Influencer marketing platform Hypetap has released its proprietary algorithm used to measure Instagram influence.
Hyptap says they have released the alogorithm, which they have used internally, due to the proposed changes to the Instagram algorithm.
Detch Singh, co-Founder at Hypetap, said: “Our criteria for accepting influencers on to 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 the 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.”
The website asks users to put in a Instagram username they wish to measure. It then provides a breakdown on the account’s level of influence, including engagement rate.
Hypetap’s algorithm takes into account following and engagement, location, sentiment within the posts and the categories and brands within the posts. According to Hypetap: “The higher the score, the harder it becomes to improve that score. Anything above 6,500 on our scale is off the charts.”
Nikhil Madhok, Hypetap co-founder, said: “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.”
Hypetap says the next problem it plans to tackle 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,” said 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.”