20.05.2014 by Reed Berglund
Social media is on fire these days. If you have an interest, there is a network for you. But what does this frenzy mean for marketers? What is the value of a follower on Vine? How valuable is a revine? How do I measure what is being watched on Vine or Instagram?
For years “influencer” marketing was a subtle/hidden effort of brands reaching out to bloggers, giving them product/offers, and asking them to write about their experience with the product/offers. Needless to say this has changed dramatically over the years. Communities like Triberr, Sverve, and Tapinfluence have become influencer marketplaces where transactions become transparent and automated. Has the recent evolution of influencer marketing rippled all the way to a marketer’s P&L? Said another way, is it a NEED or a NICE TO HAVE?
Basic media metrics are still missing. For example – calculating reach. For years TV set the bar for determining effective reach (in a demo) during a given period of time. All other mediums have followed suit in attempt to capture the lion’s share of media budgets. However, influencer marketing falls short on providing meaningful metrics for success. It’s a bit of a witches’ brew.
Currently the available set of measurement tools don’t align with standard media measurement tools. Several companies like Klout, Kred, PeerIndex have attempted to assign value to social connections and activity. But the value of those measurements are still unclear.
However, Google may help move the conversation forward- SHOCKER! A patent was Filed in 2009, and updated in 2012, that indicates they are working on a new model that will enable brands to target influential people on Google+, offering them a revenue share in return for advertising/pushing content to their followers on behalf of a brand. This will take a front seat to SEO, as a greater emphasis is placed on “WHO” you’re connected with and their propensity to share your content.