It is important to focus on positioning your brand on Instagram vis-à-vis your competitors. For that, you should conduct meticulous competitor research analysis. It could prove to be immensely beneficial in the future if you keep monitoring your competition. You can forge ahead of the rest if you can find out what is presenting working for them and identify the issues that are bogging them down. A competitor research analysis will be helping you in many ways. A regular competitor analysis could go a long way in:
- Identifying the gaps that exist in the market.
- Occupying the gaps present in the marketplace.
- Developing new services or products.
- Uncovering brand new avenues and market trends.
- Sell & market more efficiently and effectively.
According to Forbes, competitive intelligence analysis is a critical element while establishing or crafting a business stratagem in 2020. Understanding competitor behaviors and motivations will go a long way in shaping product development, brand positioning, and price. It is of pivotal importance to identify advantages, challenges, and white spaces for building a stratagem that generates competitive differentiation.
Reasons to Focus on Research Analysis
Competitive research or competitive analysis is supposed to be a strategic research niche that is known to specialize in the gathering and reviewing or appraisal of information relating to rival companies. Thanks to this evaluation, you can identify the reason why your product is unique. You could identify the attributes that are necessary to attract the attention of your target audience. Once proper analytical research about your competitors is done, you can consider monitoring them consistently so that you can keep track of their behavior all the time. This could be useful in anticipating their future actions and stay well ahead of the rest.
To Understand Your Audience Clearly
As a brand or business, it is important to know and understand your target audience clearly. It is important to know what kind of content is appreciated by your target audience. Your target audience should connect, engage, and even consume your content. Competitor analysis research is essential for understanding every aspect of your target audience. You may buy Instagram comments to boost overall follower count.
To Know Where Your Target Audience Loves to Hang Out
You can keep track of your audience and know where they like to spend more time: do they enjoy watching Stories or watching Reels? Knowing precisely where your users tend to spend more time helps you gain an edge over your business rivals. Depending on the research, you may consider narrowing your focus to just a few specific Instagram features. You should remember that 52 percent of stories seem to be videos and they will surely outperform picture stories on exit and forward rates both.
To Spot New Opportunities
While conducting a thorough competitive research analysis on Instagram, you should keep looking for gaps in the content of your business rivals or competitors. Maybe your rivals fail to respond at once to likes and comments or their content may not be fascinating enough. Or maybe your rivals are posting infrequently. These are the gaps you should spot and act accordingly to take advantage of the situation and forge ahead of the competition. Look for diverse angles to the same story. You may alternatively narrate your unique experience behind it. Share behind-the-scenes videos for showcasing your unique brand values and personality.
To Craft Enhanced Content
Once you obtain the necessary information and sound knowledge about precisely what your business rivals are posting as opposed to what you are sharing, you may end up finding some common ground between them. It could be beneficial in overpowering your present content stratagem. You can get creative spurts as you draw inspiration and motivation from key players in the industry. Once you can see what your business rivals are doing, you will surely put in your dedicated efforts at trying out an original version of their type of content. It could help get you a competitive edge.
Top Instagram Analytics Tools
Insights are the in-built Instagram analytics tool. It may not be hugely in-depth but it assists in giving you a quick snapshot or a perfect review of your performance. It allows you to browse through your recent engagements and impressions. You may consider comparing your Instagram posts by utilizing a host of metrics for seeing your best posts. Some of the vital metrics are engagement, reach, profile visits, likes, calls, shares, comments, and website clips.
Quintly is supposed to be an excellent dashboard tool covering several social networks. It has a standard dashboard that may be custom-tailored with widgets for suiting your requirements and tracking the metrics that are of importance to you.
As competitive landscapes are fast becoming more dynamic, it is of prime importance for organizations to capture a knowledge advantage. This sort of knowledge could be leveraged for increasing revenue, brand equity, and market share.