Jim asks, “What should we be looking for in influencer marketing software? We need a BS detector for all the sales pitches.”
Influencer marketing software has to fulfill at least one of three functions:
- Identification – finding influencers through proven methods.
- Outreach and management – managing the outreach, assets, contracts, etc. of influencers like a CRM.
- Analytics and measurement – measuring campaign performance against goals.
Right now, the market has a few all-in-one solutions, but they tend to do one thing well and be terrible at the other two. Your best bet in the near-term is to look at best-in-class point solutions for each category. Referenced in this video is Talkwalker software.
How do you tell one influencer marketing product from the next? Here’s my BS detector for influencer marketing software and frankly, any marketing technology software:
- Data export – what are the limits? The best companies will let you export massive quantities of unrefined data. Anyone imposing strict limits either has a scale problem or is sampling data and not able to see the full spectrum of data.
- Insight into algorithms – how does it make decisions? Anyone claiming “proprietary algorithm” with no details is BS – and dangerous. There are only a handful of credible mathematical algorithms for influencer identification at the core.
- Network reach – the more social networks, the better – but there’s a catch.
- Integrations – how easily does the software integrate with the rest of your marketing technology stack?
- Training – it should be offered but not mandatory – the UI should be self explanatory. Beware any product that requires you to take their training, as it means their UI is not intuitive.
Can’t see anything? Watch it on YouTube here.
Listen to the audio here:
- Got a question for You Ask, I’ll Answer? Submit it here!
- Subscribe to my weekly newsletter for more useful marketing tips.
- Find older episodes of You Ask, I Answer on my YouTube channel.
- Need help with your company’s data and analytics? Let me know!
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
What should we be looking for? An influencer marketing software.
We need a B s detector for all the sales pitches.
Influencing Mark Influencer marketing software has to fulfill one of three functions.
Identification finding influencers.
Can you find influences effectively using the software that are the good ones? Outreach in management, which is like a C arm, you have a list of influencers that you’re reaching out to.
You have the status of those pitches.
You have a contractual stuff.
If you need, you have assets to send them.
Tracking and possibly payment management depending on the type of influences you working with, And third is analytics and Measurement influencer marketing software.
I should be doing analytics and measurement.
You’ve done a campaign or you’re doing a campaign and you need to know how it’s going now.
Not every package of influence of marketing software is going to do all three.
In fact, the few that attempt to offer usually do one thing well into things badly.
So right now your best bet is probably assumes a point.
Solutions that integrate with your central marketing systems to manage that when it comes to disassembling sales pitches to see what’s real and what’s not.
There are five B s detectors that I use God and asking these questions will help you understand what kind of software company you’re working with.
Number one Data Export.
What are the limits of what Influencer marketing software will let you export? The best company is the best influence of market packages Will let you export massive quantities of UN refined data.
You could, for example, I use a product called talk Walker.
Put a link on the show notes.
If you want to take a look at it.
I’ll put in a hashtag for like, a major conference, and I want to be able to export all of the conversations about the conference.
And so what? Their software? I could pull out a couple hundred thousand or even half a million mentions at a time, because I want to do my own data processing on it.
I used to work with other influence of marketing platforms, and they had very strict limits.
You know, you’re only down with five thousand records of ten thousand records.
Well, if you’re working in an event like, you know, VM World or CS or Dreamforce, it’s like tent.
Pick me ten thousand mentions in an hour.
So having those export limits be very, very high is a good indicator that the company knows what it’s doing and has a robust data pipeline.
And the reason for that is if a company won’t let you get past a certain number of records, there’s a good chance they’re sampling on.
They’re not able to pull all the actual data s, so it’s it’s a It’s a hint that things might not be as as robust on the back end.
Number two insight into their algorithms.
This is a big one.
How does especially for influence identification? How does the software make decisions? Anyone who makes a claim of this is our proprietary algorithm powered with machine learning but provides no details.
Is selling ups right? Because anyone could make a proprietary algorithm? I could make a proprietary already involves throwing darts in my wall.
That’s no good to me.
That’s no good to you.
They don’t have to give you every aspect, every detail of the secret sauce, but they’ve got to be able to explain the algorithms.
And here’s the thing.
Influencer marketing analysis Use is very, very common mathematical algorithms.
On the back end, there are probably four five major ones that that they use and you can do little tweaks and adjust the formulas.
But the course of the same it’s like, you know, making an omelet.
Fundamentally, structurally, there’s only so many ways you can make a an arm and still be able to call it an omelet.
You’ll have your own secret herbs and spices, but still omelet.
Same is true with influence or marketing algorithm, says four five core algorithms, that that pretty much anyone who knows what they’re doing has to be be using.
So be ready to ask those questions and get a data science friend to talk to about what those algorithms are so that you could get some some clarity into them to number three network.
Reach the more social networks, the better you want.
Influencer marketing software that does identification and management and analytics.
To be able to see into multiple social networks someone bets only has just a Facebook tool or just a instagram tool or whatever is going to be less useful to you that something that can see across a bunch of networks.
The catch is this.
Make sure that they’re doing in an above board away.
What you don’t want is a company that is scraping data against the terms of service of a network, because what can happen is that companies can get shut down.
There was a tool a number of years ago that was fantastic and instagram.
It was called Majin metrics, and Instagram said, You’re violating our terms of service and they were completely cut off, and they’re like, Oh, sorry, we got to close up shop.
We could no longer access any part of Instagram.
So make sure that companies were doing that date access the right way through the approved AP Eyes number four How many integrations does the influence of marking software support on the identification side? What other data inputs doesn’t take in on the management side? Doesn’t you know what serums and packages doesn’t work with on the payment side, which payment gateways and payment platforms doesn’t work with And on the analytics? And measurements aside, if it doesn’t talk to Google Analytics, I’m probably not the best analytics and measure platform, right? That’s it.
Would you like to be a very straightforward thing? Doesn’t integrate with here.
You are all short now.
Does integrate with your asset management library all the the more integrations that are relevant to you, the better that software is going to be.
And finally, and this one’s a fun one.
Training training for an influencer marketing for any kind of of SAS base software should be offered, should be accessible should be free or included with the price of the product.
But it should not be mandatory if training is mandatory in a product that tells me that you the you I or the logical system is so complex, so messy that they can’t they know you’re not going to get value at a party if you don’t sit through one of their demos.
I’ve worked in the marketing automation software company a number of years ago, and they’re like, No, no, you have to do it our way and the secrets like, I know what I’m doing with this software and if I can’t figure your software out is not very good software, you know, I could use part dot with my eyes closed, and they’re like, No, no, you have to do it this way and you have to watch his twenty minute video on how to set up MX records in your DNA.
I know how to do that.
Anyone who’s done marketing automation suffers had to go through that.
You don’t need a twenty minute training to tell me howto copy and paste two lines of text.
And so we have actually ended up canceling their contract, saying, Okay, if we’re not allowed to set this up the way we want has paying customers, I don’t want to use your software.
So for influence of marketing software, take the demo.
Take a better yet, take a trial of it and see if how much of it you can figure out without the manual.
If you don’t need the manual and you can get core tasks like him, I want to log in and see who is most influential at VM World, and you could do that.
That is a good chance that the software is well designed and well thought about and easy to use, and which means that any training you do take is going to amplify your capabilities.
But you’ve gotten the basics down because the software so intuitive as it is.
So those are my five big B s detectors for influence of marking software and, frankly, for a whole bunch of any, any kind of marking software.
Can you get data out? Can you get data in? Can you doesn’t do what you want to do on the places that you care about.
Do they tell you how it works and is the training available but not mandatory? Use those five tests to figure out who’s who in influence or marketing, and you’ll have a much easier time of weeding out the wheat from the chaff.
And some of these questions it it will challenge the salesperson they’ll need to probably bring in like a systems engineer, something particularly on the algorithm aside, if they’re unwilling to do that.
If they’re unwilling to answer any of these questions, run away.
They’re not a very good company, so thanks, Jim, for the question it leave your follow up comments in the comments below.
And please subscribe to the YouTube channel in the newsletter, and I’ll talk to you soon.
Want help solving your company’s data analytics and digital marketing problems? Does it trust insights dot Ay, ay, unless you know how we could help you
You might also enjoy:
- How to Set Your Public Speaking Fee
- How to Start Your Public Speaking Career
- Best Practices for Public Speaking Pages
- How to Set Your Consultant Billing Rates
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers (2019 Edition)