Social Circle Adds Science To Influencer Marketing By Making ‘Social Valuation’ Tool Publicly Available
Social Circle, the social influencer marketing service, has today made its Social Valuation platform publicly available, which provides engagement metrics vital to achieving accurate measurement and transparency across the industry. Social Circle’s platform was previously reserved for registered users across brands, influencers and agencies working directly with Social Circle’s managed service.
Social Circle’s Social Valuation tool draws on extensive campaign data and a cost per engagement metric to assign a potential value for social influencers. These values are based on the amount of engagement on each influencer’s channels and how that corresponds to potential worth in marketing campaigns. The platform offers access to a growing database of over 50,000 influencers spanning the globe.
Social Circle’s offering to influencers is uncontested, with its unique Social Valuation tool it provides real-time metrics for influencers cost, and reach to work out the best campaign for brands. This challenges the traditional model of measuring views, and subscribers. Social Circle has attracted brands such as Nickelodeon, Barclays, Soap & Glory, and Chupa Chups as well as a host of media, PR and creative agencies.
The move provides the industry with a standardised benchmarking system that is cross-platform, and designed to understand the true worth of influencer marketing, removing the guesswork from evaluating campaigns, and avoiding the pitfalls of bad practice such as fake engagement numbers and over or underpayment of influencers.
The Social Valuation tool, which is already used by a number of brands and agencies, attributes varying levels of value to influencer engagement across platforms – whether it is a tweet, retweet, share, like or view – by assigning weighted ‘engagement points’ to each action, allowing brands to assess influencer campaigns against a database of other similar work.
As part of the offering, Social Circle will also provide influencers with free draft contracts and advisory materials when they sign up to the platform, empowering influencers to effectively manage their relationships with brands autonomously.
Matt Donegan, Managing Director at Social Circle said; “A lack of science in influencer marketing has left pricing largely based on unreliable metrics or, worse still, gut feel. This leaves some campaigns vastly overpriced compared to what they deliver back to the brand, or leaves influencers short-changed. We want this move to be a stick of dynamite that will blow away bad practice amongst the industry and level the playing field to allow all brands to generate huge value from well-run campaigns.”
“It’s clear that consumers are increasingly tuning out of traditional advertising and into influencers, with brand budgets naturally following. So, as influencer marketing receives ever-greater investment it’s crucial that we have a standardized way of pricing and evaluating campaign success, and in doing so protect the value of the industry. In this sense it was a no brainer to open up our platform to anyone one who wants to use it. We’ve already got years’ worth of campaign data on the platform and our agency and direct clients all love the transparency we’ve been offering. It’s time to share our data.”