- Influencer marketing experts talking competitor analysis: insights, facts, strategies
- Published 03/05/2024
- 5 min Read
- Written by Julia Shandrokha
Table of contents
The art of competitor analysis in influencer marketing involves more than merely keeping tabs on rivals — it requires a detailed assessment of their strategies, campaigns, and outcomes to refine and enhance your own approach. This article explores the unique aspects of influencer marketing competitor analysis through insights from experts at Famesters agency. We share our methodologies, tools, and the pivotal role this analysis plays across various industries, offering a roadmap for brands to not only compete but lead in their respective markets. Join us as we uncover the integral components of competitor analysis.
Nadia Bubennikova, Chief Business Officer and Co-founder of Famesters
Can you explain what makes influencer marketing competitor analysis unique and what are its critical components?
Competitor analysis in influencer marketing is unique because it provides a comprehensive snapshot of how competitors are leveraging influencer partnerships. Key components include:
- Advertising analysis: We look at the frequency and type of advertising placements on platforms like YouTube, examining the formats used, the technical specifics, and the pain points they address.
- Budget estimation: We estimate the advertising spend of competitors to give our clients a clear picture of the financial commitment involved.
- Influencer profiling: We describe the types of influencers used by competitors, assessing how effectively they engage with their audience.
- Strategic recommendations: Based on our findings, we offer tailored recommendations for our clients to optimize their own influencer campaigns.
What tools and methods do Famesters agency experts use to conduct competitor analysis?
Our approach integrates several advanced tools to identify advertising across various social media platforms like YouTube, Instagram, TikTok, Twitch, and other. We also do the following:
- Video transcription: Especially useful when we are researching brands’ influencer marketing strategies for regions with complex languages, such as Vietnam and Thailand – we decode content specifics.
- Influencer analysis: We analyze the impact and approach of influencers selected by competitors: content, audience, ad perception, performance, etc.
Our team also conducts hands-on reviews to ensure depth and accuracy in our analysis.
Why is influencer marketing competitor analysis essential for brands? What insights does it offer?
Influencer marketing competitive analysis is crucial for brands to differentiate their strategies from their competitors. The insights provided help brands understand:
- Competitor strategies: What competitors are doing in the same geographic locations.
- Innovative adaptation: Opportunities for adopting or adapting successful strategies and technical approaches used by competitors.
Once Famesters has conducted an influencer marketing analysis for a brand, what should be the next steps for the brand?
After delivering our analysis in an easily digestible format — such as neatly designed tables or presentations — we encourage clients to:
- Review detailed findings: Examine competitor activities and the estimated budgets of their campaigns.
- Strategize based on insights: Utilize our detailed breakdowns and recommendations to inform their future influencer marketing strategies, ensuring they align with both budgetary considerations and market opportunities.
Anna Zhukova, Team Lead (iGaming) at Famesters
What sets influencer marketing competitor analysis apart, and what are its essential components?
It’s always very useful to stay tuned to the trends in the market — allows you to spot emerging opportunities. By analyzing what regions are expanding and which creatives are being adopted by your competitors, you gain invaluable insights that inform your marketing strategy adaptations and innovations. Influencer marketing competitor analysis is not only about staying current; it significantly benefits sales strategies. For example, if you, as a gaming brand, notice a competitor is successfully leveraging Dota influencers, you can consider testing similar strategies for your own game. Sometimes, this might even involve direct inquiries from us, if we have appropriate connections, to gauge effectiveness and optimize our clients’ budgets based on these insights.
Which industries would benefit most from influencer marketing competitor analysis?
The gaming industry reaps substantial benefits from influencer marketing competitor analysis due to its constantly evolving audience demographics and the need to stay ahead of market trends.
Also, mobile gaming, apps and digital products, and FinTech spheres are heavily saturated, so influencer marketing competitor analysis is vital for brands in them.
However, the iGaming sector also finds great value in competitive analysis, as it helps identify new content creators who might have been overlooked in previous research. This strategic advantage allows these industries to continuously refresh their approach and engage with an ever-widening audience base effectively.
Eugene Malashkevich, Team Lead Talent Manager at Famesters
What is special about influencer marketing competitor analysis?
Competitive analysis is a fundamental aspect for any business or project. You can attract a team of true professionals to open your snack bar, choose an excellent location with good foot traffic, and have an impressive financing.
But if at some point you did not bother to do a competitive analysis, you will not find out very soon why all the other restaurants on your street have already decided not to serve tables with forks.
The same importance competitor analysis has in launching influencer marketing campaigns. There already are similar brands in the market that have launched their advertising campaigns with influencers. Some of their campaigns turned out to be more successful, some were less.
Before launching a huge advertising campaign, you will need to test influencers of different sizes, with different audiences and so on. But is it worth starting from scratch when you can identify in advance which experiments turned out to be unsuccessful for other brands in your industry?
A smart advertiser learns from their own mistakes, but a wise advertiser learns from others.
What are the challenges you face while conducting competitor research?
It is challenging to make the right conclusions from the available data and identify which of the competitors’ strategies have been effective and which have not. Without access to actual campaign results, identifying its success can be difficult.
But that’s what marks out a good agency: the ability to identify the campaign budget, the cost of an influencer’s services, and other metrics, based on primary indicators. This is where our team’s expertise and our huge base of knowledge come in handy.
What if Famesters has already conducted influencer marketing analysis for a brand? What comes next, what should the brand do with the results?
After conducting a competitor analysis, our task is to build an advertising strategy for the client based on the fact that this client’s competitors’ advertising campaigns were not perfect. Simply repeating the same actions will not allow us to reach new heights; at most, we will replicate the success or failure of the competitor.
We must identify which experiments of the competitors were successful and which ones failed. The failed ones must be declined, and the successful ones must be developed.
This is exactly how a successful advertising campaign is built.
See that you need influencer marketing competitor analysis? Contact us via [email protected] and we will start the work today!
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