Influencer marketing platform for brands and agencies, Hypetap, has announced that they have released a site where Instagram users can use the proprietary Hypetap algorithm to measure their Instagram influence.
Whilst it’s always been something they have used internally, the recent proposed changes to the Instagram algorithm have meant that it can now also provide a gauge as to how well posts from users will perform.
The site was originally planned to reduce confusion around whether an influencer would be accepted when expressing interest in Hypetap. Whilst applying to Hypetap as an influencer is a simple process, the selection criteria has never been available.
Detch Singh, co-founder at Hypetap said, “Our criteria for accepting influencers onto the network isn’t as simplistic as having a certain number of followers. There is so much more to measuring influence and we’ve built tools internally to streamline our assessment process before someone sense checks the data and makes the final call.
“With the recent proposed changes to Instagram, we thought it would be worth sharing all of this with Instagram community to see how their accounts stack up and how well their posts might perform. It also allows potential Hypetap influencers to assess their chances before applying for an invitation to the platform.”
Part of Hypetap’s data driven approach has been to build an adaptive algorithm which has analysed over 29 million Instagram profiles over time. This will continue to evolve and be shared on the live site as it matures. The site has been made in a way that anyone can put in an Instagram ID and see where they stand relative to other Instagram profiles around the world.
“We want both brands and influencers to be able to use this as a guide to see how influential their profiles are. We can also provide some hints into some of the things we look at to measure influence” added co-founder Nikhil Madhok.
The next problem on the Hypetap agenda is influencer rates.
“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 finalising a pricing algorithm based on influence on Instagram,” added Singh.
“Of course, this pricing would only serve as a guide and there would need to be adjustments depending on how involved certain campaigns are. We’ve analysed thousands of negotiations on our platform and mapped them to influence, categories and regions before adjusting for a variety of other data points. This will continue to evolve with the market.”