Welcome to “Dear Julius”–a series dedicated to helping our readers navigate Julius and the influencer marketing industry. We love our customers, and we often get questions from them that are smart, interesting, and make us think. Because of this, we thought it would be a good idea to share our responses with the public to share knowledge. Have a burning question to ask? Email us and we’ll consider answering it on the blog.
I’m looking forward to diving into the Campaign Management suite, but before I get started, I want to make sure I understand the Reporting section.There are a few metrics in there that are new to me and I want to be able to explain them to my client. Do you mind running through them and explaining why they’re valuable?
Thanks, and hope to hear from you soon,
Our Reporting suite is built to help you easily measure influencer social media performance. The landscape is always evolving, so we’ve done our best to organize the data in a way that is digestible, sustainable, and valuable so you can extrapolate and develop strategic insights for the future. There is a lot of data for you to pull at the Campaign level, but you can also drill down into individual influencer and post performance to get into the nitty-gritty.
That said, I’ve shared our core metrics below so you can get a gist of what we have to offer–as you dive in, look for these metrics to be displayed in a variety of different ways to help you gain insights. For example: top-performing influencer, top-performing post, EMV/spend, engagement over time, and more.
The latest? We are now able to pull Instagram Stories into our reporting suite (from Influencers authenticated into Julius). Exciting, right?
Let me know if you have any more questions. See below, and hope to hear from you soon!
EngagementWhen influencers push content live on social media, their followers can typically react by Liking, Commenting, or Sharing the post. Certain platforms have different or more complex ways of engaging, but we sum it all up in one number so you don’t have to tally it manually.
Estimated impressionsWe have been diligently working on a solution to get “actual impressions” into Julius. We’ve just begun to scratch the surface with Instagram Stories, but for now we are happy to share Estimated Impressions–a percentage of an influencer’s followers that saw their post, based on lots of research. Each platform has its own percentage, outlined below. The only caveat is for YouTube or Instagram videos, where we consider Video Views to be actual impressions.
Engagement rate (ER)Largely touted as one of the, if not the most important metrics to report on, engagement rate helps marketers understand their ability to connect with their target audience at scale. The way we calculate:
Engagements (Likes, Comments, Shares, etc.) / Followers
So, if an influencer has 5,432 Instagram followers, and they receive 345 Engagements on a post, the ER for that post would be 6%. (345/5432=.06)
However, our users can also use Estimated Impressions instead of Followers if they update their preferences to do so. In that case, for the example above, the ER would be 18%.((345/(5432*.35))=.18).
Benchmarks for this metric are dependent on the platform, vertical, and most importantly, the size of the influencer’s following. The larger the following, typically the lower the engagement rate and vice versa.
Earned media value (EMV)Every engagement that an influencer receives on their post has an equated value in social media paid advertising spend. As in, a “Like” on a Facebook post is worth something and could be purchased through advertising channels. We have an API partnered with Soulmates.ai to determine how much each type of engagement is worth on each different channel.Through this partnership, we are able to provide these data points and maintain them in real-time.
For example, let’s say a Facebook “Like” is worth $.5, a Facebook “Comment” is worth $.12, and a Facebook “Share” is worth $.50. If your post got five (5) “Likes,” two (2) “Comments,” and a (1) “Share,” your EMV for the post would be $.99.
5(.5) + 2(.12) + 1(.50) = $.99
Estimated cost per thousand impressions (eCPM)Many marketers might be familiar with the metric called cost per thousand impressions (CPM)–a dataset designed to help assign value to a vast amount of impressions in a marketing campaign. We use the same metric, but since we use Estimated Impressions,” as stated above, we must denote eCPM and CPM.
For example, let’s say you pay an influencer $10 for a post that gets 50,000 estimated impressions–your eCPM would be $.20.
Cost per engagement (CPE)Cost per engagement helps marketers determine the financial rate for connecting with their audience. The lower the CPE, the more efficient the connection was from a cost perspective–keeping this cost low is hard, but will be important to ensure that you are working with influencers that can drive value.
For example, let’s say you pay an influencer $10 for a Facebook post that gets 45 “Likes,” 32 “Comments,” and 11–your CPE for this post would be $.11, as all of the engagement types are weighted evenly to calculate this metric.