In more detail
A competitor analysis looks at what similar accounts post, how often they post, which formats they use, and what their audience actually reacts to. You track their follower growth, engagement, hashtags, tone of voice, and the topics that get the most traction. The point is not to copy them. It is to spot what is working in your space, find the gaps they are ignoring, and set a realistic benchmark for your own results so you know whether you are ahead or behind.
Example
Say you run a coffee brand and pick three competitors. You notice all of them post product photos but none answer brewing questions, and their "how to" videos get triple the engagement of their other posts. That gap is your opening: you start posting short brewing tutorials and own a topic the others left empty.
FAQ