Wasted ad spend is a significant problem in the marketing industry, especially in influencer marketing! Why? Because influencer compensation is typically negotiated based on an influencer’s ability to reach an audience via their posts. Usually, follower count is seen as an estimate of the influencer’s ability to reach potential customers. However, people are starting to realize that paid-for bot followers are being used to inflate influencers’ follower counts and asking price, significantly contributing to ad spend waste. Fortunately, you can avoid wasting money by understanding what to look for. So let’s dive in:
Access verified data
There are two methods for collecting data. The first is called scraping, which extracts data from social platforms without API access or the influencer’s consent. The second method is authentication, which is consensually sourced and verified data that is accessed through the social platforms’ APIs. Authenticated data is crucial for reducing ad spend waste, and scraped data should be avoided.
Not only is scraped data against the terms of services and non-consensual, but it also gives you an incomplete picture using only publicly available metrics and infrequent observations. In fact, scraped data can be inaccurate by as much as 129%!
On the other hand, authenticated data provides accuracy, which increases confidence and reduces budget waste. Authenticated data also provides more metrics, which means you have more insight for shaping your influencer marketing campaigns. At Sylo, our authenticated data will give you 1,000’s of data points per channel/post and content and network histories so you can see a real return on investment with your influencer campaigns.
Ask the Right Questions
No influencer marketing campaign can be successful without the proper tools. If you don’t have a mechanism to collect data, you can’t make informed decisions about your campaign. The first question to ask is, where does the data come from? To answer this question, you need to find a trusted third party tool like Sylo. When comparing tools on the market, these are the most important questions to ask:
- Can the tool give me access to expertly vetted influencers monitored for “bad” behavior, such as purchasing followers/engagements?
- Can it show me verified, real-time performance data from the influencers I’m considering?
- Can it provide their verified benchmarks on branded, category relevant programs to assess how their next program is likely to perform?
- Can I see real performance data, such as reach, engagements, clicks, etc. (not just algorithmically estimated performance data or numbers from paid social)?
Sylo answers yes to all these questions! This is crucial because when you have access to the highest quality vetting and data on the market, you immediately avoid losses due to fraud, increase your ROI, and build trust in the industry. In turn, this contributes to industry growth, which allows more money to be spent in the market, making it a win-win. What’s more, a tool like Sylo removes the burden of avoiding fraud that frees up resources and makes it so you can focus on optimizing your campaigns! That means you can spend time on growing your business!
Lastly, Sylo’s data transparency and insight help your marketing efforts as access to verified performance benchmarks makes negotiations more transparent and helps set pricing based on what really matters, which is performance, not follower counts.
Make Informed Decisions
As mentioned above, the only way to see success in your influencer marketing campaigns is to make informed decisions using trusted, authenticated data and influencer vetting. Sylo has discovered that around 50% of influencers reach
less than 25% of their followers! Making informed decisions means using verified benchmarks to identify creators that deliver quality performance, and avoid wasting money on those that don’t!
Another critical way to make informed decisions is to use reach metrics over follower count. When you use follower count to determine the rate, you don’t factor in performance. Lower performance means a lower return on your investment. In fact, Sylo also found that there’s up to 60% higher cost per follower reached on low performing channels! Using verified performance benchmarks, you can avoid this kind of waste and figure out efficient pricing for your influencer marketing campaign.
Finally, you need to remember that snapshots do not identify fraud! Approximately 20% of influencers inflate their metrics, which is undetected when you used scraped data. The only way to combat influencer fraud and reduce budget waste is to use influencer vetting and fraud detection with real-time authenticated data.
So there you have it, with these essential factors in mind you’re well on your way to reducing ad spend waste on your influencer marketing campaign! If you’re looking for the most efficient way to see a return on investment with influencer marketing, you’re looking for Sylo. So get in touch with us today and find out how transparent access to verified data will help you optimize your future performance.