Every savvy strategic business plan starts out with the question: what’s my current position? You should ask yourself the same question when you start planning your influencer marketing strategy. It’s without question that influencer marketing is currently a major strategy for brands looking to connect with consumers. To get the best out of your influencer marketing strategy, you need a firm understanding of where your brand sits within the influencer marketing sphere. Only then can you define your objectives and desired outcomes. By continuously measuring your progress, you’ll be able to monitor if you are applying the right strategies to reach your goals. That’s where an Instagram competitive analysis comes into play.
Why conduct an Instagram competitive analysis?
The best way to understand your current social capital is by conducting an Instagram competitive analysis. To do this, you need a clear understanding of the key metrics that will define your brand’s current value and compare against your competitors. When conducting a competitive analysis, you will be answering the following questions:
- How much value is my own content currently creating?
- How much value are the influencers I partner with currently creating for my brand?
- How much value is organically created without influencer partnerships?
- What influencers are my competitors working with? Why?
- How does my influencer marketing strategy perform in comparison to my competitors?
With just a few clicks you can monitor any Instagram account or hashtag and export your custom analysis with the Measurement module in InfluencerDB’s Influencer Marketing Cloud. You can easily add either brand or hashtag monitorings to compare your own metrics to those of your competitors. Plus, you can monitor the performance of any brand or campaign hashtag.
How to best use the Influencer Marketing Cloud’s Measurement Module?
Let’s have a look at the two successful jewelry brands, Cluse and Paul Hewitt. What content has been created for both brands over the past weeks (August 1-25, 2019)? You can immediately compare organic and sponsored posts to determine the average likes and comments for each.
Brand mentions of Paul Hewitt
Brand mentions of Cluse
Start your Instagram competitive analysis easy. At a glance, you can see that more content has been created for Cluse over the last three weeks. In contrast, the number of sponsored posts are higher for content associated with Paul Hewitt. This indicates that Paul Hewitt recently partnered with several influencers.
By clicking through a few posts and skimming the captions, you’ll find that Paul Hewitt launched the #myphrepstory campaign at the end of July celebrating their 10 years anniversary of their original anchor bracelet.
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Identify the best-performing posts
Comparing the two brands, you can further sort the content by six different rankings: newest, best-performing, worst-performing, most likes, most comments, and highest following.
These rankings can show you all of the different content pieces shared by your partners or your competitors’ partners. Let’s have a look at the biggest influencer associated with each of our example brands.
Based on a quick look in the Monitoring feature of the Influencer Marketing Cloud, Paul Hewitt’s biggest partner since August 1 is Italy-based Valerie Bigella (@valebigella) who has about 680k followers. Conversely, Cluse’s biggest partner during the last three weeks @looknatamelie has 322k followers. This type of analysis can be quickly performed on any public Instagram channel and with any of the filters mentioned above.
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For a practical application beyond your Instagram competitive analysis, by seeing the best and worst-performing posts you can evaluate which type of content performs really well and what’s better to avoid. Every displayed post indicates the number of likes, comments, and the created media value per post. Moreover, by hovering over the picture, you can see the like performance of every single post.
Cluse’s repost from @giulia_noemi performs slightly better in comparison to the brand’s previous postings.
Who partners with your competitors?
If you are skeptical about an influencer, you can always go into the Influencer Marketing Cloud’s Discovery & Analytics module. With the Outgoing Mentions tab, you are able to instantly tell if the influencer you found already works with your competitors. If so, that’s not necessarily bad. Depending on your market niche and influencer marketing strategy, you need to decide whether your competitors’ partners would be inauthentic and ineffective for you.
For instance, Valeria Bigella has partnered with Paul Hewitt but also mentioned Daniel Wellington in the past.
Monitor Your Campaign Success over time
Once you have started an influencer marketing campaign, the Measurement module allows you to easily monitor the metrics most relevant to your campaign success. In addition to tracking your account or critical hashtags, you can always get a clear view of the organic engagements and your influencer’s postings performance.
In May, Aboutyou ran the awareness campaign #aboutyourchoice encouraging people to use their vote during the European Union elections later that month. The brand worked with several European influencers including Lena Gercke, Daniel Fuchs alias Magic Fox, Elena Carrière, Sofia Tsakiridou alias Matiamu, Pip Pellens, Jan Versteegh, Claartje Rose, Matthias Geerts, Anna Kaderavkova, and Adam Misik.
By tracking the campaign hashtag #aboutyourchoice, the brand can monitor the value that is created by postings that include the hashtag. Additionally, the relative success of the influencer partnerships can be monitored by analyzing the best and worst-performing postings.
The Influencer Marketing Cloud’s Measurement module offers a quick and easy solution for conducting a comprehensive Instagram competitive analysis. Instantly audit your own channel and your competitors’ to understand your current value in the Instagram and Influencer marketing sphere. Once you’ve got the ball rolling, you can monitor the success of your campaign and determine if you have reached and exceeded your desired goals.