Influencer marketing is a dynamic space that is constantly changing. Brands are looking for new ways to engage with their audience and shifting ad spends towards this channel. Users, in turn, are swayed by the content they consume on social media. All these conditions lead to the evolution of the influencer marketing landscape.
To ensure the success of your campaign, you need to stay abreast with all that happens in the industry and what others in your niche are doing. The Competitor Analysis report in HypeAuditor gives you meaningful information that can help you upgrade your influencer marketing program.
In this post, we’ll show you how your brand can use the report and the data it provides to optimize your strategy.
Ways to Use Competitor Analysis for Influencer Marketing
Why is competitive analysis crucial for your brand? Here are just a few of the most important reasons:
- It eliminates the guesswork and helps you make smart, data-driven decisions.
- It’s an effective way to know the pulse of the industry, in general, and your specific niche.
- It gives you the opportunity to learn what works in your niche and what doesn’t. Not only can you get inspired by the best market players, but also learn from others’ mistakes and avoid making them.
- It allows you to benchmark yourself against competitors to create goals and measure your progress afterward.
- It helps you supplement your influencer lists with additional candidates.
To ensure the success of your campaign, start with collecting strategic insights to inform your influencer marketing program. The Competitor Analysis report can help you in many ways.
Analyze Your Marketing Strategy
First of all, you can take a closer look at your own strategy to better understand its effectiveness. The Competitor Analysis report allows you to explore your Instagram influencer campaigns from different angles and improve your decision-making.
The report contains multiple sections like sponsored content, audience, and comment sentiments with meaningful metrics that help you understand whether or not you’re going the right way. By knowing what happens with your campaign you can improve your strategy and make necessary adjustments in the process.
Study Your Competitors’ Influencer Marketing Strategies
Competitor analysis in influencer marketing is a powerful tool that allows you to learn what your competition is up to and optimize your strategy accordingly.
It’s no longer enough to measure the performance of your campaign, you also need to monitor your competitors’ marketing strategies. Keep your enemies closer!
Let’s break down the analysis into several key steps.
- Influencer marketing expenditure analysis
You can get a sneak peek at your competitors’ influencer marketing budgets. Find out how much they spent on sponsored and likely sponsored content and get an idea of how effective this spending was by analyzing the Cost Per Engagement and Earned Media Value of their campaign.
- The general analysis of their marketing activities
The report gives you an overview of your rivals’ influencer marketing strategies and allows you to analyze their activities during a period from a week to a year.
Pay attention to their regular and occasional campaigns that can be associated with a new product launch or some other special events. On the other hand, seasonal spikes in the activity may indicate that they run seasonal campaigns.
If you switch to the ‘Daily’ view, you can see the surges in the activity, in terms of reach and the number of posts, on particular days, which may tell you about a campaign launch.
- Campaign performance assessment
The Competitor Analysis is an indispensable tool if you want to understand how effectively your competitors’ marketing campaigns perform. Use a range of viral metrics like Estimated Reach, Engagement Rate, and Earned Media Value.
Check the average Engagement Rate of a brand’s campaign and benchmark it against the market. Then take a look at how their sponsored content performs compared to the average Engagement Rate of regular posts featuring this brand.
- Influencer profile
One of the most popular questions that marketers want to find an answer to is what influencers work with your competitors. The Competitor Analysis report not only shows you a list of creators other brands partner with but also provides you with vital insights that can help you build an influencer portrait.
An influencer profile includes:
- Content topic
- Account size
- Audience age and gender
For example, this is what an influencer portrait may look like:
Content topic: Content about fitness and gym, and healthy lifestyle.
Reach: 500,000 users.
Account size: Micro-influencer with 10,000-50,000 followers.
Audience age and gender: Targets mostly 18-25 age group, both male and female.
- Creative strategy analysis
Last but not least, you can explore your competitors’ sponsored content in detail. Study both visual and textual elements to spot fresh and interesting ideas that grab people’s attention. See which content type they mostly use in their campaigns: posts, videos, or carousels. Understand which content resonates with the audience best.
Use this information as a source of inspiration and adapt what the best-performing brands are doing to your own content strategy. Alternatively, you can create something new that hasn’t been done in your niche before and stand out from others.
By analyzing their hashtags you can get an idea of what new products they promote or what social media campaigns they run so you can keep abreast of what’s happening in the industry.
The importance of competitive analysis cannot be overestimated for both influencer marketing newbies and experienced marketers.
If you’re new to influencer marketing, analyzing your competitors allows you to understand the ins and outs of the market. On the other hand, if you’re an experienced marketer you can still extract much information from competitor analysis and keep yourself updated with the latest industry trends.
Create a List of Influencers
By collecting insights into your competitors’ marketing strategies you can build a list of influencers for further work. This includes two options:
- A blacklist of influencers. If your brand doesn’t work with creators who are already engaged in your competitors’ campaigns, you can blacklist those influencers.
- A list of your potential partners. You can analyze successful collaborations of your rivals and add their influencers to your list.
Once all the vital information is collected and analyzed, you can move on to the next step of building your influencer campaign. Set your goals, plan your budget, choose a strategy, and find perfect influencers for your upcoming marketing initiatives.
Campaign planning is a complex process that consists of multiple steps. But equipped with data-powered insights you have a solid competitive advantage.
One of our experts will get back in touch with you soon.