By Erick Schwab, COO & Co-Founder at SYLO
What is happening now with influencer marketing is a tale as old as time (in advertising).
Back in 2006, I was with ManiaTV and tasked with figuring out how to sell Fortune 500 brands and their agencies original, live-streaming content. Shows were hosted by a bunch of young twenty-somethings that were starting to grow a loyal audience. The journey was helping brands understanding what this new media could do for their business, in order to reach their consumers in a completely new way. It involved the need to convert live-streaming into media sales, creating advertising packages around impressions and CPMs so media buyers, who didn’t know what this form of media was, could measure it.
Measurement has always been a passion point – in selling sponsorships, I would proactively include brand surveys to get brand and favorability lifts to help media buyers understand their investment and what was really happening. Was it actually working? Was it helping their business?
Fast forward to 2012 when the MCN world started to push through more than ever, and the same thing was happening as it is now with influencers: their audience went through the roof and demand from advertisers followed. If a brand wanted to integrate with a particular influencer, the brand would just spend a flat fee with no measurement to support it. The Global Online Video Association (GOVA), which I was a part of at the time, tried to understand how the MCNs were selling/packaging this inventory to try to get a sense of consistency in the space.
Now, in the past 5 years, Instagram’s user growth shot up and Snapchat hit the scene. There are several of these social media platforms that brands are trying to navigate, and everyone is operating differently with varying metrics. There have been so many articles on successful influencer marketing campaigns, but let me pose this question to you: How can you measure campaign performance without a baseline/standardized metric?
This is why I started SYLO along with my co-founder Brett Garfinkel: to give influencer marketing, the latest exploding form of media, a standardized measurement system that appeases the demand by both brands and influencers.
A recent Digiday article addressed the absence of media buyers in discussions to set programmatic standards. However, we took the opposite approach when building the standard for influencer marketing. Throughout the year of research we did to determine how we were going to build the algorithm to calculate our SYLO Score, we went straight to the media buyers to get their buy-in on what metrics dictate campaign performance, and how we should weigh these metrics in our algorithm. Brand marketers need this standardized measurement and reporting for their influencer campaigns and, therefore, they were a key component and resource in building the SYLO Score.
Check out our recent press containing insights from industry leaders on the importance of third-party measurement standard for the influencer marketing space.
Photo credit: Pixabay