Influencer Analysis Tool
It's not always follower count that brings in the revenue. Try our free comparison tool to check out influencer engagement rates and metrics that help you find the right influencers to partner with.
Finding the right influencer can make the difference in thousands of dollars worth of sales and time in a single campaign. If you’re new to influencer marketing, taking extra time to look for the right influencers is one of the best things you can do for your program. And we’ve created an influencer analysis tool to help you begin your search.
If your influencer program is already under way, check out our Free Influencer Lookalike Tool to help you find social media users with similar audiences and styles to your top performing influencers.
Find the Right Influencers
The fact is that not every influencer is equally authentic. And not every authentic influencer is right for your brand.
It may take a few campaigns to get into a good rhythm of identifying those influencers to match your brand and audience perfectly. And when that happens, your program ROI will rise dramatically.
A common misperception about who the “right influencer” is is that it’s all about the follower counts. Unfortunately, a high follower count doesn’t mean influencer success. Rather, influencer success is based on authentic content that nurtures online communities of engaged influencers.
“This is the number one question to ask [about influencers] - Do they have a connection to their audience?” - Ethan Frame, Senior Manager, Influencer Marketing at MVMT
Genuine connections between influencers and their followers occur through online conversations. And while some of those conversations occur in direct messages or groups, many of those conversations occur under post comments similar to an online forum.
Celebrity influencers enjoy a massive follower count and can grab the attention of millions of social media users in a single post. This benefit is great for brand awareness. But because of their celebrity status, these influencers nurture online connections through posts that resonate with their audience and are not able to respond to every follower comment.
Nano and Micro influencers, on the other hand, are perfect for new influencer programs. These influencers are more affordable, and they usually curate some of the deepest connections with their audience than most social influencers. In general, it is much easier for Nano and Micro influencers to produce the kind of authentic content that drives conversions.
That said, each influencer has innate strengths and weaknesses. As such, using a variety of influencer types can help you guide customers through the buyer’s journey, being sure to employ different kinds of influencers at every stage.
Which Influencer Metrics are Most Important?
The most compelling influencer metric is Engagement. Authentic interactions between influencers and their followers usually signals trust and rapport.
Engagement metrics can include:
- Post likes
- Post comments
- Shared content
- Shared tags and hashtags
Once you onboard your first group of influencers, you’ll be able to access additional engagement metrics, such as coupon code redemptions and link clicks. But when you are recruiting brand new influencers, you may not know what these performance metrics will look like until you’ve launched a campaign.
Engagement never guarantees influencer success, but it can signal authenticity. And authenticity builds trust and genuine social media connections. These connections are more likely to convert than others. Which is why engagement is your most reliable influencer metric.
Your Marketing Goals
While engagement metrics are important they are only a piece of the story, there are additional metrics you might take into account based on your marketing goals.
If your objective is brand awareness, follower counts and post impressions will also be important to examine when searching for the right influencers. Because web traffic, impressions and CTRs are critical.
Engagement metrics are your best indicators when it comes to influencer impact. Assured of audience engagement, you can craft your campaigns with greater confidence as you outline your goals and KPIs.
Why Influencer Analysis is a Must for Recruiting Influencers
You will serve your influencer program well by performing in-depth influencer analysis. Under close scrutiny, you can avoid recruiting fake influencers, make certain that an influencer is safe for your brand, and achieve audience alignment.
Avoiding Fake Influencers
Fake influencers manufacture follower counts and engagement. They may accomplish this by literally buying likes, or they might join a group of wanna-be influencers that intentionally provide engagement in a quid-pro-quo arrangement.
Without authenticity, your influencer program will be transactional and convert fewer customers. While initially you may gain a few more followers, the way to achieve ROI for your program is to ensure you know how to spot fake influencers.
When you know what to look for, spotting fake influencers is easy. If an influencer has a ton of “likes” but few to no comments. If these influencers do have comments, those comments lack substance and may include glaring spelling and grammatical errors indicative of a non-native speaker creating engagement artificially.
Genuine influencers are less likely to have suspicious metrics - you’ll see the relationship the influencer built with their audience in the way they interact with each other.
Determining Brand Safety
You’ve worked hard to build your brand and establish credibility with your audience. You’ll want to partner with influencers that showcase your brand and support the reputation that you’ve created.
Determining brand safety involves taking note of an influencer’s tone and posting style. Depending upon your brand and industry, certain post styles may be inappropriate or unnecessarily controversial.
Additionally, you’ll want to partner with influencers that genuinely love your products. Ideally, you’ve only partnered with an influencer after they’ve given you an unsolicited shout-out to their followers. If they have a strong affinity for your brand, they’re not likely to be partnering with your direct competitors. The best brand-influencer relationships generally enjoy a certain level of industry exclusivity.
Examining Influencer Audiences
You and your influencer should have significant audience alignment. That means that your products/services appeal to the influencer’s audience.
Often, influencers build their online communities around certain hobbies or lifestyles. Your products should be relevant to that influencer’s online community.
It’s appropriate to note the influencer’s audience demographics, social status, and location. These communities may also promote a particular mood or set of values. Each of these factors is significant and can help you achieve audience alignment.
How to Use Influencer Metrics to Decide What to Pay an Influencer
“Many influencer marketing managers don’t feel confident in their knowledge of “what a fair price is” when negotiating with influencers. There’s a good reason for this – there’s no standard cost for influencers.” GRIN, Top 10 Influencer Negotiation Tips
Because there is no standard cost for influencers figuring out what to pay an influencer can be confusing. Knowing how to leverage the influencer metrics you know into an attractive compensation package can make your influencer negotiations more collaborative.
Influencers with a flat fee should be able to demonstrate strong conversion metrics. Without those metrics, you may be taking an unnecessary risk.
Furthermore, many successful Micro influencers work on product seeding and commissions. This no-upfront-cost model is the perfect fit for young brands on a limited budget. That’s why product seeding is the best place to start your influencer program.
As your program grows, you’ll be able to determine fees based on an influencer’s engagement and performance metrics. You’ll also have a good idea of your campaign ROI to determine if a certain fee structure makes sense.
Which Influencers are Best for Your Brand Based on Their Analytics
At the end of the day, your marketing goals and KPIs guide you to know which influencer analytics are the most essential. Your goals establish your long-term or campaign-level objectives, and your KPIs become reasonable milestones to help achieve your objectives.
Based on those goals, certain influencer performance metrics become your KPIs. In most cases, the following metrics contribute to your KPIs:
- Audience engagement
- Link clicks
- Web traffic
- New brand page followers
Conclusion: Use this influencer analysis tool to weed out fake influencers and find the best influencers for your campaigns.
Authentic audience engagement builds brand trust and loyalty among social media audiences. By doing what is required to identify the right influencers for your brand, you’ll achieve more in the way of authentic media than you could on your own branded channels.
Using our free tool above, you can start your influencer search by looking at the most critical influencer performance metrics. Once you’ve built a team of influencers and identified your top performers, you can replicate your success by looking for similar influencers with new audiences.
Above all, you should track your program performance and test new techniques. Like most marketing approaches, influencer marketing improves with testing and experience. Mindful trial-and-error tactics refine your program over time.
What the best brands are doing to drive revenue from influencer marketing
Whether you are just getting started with influencer marketing or already have your program in place, this guide gives you the tools to get the return on investment your C-level will love.