Influencer Marketing: How to conduct an Instagram competitive analysis
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.
With a firm understanding of where your brand sits within the influencer marketing sphere, you can determine your objectives and desired outcomes. First, 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 repeat analyses over time, you can see how your answers to these questions evolve.
How to best use the Influencer Marketing Cloud’s Measurement Module for an Instagram analysis?
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.
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 month (October 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
Starting your Instagram competitive analysis easy. At a glance, you can see that more content has been created for Cluse over the last month. In contrast, the number of sponsored posts are higher for content associated with Paul Hewitt. This indicates that Paul Hewitt has worked with a greater number of influencers, or that Paul Hewitt has more incoming posts from its limited influencers. It’s very easy to find out, should that information be needed for your analysis.
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.
Identify the best-performing posts
Beyond segmenting between sponsored and non-sponsored content for any public Instagram channel or hashtag, you can further segment your searches by seven different rankings: Newest, Best Performing, Worst Performing, Most Comments, Most Likes, Highest Following or Highest Media Value.
These rankings can show you all of the different content pieces shared by your partners or your competitors’ partners, based on your determined search parameters. 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 October 1 is Italy-based Valerie Bigella (@nicolemazzocato) who, as of November 1, 2019, has about 1.4 million followers. Conversely, Cluse’s biggest partner during the last three weeks @carolinereceveur has a whopping 3.4 million followers. This type of analysis can be quickly performed on any public Instagram channel and with any of the filters mentioned above.
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 of content originally shared by @giulia_noemi performs slightly better than the brand’s previous postings. Specifically, the image above says it’s 33.42% better-performing than “the influencer’s Average LFR over last 4 weeks,” as the software is evaluating Cluse’s brand channel just as it would any influencer channel a marketer is looking to audit or provide detailed reporting about.
Who partners with your competitors?
If you are skeptical about an influencer, you can always conduct additional research with Influencer Marketing Cloud’s Discovery & Analytics module. With the Outgoing Mentions tab, you can instantly determine if the influencer you found already works with your competitors.
Depending on your market niche and influencer marketing strategy, you need to decide whether your competitors’ partners would be inauthentic and ineffective for your brand.
For instance, Valeria Bigella has partnered with Paul Hewitt but also mentioned Daniel Wellington in the past. This can be a potential conflict of interest and off-putting to her followers.
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.
InfluencerDB is Europe’s leading influencer marketing technology company. With InfluencerDB’s Influencer Marketing Cloud, business leaders at enterprises, SMBs and agencies around the globe have access to a world-class operating system for influencer relationship management. With offices in Cologne, Germany and New York, we aim to be the influencer marketing solution marketing teams never want to live without. http://www.influencerdb.com/