar with your Instagram competitors and their strengths and of course their weaknesses through your assessments. We recommend that you get inspiration from your competitors’ positive features and try to apply them to your business in a different manner.
- Avoid Bigotry: If you want to obtain good results from your Competition Analysis on Instagram, avoid bigotry over your business. Know that resisting the obtained results of surveys will not improve your performance at all.
- Try Doing Unusual Things which are Out of the Ordinary: The reason some of your competitors are getting promoted on Instagram is that they do unusual things and apply new ideas. So be different and your customers can react to this! In this case, your content will be republished and shared over and over again and the number of your followers will increase.
- Act in an Organized Manner: You encounter lot of information through Competition Analysis on Instagram. But don’t worry! Try to be orderly and properly organize the information you come across.
- Don’t be Let Down or Become Hopeless: In order to have a successful business on the social networking platform, you have to make a lot of efforts. Fighting your Instagram competitors will not be easy! So never lose hope and move ahead with utmost motivation!
Final Words …
In this article, we became familiar with the concept of competition in social networks and how to conduct Competition Analysis on Instagram. Then, we found that that gathering information about your competitors on Instagram and then analyzing the data can improve your business.
After reading this article, you may also have started thinking about thriving and boosting your business on Instagram. What can be better than this?! So don’t waste any more time and start analyzing your competitors now! We will be by your side too. In the comments section below, you can share your questions and invaluable comments with us and your friends. We will be waiting for you … .