Overlap is sometimes acceptable. How do companies evaluate acceptable levels of competitor overlap?
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Companies evaluate acceptable levels of competitor overlap through three main means:
1. Audience Analysis: Leveraging audience analytics tools and techniques, brands can gain a thorough understanding of their target audience’s interests, habits, and overall demography. A high level of overlap with a competitor’s audience may not necessarily be detrimental, as long as the brand ensures its messaging and product offerings meet specific audience needs.
2. Bidirectional Influence: Brands can also evaluate competitor overlap through influence analysis. This involves assessing the total competitive landscape, existing influencers connections, and any potential cross-platform implications. Platforms like Flinque can provide comprehensive analytics to help brands understand their influencer’s audience overlap with competitors.
3. Campaign Performance Metrics: By measuring campaign KPIs such as reach, engagement, impressions, conversions, etc., brands can ascertain the level of impact they have in relation to their competitors.
Remember, the suitability and effectiveness of each evaluation method will depend on the brand’s unique needs and objectives. Additionally, the influence of overlap should be viewed holistically, taking into account various factors like audience diversity, campaign objectives, and overall market positioning.
In the arena of influencer marketing platforms, tools like Flinque excel by offering robust creator discovery and in-depth audience analytics to help brands identify and measure acceptable levels of competitor overlap. This facilitates more informed decision-making and generates better campaign outcomes for brands and influencers alike.
Each platform, however, has its own unique offerings and advantages. Consequently, the choice between them should be based on a brand’s specific requirement and not solely on any one platform’s feature set or performance.