How Competitor Analysis Can Maximize Your Influencer Campaign Results
July 18, 2022
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For Fitri R, business director of an Indonesia-based agency, the likelihood of discovering relevant influencers for its clients stood high after he conducted the competitor analysis. Fitri first identified influencers working with competing brands and tracked their affinity over time using an automated tool.
"With a better understanding of what kind of influencers are used by the competitors, we can get a better understanding of the competitor's strategy," stated Fitri R in his G2 review after using Affable.ai.
"We can get the information of what brand is already attached with each influencer. So, it helps us recommend the right influencers for our brand, based not only on its follower's profile but also the influencer affinity through its branded content," he explained.
For Fitri and other agencies or brands, competitor assessment is an essential research component to spot potential opportunities before kicking off an influencer marketing campaign.
Analyzing Competitor's data
Competitor analysis gives a clue about the closest competitors' strategies and their interactions with the target audience. Regular auditing and analyzing what's working or not for them is an opportunity to tweak your own strategy accordingly—instead of waiting for the final ROI to come in.
How competitor analysis helps:
Gives entirety to your marketing strategy
Keeps you updated on the existing trends
Identifies relevant influencers
Shows current dynamics of influencer marketing
Identifies market gaps in your niche
Leapfrog your competitors
Competitor analysis: Ways to do it
There are two ways to do the task – manually or using an automated tool.
Manual execution requires going through the individual social media accounts of competitors, figuring out the hashtags promoted, and searching for unique influencer details and their interaction with the target audience.
Basic steps followed for competitor analysis are:
Classifying competing brands
Reviewing competitor's social media presence
Discovering influencers partnered with the competing brand
Conducting dedicated hashtag research
Figuring out which hashtags are working and creating a mix
Evaluating competitor's network
Performing data-driven review of your competitor's influencers
One of the most significant consequences is that the manual process can be time-consuming and may require extra person-hours as you hop between platforms for data collation.
Using an automated tool like affable.ai for a competitive assessment can churn out all these details from multiple social media platforms, using different filters. It streamlines this entire process, giving a complete data-driven report.
It has insights into your competitors' partnership with influencers and customer interactions on sponsored posts. You get all the details to decipher a competitor's strategy in just a few clicks.
Tired of finding influencers through hashtags and brand mentions? Try affable.ai influencer marketing tool.
A competitor analysis dashboard gives a comprehensive account of opponents influencer campaigns, from their total number of posts to total engagements, the number of influencers onboarded and total estimated reach - all of it reflected through self-explanatory graphs.
According to Sumit Deshmukh, Senior Product and GTM Manager, Affable.ai, the two in-built features within the tool - market trends and brand comparison - help gauge the current dynamics of influencer marketing.
"Market trends tell brand managers about all the latest industry insights like the most active brands, influencers with the highest engagement, trending hashtags and branded posts with the highest engagement using filters like country and time," explained Deshmukh.
"On the other hand, brand comparison gives detailed insights into competing brand's influencer posts, total engagements drawn through these posts, number of unique influencers and total estimated reach," he added.
For example, the above chart highlights the total engagement drawn by Kylie cosmetics, Dior, Rare Beauty and Fenty using influencers for their different campaigns from June 1 till July 1, 2022. It allows you to go granular and collect weekly and daily data.
If you further deep dive, the tool allows you to in-depth analysis of the specific influencer profile through its Content Discovery feature. “Under the "Content Discovery" key in your competitor's brand in brand mention. You can then choose "Sponsored Content", which will show you sponsored content only. Sponsored content is identified when the influencer mentions paid partnership with a particular brand and uses #sp #ad at the end of the post," said Deshmukh.
Interestingly, the report generated gives sentiment analysis for each of the posts. It means tracking comments written as emojis and multilingual texts and categorizing them as positive, negative and neutral.
Elisa HN, marketing manager of a mid-market company, saved hours of browsing to get to the core of the competitor activity. For her, affable.ai became a fast and compact all-in-one tracker tool for easy reporting and a quick overview of competitor activities.
Other Influencer marketing platforms providing competitor analysis:
Klear provides solutions for enterprise, agency and e-commerce. It uses various filters to search for competitors and discover influencers who have partnered with the competing brands.
The tool scans through the collaboration or sponsored content and indicates the type of audience the brand is trying to connect with. The tool collates different data points through the influencer profile, showing why a specific influencer may appeal to the opponent brand.
Traackr is an influencer marketing platform that calculates the Brand Vitality Score (VIT) to measure brand performance.
Mainly working with beauty brands, the platform helps you track which influencers and content drive results for you and the competitors. It uses different metrics to rank brands and gives an insight into how the brand's organic and paid strategies have been performing. Besides, its algorithms collect data on which social media platforms deliver the most impact.
Fostering successful growth in influencer campaigns can get challenging if you fail to evaluate the marketing strategies at the right time. Benchmarking your brand against competitors can give you an understanding of what is required to stay ahead and drive maximum target audience engagement.