With relevant and up-to-date market and competitor insights on hand, you’ll be able to better tailor your campaigns going forward. You can also more accurately predict which obstacle may arise throughout your campaign’s tenure, as well as your brand’s chances of success based on the successes of similar companies in your industry.
Market analysis components
Market and competitor analysis involves investigating market trends and audience preferences as well as your competitors and their campaigns. It’s a common practice as most companies actively monitor the activities of at least five industry rivals.
How much data is enough?
Depending on the market, the data gathered manually might be just enough to understand your competitors' influencer marketing activities. However, you won’t see their tactics in detail – you can only gain profound insights through using an adequate influencer marketing tool.
Recommended Templates for Step 1: Market Analysis
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