Influencer marketing agencies have to deal with many challenges. The flow of tasks may sometimes seem endless, and building successful campaigns for your clients takes much time.
You need to conduct competitor analysis, gather market intelligence, search for new prospects, and create briefs for your clients — and it’s not even a complete list. What’s more, with hundreds of marketing agencies out there and more coming on the scene every day, it’s important to invest time and effort in these tasks that can make your business thrive and stand out from the crowd.
With access to the right tools, solving business challenges and achieving your goals becomes much easier. The Competitor Analysis report in HypeAuditor is a powerful weapon in influencer marketing agencies’ arsenal that allows them to perform many important tasks.
Competitor Analysis for Your Influencer Marketing Agency
We’ve already covered how the Competitor Analysis report can help brands strengthen their marketing campaigns, which can be applicable for agencies as well. Below, you’ll find several ways agencies, in particular, can use the report to gain a competitive advantage, power up their influencer marketing programs, and win new clients.
For agencies, it’s important not only to land new customers but also to retain their existing ones. Loyal clients result in recurring payments and ensure your business has a steady cash flow.
That’s why we’ll explain how to use the HypeAuditor report for both gaining new prospects and nurturing your current customer base.
Prepare a Campaign Brief and Win a Tender
Competitor Analysis is a source of valuable information and insights into the market and market players. With the report, you get access to the strategic data that other marketing agencies lack. This is a shortcut to discover current and emerging industry trends.
You can study brands’ influencer marketing programs from different angles, which include:
Audiences they target with their campaigns.
Their campaign spending.
The best-performing content.
Influencers they work with, including their account size and content topic.
Campaigns they promote on social media.
Collect the information, analyze it, and add the insights to your campaign brief. To win tenders, you need something unique that your competitors don’t have. With powerful insights that only your agency possesses, you have much more chances of beating off the competition.
Attract New Clients for Your Agency
Along with Competitor Analysis, you can also get much use of HypeAuditor’s Trend Analysis reports. Let’s take a closer look at The Most Mentioned Brands report that amplifies your market analysis process.
You can find the most discussed businesses on Instagram, YouTube, and TikTok, so choose a preferred social media platform first. Then select your country and niche and you’ll see a list of the most mentioned brands in your specific market.
Here’s how you can use the report:
Get a list of the most mentioned brands in a particular country and niche. Probably, these businesses spend on influencer marketing more than others.
Analyze those brands in detail to spot those who can be your potential clients.
Discover their weaknesses and check what other brands from the same industry are doing. Include this information in your sales pitch.
Reach out to those brands and pitch your services to them.
Study the New Market
Entering new markets provides new opportunities, but along with it comes new challenges. If you want to expand your business and work with brands that you haven’t worked with before you need to do your homework.
Gaining expertise is always hard and requires much time and effort. This is where the market and competitor analysis is critical. With the Competitor Analysis report, you can discover the main market players and how they promote their brands.
See how the market leaders run their influencer marketing campaigns, analyze their strategies and influencer marketing expenditures. Not only can you see how much they spend on influencer marketing activities, but also how effectively they spend on influencer marketing. Metrics like Cost Per Engagement (CPE) and Earned Media Value (EMV) will help you do that.
By learning how brands market themselves and run their influencer programs, you can come up with many new ideas for your future campaigns that you’ll be building for your clients.
Optimize Work with Your Current Clients
Finally, you can use Competitor Analysis as a reporting tool to streamline collaboration with your clients. There’s a huge opportunity to boost productivity and efficiency in your agency and turn one-off clients into your loyal customers.
There are two main options here.
Report to clients about their influencer marketing campaign.
Let them know how effective their campaign was by showing them key metrics, including CPE, EMV, Reach, Engagement Rate of sponsored content, and Post Performance. The latter shows how sponsored content within a marketing campaign performs compared with regular posts of influencers who mention your client’s brand.
Compare your client with their competitors.
When reporting to clients, you can also compare them side by side with their main competitors. For example, your campaign went viral and performed extremely well, which will serve as solid proof of your effective work.
On the other hand, if campaign results are not so significant and your client falls behind the competition, the report will help you justify the need to increase the influencer campaign budget. Show your customers potential growth points and what should be done to outperform their rivals.
Final Thoughts on Competitor Analysis for Influencer Marketing Agencies
As you can see, knowledge is power. To gain this knowledge, you need reliable data.
As more influencer marketing players enter the market, you need to ensure that your agency has a competitive advantage.
You need to catch up with the latest trends, analyze the best-performing market players, and get a clear idea of what works and what doesn’t work. With HypeAuditor Competitor Analysis, you can gain market insights that help you fuel influencer campaigns you’ll be planning for your clients.
Outsmart your competitors
Get an in-depth look at your niche and see how you stack up against the competition. Gather valuable data on your rivals' budgets, ROI, and influencer partnerships. Stay ahead of the game with a bird's-eye view of your market.
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