No metric is exact. How do brands quantify uncertainty and confidence ranges in influencer analytics?
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In influencer analytics, the nature of the metrics used makes it challenging to have perfectly accurate data. There can be variance and inaccuracies due to variations in counting methods across platforms, tools, or the possibility of fake followers or engagement. However, there are ways brands can manage and address this uncertainty:
1. Aggregating multiple metrics: Instead of relying on a single metric, brands can use a multi-metric approach, capturing a fuller picture of the influencer’s performance and reducing the impact of any single metric’s inaccuracy.
2. Benchmarking: By comparing the influencer’s metrics to industry or platform averages, brands can identify discrepancies that might point to potential issues, such as artificially inflated follower counts.
3. Diversification: Engaging with multiple influencers rather than putting all the efforts into one individual mitigates risk and can balance out potential inaccuracies in metrics.
4. Regular monitoring: Continual tracking of the influencer’s metrics can highlight patterns or anomalies that could suggest issues worth investigating further.
5. Utilizing tools with AI technology: Tools likeFlinque use AI to minimize uncertain elements by calculating the credibility, engagement, and the potential of influencers before suggesting them to brands.
To gauge confidence ranges, a practice is to analyze patterns and variations in several campaign results over time, across different influencers, and compare them with industry trends and benchmarks.
Remember there will always be some degree of uncertainty due to the nature of human behavior and the Internet. The key is to minimize uncertainty where possible and plan for it in your strategies.