It’s now common knowledge that Instagram is a hugely important platform for marketing just about any product. With 7 out of 10 hashtags now branded, and 80% of Instagram users following at least one brand, it is clear that a presence on this social space is almost a given for many businesses, especially those selling fashion, accessory, and luxury products.
However, with more than 8 million business profiles, and 70% of all US businesses expected to be present on Instagram by the end of 2017, it is an increasingly competitive space. There are hundreds of thousands of brands all competing for a small window on your smartphone. To illustrate this clammer for attention it is worth keeping in mind that on average 70% of Instagram posts never get seen. This is not like shooting fish in a barrel.
Here at Photoslurp we are in the business of helping brands to leverage customers content (UGC) from Instagram (amongst other platforms) in order to connect with their audience and ultimately sell more products online. By extension we also have a real interest in helping brands with all aspects of the Social Media Marketing puzzle.
We want to help brands cover every angle, to minimise their limitations when it comes to selling online. And so, with this in mind the Visual Marketing Index (VMI) was born.
Any brand can request a VMI report here for free! It takes about 30 seconds, and your report will arrive to your inbox in less than 12 hours.
The ever growing presence of brands on Instagram reflects its success as a place to market products. So it really does work! What’s changed is that simply being present is no longer enough if you really want to get seen. These days to successfully market a brand through Instagram requires strategic planning, and real effort.
We wanted to design a tool specifically for brands that helps them to understand their strengths and weaknesses on Instagram, with a view to inform strategy and optimise their success.
The report you receive is broken down into four core sections that relate to different components of Instagram strategy; Brand Engagement, Hashtag Power, User Quality, and Top Photos. And these sections are subdivided to provide complete resolution of all 10 metrics that make up the overall VMI score.
Crucially, the VMI is not like other Instagram Analytics tools. Whilst we do provide raw numbers such as ‘Engagement Rate’ and ‘Hashtag Reach’, amongst many others, we also assign a separate performance score to each one.
In short, our system uses advanced statistical models to benchmark where your brand should be, based on your account size, and then compares this predicted value with your actual score to give an authentic measure of performance. To our knowledge this is the first Instagram analytics tool to measure performance in this way, providing brands with a comprehensive understanding of their position within Instagram.
We firmly believe that the cornerstone of improvement is accurate measurement! Here we bring you a tool which does just that. The VMI is not a gimmick to show users a snapshot of some numbers they could add up on their own, as is the case with many ‘Instagram Analytics Tools’ currently available.
Our aim is to dig deep in order to understand the dynamics of the system properly, and use this information to help brand’s navigate this space, make informed decisions and, we hope, realise their potential. As such, the VMI is accompanied by the VMI Guide; a comprehensive document covering all aspects of Instagram strategy, with actionable advice to help brands understand Instagram better, and get the most of this vital social space.
This first version of the VMI is freely available to all brands. Further developments are coming soon, but not before we listen to our audience! So, if you have any comments, questions, or feedback relating to the VMI, please don’t hesitate to get in touch. We are all ears.
Finally, if you want to take your Instagram strategy a step further, you might like start harnessing all the fantastic User Generated Content on your brand to help you grow and sell online. Drop us a line here at Photoslurp, and see how we can help you optimise the link between your ecommerce site and your social media.