How to analyze your competition on Instagram: benchmarking

Each sector has different companies competing to be pioneers or leaders. To achieve success, there are many and diverse variables. What is clear is that one of the most important factors is to carry out a good analysis of the competition and closely monitor competitors in their online and offline strategies.

That is why benchmarking, or competitor analysis, is a topic tha  line data  t is becoming increasingly important in the business world. You cannot live with your back to the market.

Competitor analysis on social networks
Knowing what your competition is doing is essential. Analyzing why their social media marketing strategy works so well or so poorly is something that will help you, much more than you think, to know where to go or what you should not 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 don't have an Instagram account for your company, you are invisible to an audience that is growing ever faster.

Benchmarking your competitors on Instagram and thoroughly understanding their strategy will help you stand out on this social channel and create a winning strategy.

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What is benchmarking?
Benchmarking is an analysis of your competitors to improve your strategy and, thus, differentiate yourself.

Gathering information about your competition on Instagram and carefully monitoring and analyzing it will help you differentiate yourself and redirect your digital strategy.

Why does your company need benchmarking?
Analyzing what your competition is doing helps you detect mistakes and successes in your competitors' strategies that you can apply to your own brand.

Your business needs to do benchmarking because:

It keeps you on your toes: Competitors force you to break away from your strategic plan and explore new avenues.
You discover new ways to reach the same target audience: you can analyze points of your strategy that you had not even thought of when analyzing your competitors.
Find out which techniques work: your competitors work with the same customer profile as you and carry out successful actions. These are the types of strategies that you should follow closely and be inspired to replicate.
You know more about your target audience's interests: Active listening and the reactions of your competitors' target audience will be a great source of knowledge. Read the comments, reviews or complaints and take good note of them to find out their opinions.
Avoid mistakes: Active listening and competitor analysis will help you know which techniques don't work and avoid them in your strategy.
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