Did you know that according to a survey conducted by Facebook people said that they perceive brands on Instagram as popular (78%), creative (77%), entertaining (76%) and relevant (74%)? While many brands partner with influencers on Instagram, Sylo data has found that marketers are unable to effectively determine the quality of influencer audiences, and their ROI has suffered as a result. If you want your influencer marketing campaign to work, then you need verified data monitoring to set accurate KPIs and interpet Instagram data. With that in mind, here are 5 metrics you should be keeping track of to improve your influencer selection:
Follower Growth Rate
If you keep track of the follower growth rate, it’s easier to see which influencer is doing better than their competitors. For example, one influencer might have less followers because their account is newer, but when you track follower growth rate, you will see that they could be gaining traction much faster than their competition.
The follower growth rate is calculated as the number of followers gained divided by the number of followers started with, times 100% (for a specific period).
The follower growth rate calculation is:
Follower Growth Rate = New Followers / Starting Follower Count x 100%
For instance, if influencer A has 1000 followers to start and gains 100 followers in a month, they’re follower growth rate is 10%.
Now let’s say influencer B has started with 10,000 followers and gains 100. They’ve only seen a follower growth rate of 1%.
Both influencers saw the same number of raw followers in a month. Although it looks like influencer B has more followers overall, it’s influencer A that is more successful when it comes to attracting new followers!
Some influencers use Giveaways to artificially inflate this metric, and will often subsequently delete the posts to hide the evidence. Fortunately, Sylo can see this type of activity because we retain all post data even if the influencer deletes them.
Impressions measure the number of times users saw your post or ad. This metric doesn’t take into account unique users, which means if your post or ad is shown 150 times to one person, it would technically count as 150 impressions. It’s best when both reach and impressions are high, but you want the number of impressions to be higher than your reach. Why? Because it’s a sign that your followers have viewed your content multiple times. When people see your post or ad more than once, they start to become familiar with your brand, so even if people aren’t in the market for what you’re selling right now, their awareness of your brand might lead them to purchase in the future.
However, it’s important to note that platforms often estimate impressions because they aren’t publicly available. To get the real number of impressions on Instagram, it requires authentication. In fact, Sylo highlights a case study on our website that cites how a platform over-reported impressions on a campaign by 631%! That goes to show that only independent, direct access to your verified campaign data guarantees that your brand receives what was paid for.
Story Engagement Rate
How do you calculate story engagement rate? Good Question! Although there are no likes, comments, or saves on Instagram Stories, you can measure interactions such as swipe ups, replies, tap backs, and tap forwards to figure out the engagement rate.
Swipe ups are available to influencers with 10K followers or more. Once an influencer has unlocked the swipe up feature, they can add a link to your product or website so users can swipe up on the story and be taken to your landing page. Instagram Story analytics will track the number of times someone has swiped up on a story, which is key to understanding what content is best for driving traffic to your website. Approximately 15 to 25% of Instagram users will swipe up on a story.
Another great way to measure Instagram story engagement is by tracking how many users reply to your story. Instagram is about creating a community, so it’s essential to have conversations with your audience. That’s why influencer marketing is so successful because they encourage more people to tap the reply button and send a message!
Also, how many people tapped backward is a good indication of story engagement. When people tap backward, it often means that your story was interesting, so they wanted to watch it again! If you see too many taps forward, it could mean that your story is boring, has too much text, or maybe you have too many stories posted.
For a full breakdown, we love this guide from Social Media Examiner.
Instagram Insights will let you know about an influencer’s audience composition. That means you can track crucial stats about followers, such as age range, gender, and location. This is important because you don’t want to select an influencer who has 100,000 followers if none of those followers match your target audience. Once you have the data about an influencer’s audience composition, you can combine it with your buyer personas to help gain a clear picture of what your Instagram target audience should be.
When it comes to Instagram, your reach tells you how many unique viewers saw your story or post, while impressions let you know how many times each viewer saw your story or post. For example, if one person viewed your story three times, you would see a reach of one and an impression of three. Typically, the longer an influencer is on Instagram and the more followers they get, the more reach they gain.
Besides total reach, you also want to monitor the reach rate. This is the percentage of followers that see your post, and it’s calculated by dividing the total reach of a post by the total number of followers. For instance, if you have 300 reach and 1000 followers, your reach rate is 30%. According to a study conducted by Sylo, close to 90 percent of influencers reach less than half of their audience; while more than 50
percent of influencers reach less than 25 percent of their audience.
Sylo is Here to Help
Keeping track of vital data for your influencer marketing campaign doesn’t have to be hard. When you use Sylo, not only do you get Campaign Data Verification & Benchmarks, but you also get Vetting & Fraud Detection! Sylo provides access to the most accurate and comprehensive dataset in the industry, allowing you to optimize every step of your influencer programs and maximize ROI. With Sylo, you get authenticated data that delivers precise influencer audience and performance metrics and removes the guesswork from influencer partner selections and campaign measurement. So if you’re looking to reduce risk, avoid waste, and increase ROI, contact Sylo today!