Sydney, Australia – HypeAuditor, an AI analytics platform for measuring effective influencer marketing, has today released a new competitor analysis tool called Competitor Grid, which allows brands to check the reach of influencer marketing campaigns of their competitors.
Through the new tool, Competitor Grid gives marketers the ability to easily analyze the performance of competitors’ influencer marketing campaigns. Arming them with important information, such as the full list of influencers they work with, analysis of the creatives used, and amount spent per post on a campaign. HypeAuditor’s aim is to help marketers make more strategic decisions for their brand’s influencer marketing activity.
Furthermore, the tool gives users full access to analytics on how competitor brand’s influencer marketing campaigns are performing, including a close analysis of the following criteria namely engagement rate, audience quality, influencer quality, cost per engagement, and reach.
Competitor Grid’s development comes in response to the demand from marketers, as highlighted in research conducted in January 2021 by HypeAuditor, which found that 1 in 3 marketers (31%) are unaware of the influencers their competitors are working with, whilst almost half (45%) do not know the audiences their competitors are targeting through influencer marketing and with 87% finding it helpful to get a list of Instagram posts with competitors’ mentions.
“As influencer marketing matures, brands are reevaluating how they work with influencers. Instead of one-off deals with hundreds of influencers, all using the same copy, marketers, and agencies are now looking for more long-term, authentic partnerships that give influencers more creative control.” said Alex Frolov, CEO of HypeAuditor.
Following the release of Competitor Grid, HypeAuditor conducted a research analysis of Australia-based brands and measured them against each other based on Instagram influencer marketing.
In the study, HypeAuditor noted that Australian home-grown brand Chemist Warehouse is the highest performer in influencer marketing in Australia, in terms of beauty brands. HypeAuditor notes such strong performance due to the brand achieving 1.51% average engagement rate for the quarter, an average cost of $0.32 per engagement, and 89 sponsored and likely sponsored posts from 61 Instagram influencers such as Sophie Monk, Christina Sikalias, and Jules Robinson.
The research also noted that global beauty brand Sephora failed to compete against its Australian local counterparts, with home-grown brands like Bondi Sands and Priceline Australia still taking the lead in influencer marketing reach.
“To do this effectively, they need data that they can rely on when developing influencer marketing campaigns. Our new Competitor Grid answers these new needs and helps marketers make the right decisions when looking at implementing an influencer marketing strategy, based on valuable information gathered about competitors’ strategies,” Frolov added.
