Each sector has different companies that compete to be pioneers or benchmarks. To be successful, the variables are many and diverse. What is clear is that one of the most important factors is to do a good competition analysis and follow closely the competitors in their online and offline strategies.That is why benchmarking, competitor analysis, is a topic that is gaining much more importance every day in the business world. You cannot live with your back to the market.Competitor analysis in social networks
Knowing what the competition does is essential. Analyzing why your social media denmark phone number strategy works so well or so badly is something that will help you, much more than you think, to know where to go or what not to do.Instagram is king, it is the social network that has gained the most market share in 2018, according to the IAB study . Today, if you do not have an Instagram account for your company, you are invisible to an audience that is growing faster and faster.Make a benchmarking Instagram of your competitors and get to know your strategy will help to highlight in this social channel and create a winning strategy.Do you like what you are reading? Subscribe to our blog!
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What is benchmarking?
Benchmarking is an analysis of your competitors to improve your strategy and, thus, differentiate yourself.
Collecting information about your competition on Instagram and doing careful monitoring and analysis will help you make a difference and redirect your digital strategy.Why does your company need a Betting Email List ?
Analyzing what your competition is doing helps you detect mistakes and successes of your competitors’ strategies that you can apply to your own brand.Your business needs to benchmark because:Keeps you on your toes: competitors make you not fit into your strategic plan and explore new paths
You discover new ways to reach the same target audience: you can analyze points in your strategy that you hadn’t even thought about when analyzing your competitors.
Find out what techniques work: your competitors work with the same customer profile as you and carry out successful actions. It is these types of strategies that must be closely followed and inspired to replicate them.
You know more about the interests of your target audience: active listening and the reactions of the target audience of your competition will be a great source of knowledge. Read the comments, reviews or complaints and take good note of them to know their opinions.
You avoid mistakes: active listening and the analysis of the competition will help you to know which techniques are the ones that do not work and avoid them in your strategy.
Why is benchmarking important on Instagram?
Instagram has its own rules when it comes to giving visibility to company posts and accounts. The Instagram algorithm changed, rewarding those accounts that have greater relevance and engagement.By benchmarking your competitors on Instagram you will obtain a lot of information to increase the two factors that favor positioning in this social network:
Followers of your competition.
Use or not of: stories, Instagram shopping, advertising, etc.
Marketing strategy on Instagram. Number of content they share, type of content, etc.
Without a doubt, if you want to grow on Instagram, increase sales and create community, competitor analysis will be the key to differentiate yourself. Remember it!Benchmarking on Instagram: Competitor Analysis
How to find your competition on Instagram?
Now you will be thinking … “very well, and where do I get my competitors from now?” You will have a slight idea of which is your closest competition, but we are going to give you some tips so that you can find them in a simple way:1. It is essential to listen to your followers . They give you much more information than you think. The key is to observe, listen to what they say, and research other brands they talk about.If you spend some time researching what your followers are talking about, what stories they upload, or what comments they make on other posts, you will discover more than you think.You can collect a lot of information. Your users talk about tools, companies and brands that they use and that they like. So you can find competitors in your market.2. Search the hashtags or tags. You can see who tags you or whouse your hashtags, and if they do it from another similar company. You can also discover which are the most used hashtags and add them to your strategy.personal trainer competition analysis3. Monitor hashtags . In social networks they talk about many things and hashtags are used a lot. You can follow the conversation of a topic and get a lot of information. On Instagram you can follow hashtags.4. Search your competitors for organic traffic . Enter in Google the keywords for which you want to be found, better in the incognito window. See which companies are the ones that appear in the first positions and take note. Then search their social networks.analysis of the competition searches personal trainerData collection and analysis
Once you’ve done an in-depth search and found the competitors you were looking for, it’s time to analyze each one of them to get as much information as possible.Not every competitor you’ve found may end up on the list, as some of them may not yet use Instagram in their social strategy.Important data
Once you have the list of your competitors, it’s time to get the data that will help you and give you the information you need to guide your digital strategies on Instagram.What data should you know:Number of followers: you will know how many people follow your competition and if those numbers are very different from yours.
Posts per month: there are strategies based on the number of posts per month. You can see how many posts your competitors upload and how it works for them.
Number of “likes”: it is one of the most important interactions, since it defines engagement. If you have many “likes” it means that people have seen your photo and, in addition, have interacted with it. They liked the content and it caught their attention.
Number of comments: is the other important interaction. It reflects how many people comment on your posts.
Engagement: the engagement ratio is the number of interactions received for every 1000 people reached.
When you have to collect the data, the ideal is that you establish a specific period of time to analyze the minimum of one month.
Competitor analysis tool on Instagram
There are several tools that help you make this process easy. Here are the most important ones:
Metricool: competitor analysis on Instagram
Metricool allows you to add the competitors you have found and automatically calculates the most relevant data for the analysis in the desired period of time.
In addition, you can order your competitors by the value that interests you the most (engagement, number of publications, likes, comments, etc.).
competitor analysis metricool
With this data you can know which accounts are doing well on Instagram.
Once you have done the general analysis of competitors on Instagram, you can put your eye to a specific account and analyze it in depth (because it looks more like yours, because it is a direct competitor, because it does very well, etc.).
competition analysis metricoolBased on this example, we find that Nike has grown in followers in the last 30 days and has published only three posts.
Keyhole: monitoring of competitor hashtags
Keyhole does not allow you to track competitors although it does help in the hashtag monitoring process on Instagram. The first step corresponds to the analysis.
As an example, you can see the hashtag analysis “Toronto”. This is the image that you will get with your free trial.
keyhole competitor analysis
Temporal graph with the interactions of the hashtag on Instagram.
Publications that have obtained a greater interaction.
Keywords related to the analyzed hashtag.
Participants in the hashtag with the most influence.
Demographics of the hashtag’s influencers.
Types of content uploaded (video, image, photography, etc.).
Feelings generated in the audience (positive, neutral or negative).
Instagram tool that allows you to:
Manage your account.
Analyze your competition.
Create circles to monitor content from different specific accounts.
Analyze your audience and engagement.
competitor analysis ink361