Hey guys, over the 6 months of running my business I became an expert with instagram. Here's part one of my tell all. I'm gonna focus this post on vetting instagram influencers.
1) Find accounts involving your niche from the search tab and make a huge excel list of them. Rank them by follower counts, from low to high.
2) Look at engagement. 10% like engagement is like the holy grail, but 5% is what I consider really good. Anything under 5% likes is no good. Ex: If an account has 100K followers and gets 10K likes per post, that's an amazing account. Anything less than 5K likes, it's either inactive accounts or bots.
Also, look at COMMENT engagement- most people over look this important aspect. See if there are actual people tagging friends or making comments. Usually influencers are part of groups that spam comments/likes so the first 5-20 could just be within their group. Comments are very hard to judge. I've seen post get 20-50K likes with only 500-800 comments.
If an account has 100K followers, I try to see if at least has 100 comments. 1% engagement rate is the norm, anything above that means it's good.
3) The negotiation. Reach out to them and be upfront. "Hey what are your shoutout rates?" They're gonna say a number. Different niches have different prices. A fashion account charging $500/post (24hr) with 100K followers? Not unheard of. A travel account with 100K followers charging $100/post (24hr) not unheard of. Fashion/bodybuilding accounts are the most demanding for shoutouts.
Whatever number they say, usually there's $25-$50 to negotiate off.
4) Calculating conversions. Whenever I vet new accounts, I make sure they are the only account that is running a promo that day. I measure traffic and sales. Any sales I get that day I usually attribute it to that account. I also give the influencer a coupon code to insert into the post. I noticed only 10-20% of customers use that code. For every 10 sales, only 1-2 customers use that code. Which is why having a day set for a new influencer is crucial to see how well the account converts.
I've had an account with 1.5M followers with GREAT engagement to only return me 10 sales, resulting in a HUGE loss. I figured that the users are mostly teens or kids. Having this account only run that day was crucial, because that info is very valuable. I'll probably return to him in 5 years lol.
5) After a successful post, tell them thanks. "Hey thanks, can we set up a bulk purchase?" Buy 4 posts for a discounted price. That's up to you guys to negotiate a price. I usually try to get $100-$300 off, but again I spend a lot per account and been with them for close to 3 months. It's all about networking.
6) DON'T STOP THERE! Ask that account for other accounts they recommend, they are usually good, but go through the INTENSE vetting process with all accounts. I've seen 200K accounts perform better than 1M+ accounts.
7) Bring in the sales!
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