Hypetap Releases New Algorithm to Track Impact on Instagram
Social media marketing is proving a major benefit to most brands, thanks to its ability to make contact with customers and allow those customers to make contact as well. It improves engagement and makes for a better potential impact. Figuring out just how much impact is involved, however, can be difficult, and that's where a new algorithm from Hypetap comes into play.
The Hypetap algorithm allows users to measure influence on Instagram, showing how well posts from users are likely to perform in the wild. It was designed as a means to give Hypetap insight into whether or not an influencer would be able to get in on the Hypetap program, a program which Hypetap's co-founder Detch Singh admits is a complex process. It's not just numbers of followers, Singh elaborates, but rather a much larger measure of total influence.
With the algorithm released, potential Hypetap members can get a better understanding of what's needed to be in on the program. Since the process of determining something like influence is constantly changing, about the only real way to address it was with an algorithm. Hypetap isn't done here, though, as it's poised to take on the next step in the process: influencer rates.
Just determining who an influencer is isn't enough, Singh notes. It's also a matter of just how much to compensate an influencer. Singh explains the difficulties involved: “This has always been a problem for brands and influencers. It’s been the Wild West for pricing and it’s always evolving. Whilst there is no silver bullet for pricing, we’re in the process of finalizing a pricing algorithm based on influence on Instagram. Of course, this pricing would only serve as a guide and there would need to be adjustments depending on how involved certain campaigns are.”
Social media marketing's biggest problem is its fickle nature; just look at the Fine Brothers' channel on YouTube after its recent push to launch a branding effort for reaction videos. While it's recovered some in recent days, it's still well off its late January high point of just over 14 million subscribers. One misstep was all it took to lose nearly 10 percent of its subscriber base; is it no longer as valuable an influencer as a result? An algorithm might take more points into account, but since these fluctuate with time as well, is there any value in this? An advertiser might pay for a certain amount of influence today, but that influence may be up or down the next hour, let alone day.
Social media marketing is still comparatively new, so getting all the bugs ironed out of the process is important. Even an algorithm may not present the best measure, but Hypetap is certainly putting in the effort.
Edited by Maurice Nagle