By conducting a thorough competitor analysis, you can gain valuable insights into your industry and your audience. An Instagram competitive analysis focuses on your competitors’ strengths, weaknesses, and social strategy, allowing you to identify potential opportunities and threats.
Benefits of Competitor Analysis:
- Identify your competitors on social media
- Learn which social media platforms your competitors are using
- Understand how well their social strategy is working
- Compare your results with your competitors
By doing a competitive analysis, you can gain insight into your own business and audience, such as performance benchmarks, best times to post on social media, new content ideas, and communication strategies. You can also identify your strengths and weaknesses compared to your competitors, potential threats to your business, and potential opportunities.
How to do a competitive analysis
Find your competitors’
Firstly, you need to determine who your competitors are and what keywords you are both using. You should know some of the keywords your business is trying to get to the top of the search engines. Searching your keywords and seeing what other businesses come up is always a good place to start.
To start you can choose your top 5 keywords (the most relevant to your business) and see what other businesses pop up.
Next, find out what similar brands your audience follows. A good place to start is Facebook audience insights or Twitter analytics, these can give you some good insights into which businesses your audiences follow. If brands are like yours then it’s a good idea to consider them as potential competitors.
Now that you know who your competitors, it’s to learn about their social medias and what they’re up to. Below is a simple list of information to gather:
- What social media platforms are they on?
- How large is their following?
- How often do they post?
- What is their engagement rate?
- What hashtags do they use?
- How many hashtags do they use?
- Do they use Instagram Reels?
- Is their profile up to date, or looks outdated?
You find all this information out by checking their social medias and looking at their profiles. Its also a good thing to track all this information on your social media platforms as well.
Do a SWOT analysis
Now you’ve gathered all that data about your competitors, it’s time to analyse it. As part of this analysis, you’ll look for ways to improve your strategy and how to stop any hazards on the way.
A SWOT analysis is a great way to understand all the information you have gathered.
S – Strengths – List metrics for which your numbers are higher than your competition.
W – Weaknesses – List metrics for which your numbers are behind your competition. These are the areas that you’ll want to focus on improving.
O – Opportunities – Now that can you where you stand compared to the competition, you can identify opportunities to take advantage of. These are areas where you think you improve compared to your competition based on the intel you gathered about them.
T – Threats – E.g A threat can be a competitor that is small but has couple of viral videos. You need to watch out for new competitors or when your old competitors do something new that gives them more traffic.
The important thing to remember is that strengths and weaknesses involve factors internal to your brand and opportunities and threats are based on external factors. The internal factors are things you are doing right and areas you need to improve on. Where the external factors are things happening in your competitive environment.
What can Yolka Digital do for you?
Here at Yolka Digital we provide a competitor analysis as part of our services. We will cover all of this and more. By evaluating the strengths and weakness of your competition, we can formulate how to give your company an advantage. Every client is our top priority. By using a personal approach, we can offer each and every client a unique set of services tailored to their business.