Do you feel like your rivals are constantly one step ahead of you and one post ahead of you on Instagram? Is there an uptick in their number of followers? Perhaps you’re curious in the key components of their influencer marketing approach. You can obtain some answers by looking at what your rivals on Instagram are doing.
The influencer marketing industry is booming, and social media’s popularity shows no signs of abating any time soon. Marketers for many different companies are beginning to use influencer marketing into their overall plans. Knowing the marketing strategies of competing firms, especially how they use influencers, is essential.
If you’re wondering what metrics you should be tracking in your competition analysis, you’ll find the answers you need here. In addition, we will explain how you may learn from their leaders and emulate their successes. All right, let’s get started right now!
What Exactly Is a Competitor Analysis?
Most companies have a good idea of the goods and pricing structures of their major rivals. Our survey found that 56.66 percent of all firms and organisations examine between one and four big rivals.
Some businesses go so far as to track their competitors’ online visibility and social media activity. You may use this information to make educated guesses about how to modify your influencer marketing approach. Of course, this is just the surface of the problem. Researching competing businesses entails more than perusing their blog posts and checking out their latest offerings.
Doing research on the competition reveals useful information about their strategies and methods. This helps you keep ahead of the curve, which is always a good thing. On the other side, it helps you remain abreast of emerging tendencies. This is why it is so shocking that just 50.56 percent of companies and 55.7 percent of agencies check at their competitors’ Instagram pages before beginning an influencer marketing campaign.
You need to know which producers and what kind of material will reach your target audience if you want to collaborate with influencers as part of your digital marketing plan. It is possible to learn a lot about successful influencer marketing strategies by studying your competitors’ prior efforts.
Why Look into Your Rivals?
Like with any company, your ultimate goal should be to maximise profits by attracting as many customers as possible. Maintaining a close eye on your brand’s performance and correcting any missteps is essential to reaching these objectives. Yet, it is prudent to monitor the activities of your rivals. They may be audited on a regular basis to ensure nothing is missed and to provide insight into:
Whoever they are now working with or have previously worked with in terms of influencers;
How many promoted and advertorial posts their influencers have made;
Which campaigns they’ve already run;
frequency with which their influencers publish;
How they used various forms of social media;
The results of the content developers’ efforts;
Which social media updates have the greatest impact.
It is possible to extrapolate their approach to influencer marketing from these numbers. Find the people who are the best representatives of your brand and, by extension, your field by using this method. You can see which posts were the most popular among viewers. The hashtags, calls-to-action (CTAs), and captions that influencers employed, as well as any external links, can be uncovered. If you look through the comments, you can figure out what kind of campaigns your rivals are doing, who their target audience is, and what their top marketing priorities are.
When you do this, you’ll learn about the advantages and disadvantages of the competition. Determine where in their campaign they may have been unsuccessful or where they may have lost an opportunity. In addition, you will find out how to give your company an advantage over its competitors by identifying its unique selling points.
Steps to Analyzing Your Instagram Rivals
Instagram started as a basic photo-sharing app, but it’s since grown into a formidable marketing and sales tool for businesses. With over a billion monthly users, you may spread your message to a wide audience or narrow it down to a specific demographic based on their likes and dislikes.
All things considered, it looks like your company’s influencer marketing plan is set up for success. Competition to attract and retain Instagram followers is fierce since the platform’s widespread functionality is a major factor in its widespread appeal. Because of this, if you want your business to stand out among the masses, you need to investigate the competition and identify influencers, niches, or content types you can employ to dominate the field.
Find Out Who’s Making Decisions for Your Competitors
The foundation of any influencer marketing strategy will be your influencers. If you hire the incorrect personnel, you might lose money and damage your brand’s image. Thus, it is essential to research the marketing strategies of your rivals and identify the producers they have collaborated with in the past.
Mentions
Whether it’s free or paid material, influencers can’t help but talk about the companies they support. Nevertheless just 49.72% of businesses in the survey used influencer mention research before starting a campaign.
The process of researching mentions might lead you to various influential people.
Determine who is talking about your rivals and where.
Additionally, you may check out the experts or influencers that articles from competing companies cite.
Hashtags
The use of hashtags, or topic-specific search terms, to locate relevant social media posts is another common strategy for identifying significant opinion leaders.
Check the hashtags that contain the names of your contemporaries in the field.
Discover the terms that are relevant to your specific market.
Consider your target demographic
As important is monitoring brand references and audience reactions. Seeing how consumers respond to your brand is a great way to fine-tune your offerings. Successful customer relationship management will result in increased brand loyalty and positive word-of-mouth.