TapInfluence Announces Industry-First, Dynamic Benchmarks for Influencer Marketing
Benchmarks make it possible to understand the performance of influencer marketing campaigns and maximize return on investment
MOUNTAIN VIEW, Calif., October 12, 2017 (Newswire.com) - TapInfluence , the industry’s leading influencer marketplace connecting brands with social media influencers, announced today, the availability of its industry-first, validated benchmarks for influencer marketing, based on over eight years of repository campaign and transaction data for over 2,000 brands across tens of thousands of influencer marketing programs in multiple verticals and categories. Until now, there has been no general repository of historical data that could be analyzed dynamically across different categories and social platforms.
“Clients often ask how their influencer programming compares to the industry standard. In the past, it was a challenge to gauge,” commented Deanna Dugo, Account Supervisor, Influencer Marketing, Ketchum. “For programs, we execute within the TapInfluence platform, this Benchmarking tool gives us access to analytics from thousands of programs. It’s so exciting!”
“The TapInfluence Benchmarks make it possible to understand how well influencer marketing campaigns are performing relative to tens of thousands of data points. This enables marketers to optimize their spend by benchmarking performance of programs by both social channel, category, and even influencer," commented Jason Merkoski, CTO, TapInfluence. “We built the Benchmarks for our customers, to be an iterative guide to maximize return on investment with sponsored content, and ultimately driving the one metric that really does matter - sales."
Clients often ask how their influencer programming compares to the industry standard. In the past, it was a challenge to gauge. For programs, we execute within the TapInfluence platform, this Benchmarking tool gives us access to analytics from thousands of programs. It's so exciting!
“Many marketers have difficulty articulating the value of influencer campaigns because they are comparing their results to other digital media campaign engagement metrics side by side,” commented Francesca Cruz, VP Customer Success and Partnerships, TapInfluence. “Influencers create content that can be re-purposed and metrics that accumulate over longer periods of time. This evergreen effect of social content makes it difficult to compare to digital campaigns that have distinct start and end dates. Marketers may undervalue an influencer marketing campaign that continues to perform over many months because it was measured based on its performance after an 8-week timeframe instead of over a longer period. Likewise, marketers might compare the cost of media buy with that of a content creation campaign — which is like comparing apples and oranges.”
How benchmark scores calculated
The performance of individual content posts is compared against TapInfluence’s historical category and social platform data. For example, if an influencer produced a beauty Instagram post 15 days ago, the performance of that content it would be compared to both 15-day-old beauty category benchmark and Instagram benchmark.
Performance of the content is classified as “below average” when it’s below the 33rd percentile, “within average” when it’s between the 34th and 66th percentile, and “above average” when it’s above the 67th percentile.
Based on the distribution of the content’s performance, a weighted score is calculated for the category the program is associated with and for each social platform the program has content on. Benchmark scores can be broken down into three categories with 1-3 indicating “below average”, 4-7 being within “average”, and 8-10 signaling “above average.” TapInfluence updates this data weekly so customers always have access to the most current measurements.
To read more about TapInfluence Benchmarks click here.
TapInfluence Benchmarks are available for TapInfluence customers only and at no additional cost.
TapInfluence is the leading influencer marketplace connecting brands with social media influencers, enabling brands to tap into the power of influencers and content creators leveraging their authentic, trusted voices. TapInfluence helps customers increase market share through massive reach and optimized engagement to achieve real sales lift. In a recent independent study, TapInfluence proved that influencer marketing drives 11x the ROI versus any other form of digital media. TapInfluence’s Fortune 1000 customers include Kraft, Horizon Organic, Silk, Express, Fossil as well as top agencies such as Golin, CurrentPR, RhythmOne, and Ketchum. TapInfluence is privately held, with offices in Mountain View, Calif. The company is backed by leading venture capital firms Noro-Moseley Partners, Grotech Ventures, Access Venture Partners and Knollwood Investment Advisory. For more information, visit www.tapinfluence.com or follow @TapInfluence on Twitter.
Britt Davies, VP Marketing