Staying on top of your influencer marketing game means staying on top of your competition. In fact, it is a common belief that competition keeps you on your toes and will push you to achieve more. That is why it is important to perform regular influencer marketing competitor audits.
An influencer marketing competitor audit will help you dissect your competitor’s (yes, I said it again) influencer marketing strategy, as well as present a greater vision of your industry’s ecosystem. It will allow you to segment your competitor’s target audience, discover key values, and identify gaps in the market. To help get you started, we have created a free Competitor Audit Template, to help guide you on your influencer journey:
What Is an Influencer Marketing Competitor Audit?
How To Perform an Influencer Marketing Competitor Audit
Let’s Talk About Your Influencer Marketing Competitor Audit
Tip: Learn how to perform competitor analysis and download your free influencer marketing competitor audit template.
What Is an Influencer Marketing Competitor Audit?
An influencer marketing competitor audit is a strategic analysis of the influencer marketing efforts and partnerships of competing brands within a specific industry or niche.
The purpose of this audit is to gain insights into how competitors are leveraging influencer marketing, identify successful strategies and partnerships, and uncover opportunities for differentiation and improvement.
How To Perform an Influencer Marketing Competitor Audit
While these two new features are great on their own, they are extremely useful when performing an influencer marketing competitor audit.
Step 1: Review Competitor’s Social Media Presence
Review your competitor’s overall social media presence. Look at the main channels that your competitor uses and the recent influencer campaigns that they have run. Identify a successful campaign that can be used to evaluate the brand’s influencer marketing strategy.
Step 2: Discover Influencers That Have Collaborated With Competitors
Using the Meltwater Influencer Marketing suite brand search filter, search for your competitors, and discover which influencers the brand has collaborated with. Review collaboration content and identify the goals of your competitors and the type of audience they are trying to connect with. This can offer a better understanding of your competitors and what type of market they are penetrating.
Step 3: Perform a Data-Driven Review of Your Competitor’s Influencers
Take a deep dive into your competitor’s influencer metrics. Understand the type of influencer the brand is collaborating with, and identify success criteria your competitor uses for selection. Additionally, leverage Meltwater's vast content portfolio, and review all brands that an influencer has collaborated with. This will help you understand why a specific influencer may be appealing to your competitor, and offer inspiration for future collaborations.
Step 3: Identify Values That Your Competitor is Promoting
Look at several examples of your competitor’s campaign content. Identify values that the brand is conveying through the content. Understand how these values fit into your industry ecosystem, and if you should be participating in similar discourse with your audience.
Step 4: Evaluate The Network Your Competitor Engages With
Identify which demographics your competitor is targeting. Use Meltwater's audience technology to review your competitor’s audience. Identify key demographic trends including gender, age, location, and interests, and pinpoint untapped markets and areas of penetration for your brand.
Step 5: Takeaways
Determine key lessons from competitor audits. What can your team take away from the review, and what can be successfully applied to your strategy?
Let’s Talk About Your Influencer Marketing Competitor Audit
Meltwater is always releasing new features to ensure that our platform is providing a relevant experience that aligns with market trends. To learn more about how our features can support your brand’s goals, schedule a call with one of Meltwater’s influencer marketing experts:
