The biggest challenge marketers face today when implementing influencer marketing is the limited ROI data available. Legacy metrics and ad-hoc reporting don’t accurately measure the performance of a brand among influencers or the impact of influencer content on the business. Today, Traackr announced the launch of two industry-first influencer marketing measurement tools to enhance market analysis and promote purpose-driven KPIs specific to influencer content, creating a new standard for understanding the value of influencer marketing.
Traackr’s new Influencer Market Benchmark (IMB) is the most comprehensive, standalone market benchmark for marketers to understand the impact of influencer content on their brand performance. Traackr also unveiled the Brand Vitality Score (VIT) – a patent-pending metric designed specifically to measure the impact of influencer marketing on a brand, creating a new gold standard for the marketing industry.
“Influencer marketing has reached an inflection point for many brands and management is now demanding more sophisticated measurement of the impact of influencer marketing on business results, says Pierre-Loic Assayag, CEO, Traackr. “Marketers have struggled to meet these expectations because they lacked the right technology. Traackr’s IMB and Brand Vitality Score answer this challenge by providing a meaningful and transparent framework to measure the impact of influencers on brands and elevates influencer marketing to the level of other core marketing practices.”
Expanding Data-Driven Insights with Influencer Market Benchmark
IMB evaluates influencer performance in any given market – such as fashion, beauty or food and beverage – by establishing standardized and unified benchmarks for brands, enabling both competitors and the overall industry to get an unbiased view of the market at the global and local level. What makes IMB unique is the breadth and depth of its data and insights, tracking all relevant influencers and published content. For IMB, Traackr developed a proprietary methodology for establishing non-biased coverage of influencers so all brands in any given market can be benchmarked in a fair and transparent way.
IMB features include:
- Competitor Leaderboard: measure share of voice in the market, and rank brands by a rich set of metrics to understand competitive behaviors and identify new risers within an industry
- Category Benchmarking: analyze how brands with products in multiple categories are performing within specific categories, and measure market share across multiple categories (i.e. measure the performance of a luxury brand’s fragrance mentions separately from their fashion mentions.)
- Influencer Discovery and Insights: discover and track the top performing influencers and content for each of your competitors; understand what engages target audiences and find new influencers for potential future partnerships
- Platform Analysis: measure consistently across key social platforms and understand where to focus efforts for the most impact
Influencer Tier Breakdown: measure the impact of all types of influencers in each country on both brand and competitors, from celebrities to micro-influencers
- Paid and Organic Performance: compare the performance of paid versus earned influencer strategies; gain insight into where your competitors are allocating budgets
“IMB has provided our team with a holistic yet easily digestible view of the brand engagement our influencer marketing campaigns earn with our target audiences,” said Marc Duquesnoy, Social Media Performance Director, L’Oreal. “Creating a consistent benchmark for us to measure brand love compared to top competitors provides a clear pathway for us to evaluate our influencer marketing strategies and reap the most reward from our investments.”
Brand Vitality Score: The First KPI for Measuring Impact of Influencer Content
Earned media value has become the new advertising equivalency – an arbitrary dollar value that doesn’t correlate to the actual impact an influencer or piece of content can have on a brand. With the new Brand Vitality Score (VIT), Traackr hopes to pull back the curtain on marketing metrics, which are typically calculated in a black box. Traackr created the Brand Vitality Score to measure what matters – visibility (reach of content), impact (engagement generated) and brand trust (quality of content on brand image).
VIT is calculated as (Visibility + Impact) × Trust. The scoring model is based on research and development studying a large volume of brands and posts over months of data to determine the strength of the relationship between brand mentions metrics and outcome metrics like Web Traffic, Google Search volumes and engagement on brands’ own social media channels.
You can learn more about IMB and VIT by contacting Traackr at http://www.traackr.com.
Traackr is an influencer marketing platform for global influencer strategies, which enables influencer discovery, vetting, management and measurement influencer programs. The platform gives marketing teams the ability to make strategic influencer marketing decisions with unparalleled access to global data, market performance benchmarks and competitive insights. Traackr powers influencer marketing for beloved global brands, including L’Oreal, Calvin Klein, Microsoft, Samsung, USAA, Merck, Roche and Capital One. Headquartered in San Francisco, Traackr has offices in New York, Boston, London and Paris.