Winning significant market share in any category is tricky, as consumer desires can shift pretty quickly – and only the nimblest of brands are able to keep pace. They do this by monitoring trends using the latest technological advances to extract actionable intel that supports a number of key tactics, one being influencer analysis.
Advances in social media analytics abound, with brands able to capture, track and measure massive quantities of data in minutes. But that’s the trouble – there are massive quantities of structured and unstructured data to capture, track and measure. With many ways to work with this consumer and market intelligence, one exceptionally revealing use case that Lusine Kodagolian, Founder of StratInt Research shared in her recent NetBase Quid LIVE presentation in LA, is influencer analysis.
Approaches to Influencer Analysis
A big part of messaging out a brand’s message, of course, relies on the messenger – and there are many influencers to choose from online, which makes reliable influencer analysis all the more important.
Historically, brand managers have relied on influencer share of voice as an overarching metric to sort out which influencers to even consider in a given space. This is faulty logic as there numbers can be artificially inflated. And even when they’re not; even when an ‘influencer’ is attracting a large crowd – is it an engaged crowd? And is it the right crowd? Influencer analysis tells you.
For example, an influencer in the fashion category may not resonate with a specific demographic that your brand wants to reach – and it’s important to be ‘on brand.’ Further, representation matters and consumers are watching to see if you care about them and share their values, or if you just want to sell them a shirt. And to do that, you need to know who they are. Influencer analysis reveals that as well.
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And with COVID, questions of influencer relevance take on even more importance – and they need to be sorted out rapidly with influencer analysis. Which influencers matter? Why do they matter? And what can we figure out about their online persona beyond this niche area, as well as how can we track it going forward if we partner with them? This is super important, as a rogue influencer can do more harm than good. Your brand’s health may depend on the accuracy of your influencer analysis, in fact!
As Lusine realized, other tools fell short when it came to providing these answers. “They never gave us the level of customization and depth that we were seeking. [Which was] to look holistically at a client’s business environment, to break down the silos between various groups, human silos, tools, analytic silos, connect various data points, and then come up with insights that either solve pain points for our clients, or delivered the types of insights that could really impact strategic behavior.”
And with NetBase Quid, they were able to do this, and “go deep” with their influencer analysis and the resulting intel it revealed, while rival organizations went wide, and ultimately wasted time with lots of irrelevant insight.
Influencer Analysis for Industry Understanding
Organizing and formatting intel to meet super-specific needs is an essential capability for agencies and brands. And using NetBase Quid’s Intelligence Connector, brands can create their own criteria and dashboarding for influencer analysis, among other mission-critical insight gathering activities.
By integrating with advanced Boolean search strings and other proprietary data sources, they can precisely define who they’re searching for and capture that intelligence with exceptional accuracy. Not to mention, all of this can all be done in real-time.
Brands can now answer important questions about influencers with their analysis, like:
- Who matters from this group and how influential are they overall?
- Who are they influencing, specifically? This is key, as he same person will not have the same level of influence among every audience group.
- What do they post about? Which industry subtopics are they known for?
- Why are they posting about these things – what makes them influential?
- Do they have paid sponsorships? If so, are they already working with competitors?
- How do they rate against other influencers – and based on what criteria?
And when asking the right questions, brands are left with answers that move the organization forward and can build an influencer engagement strategy that will truly influence target consumers’ behaviors. This is the end goal, after all – not accumulating page views and likes, but generating real, measurable brand impacts, For example, understanding where influencers are engaging with your audience is super useful to know, as the kind of interactions you’d have on Reddit are very different from Facebook -and the messaging must be different as well:
The questions and the journey will vary from one project – and one client – to the next. It will all depend on what the brand is trying to accomplish, as well as its timeline for completion. And this brings us to the many use cases advanced by an influencer analysis.
Influencer Analysis Use Cases
Beyond helping a brand better understand consumers of its products or services, influencers can offer a timely assist on a number of essential use cases. They help companies with:
- Generating brand awareness
- Maintaining brand health
- Other influencer(s) identification
- Key opinion leader identification (KOLs)
- New product ideation and launch
- Emerging trend discovery
- Potential disruptors alerts
- Pulse of category intel
- Competitor insight
And when a crisis hits, they can act as frontline workers, lessening its impact and saving your company many hours of time – and many dollars! All time and money that would have been misspent fixing narratives your brand could have gotten ahead of, or quickly shifted with the help of a few well-placed influencers!
Has your brand sort out its influencer analysis strategy? Reach out for a demo and we’ll show you how it’s done, along with some tips specific to your business.