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We analyzed over 10K commercial influencer posts in order to determine the correlation between certain metrics and conversion. Below are the results. To access the full research article on influencer marketing ROI click here.
Based on our research the metric which had the strongest correlation with conversion performance is an influencer's audience growth. This makes sense, as active influencers who create compelling content tend to grow their audience. However, the strength of this correlation was surprising, highlighting the importance of analyzing audience growth when finding influencers to work with.
We analyzed both engagement rate (which normalizes for influencer size) and total engagements (which correlates with audience size). Not surprisingly both metrics showed a significant correlation with performance making it an important metric to analyze when searching for influencers to work with. You can determine the engagement rate of any influencer using our free engagement rate calculator.
Influencers which had a larger audience did perform better in terms of conversions. Our analysis revealed that influencers with follower counts exceeding the 75th percentile (over 96,731 followers) yielded better results. This doesn't necessarily answer the question in regards to ROI however as larger influencers are often more expensive. The impact on ROI will depend on your negotiation and how you are able to strike deals with influencers to optimize for ROI.
Similarly, audience credibility proved to be a crucial factor. This credibility is measured by the number of real followers an influencer has. While it’s inevitable for larger audiences to have a certain percentage of bot followers, some influencers have a higher proportion of these bot and mass follower accounts. This higher percentage of non-genuine followers negatively correlates with conversion performance. To analyze this you can use our free fake follower check.
Another metric which showed a significant correlation with conversion performance is the verified checkmark. The verified label is often associated with larger influencers, as bigger accounts are more frequently verified. It’s possible that audience size is the primary influencing factor in this correlation. Nonetheless, the verified badge can still serve as an additional data point to consider when allocating budgets.
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The are different ways to identify relevant influencers for your brand. Below are some of the best ways to do influencer search.
1. Use social media platforms and hashtags: one of the most basic ways to find influencers is by directly going to the social media platform and use hashtags. The dropdown function provided by Instagram helps to find similar profiles.
2. Use influencer marketing platforms such as Influencer Hero: Influencer marketing platforms and softwares provide details filters such as location, audience demographics and lookalikes to quickly find relevant influencers. This is the most effective way but comes with a cost. Influencer Hero for example starts at $249/month. Other platforms such as Grin or Upfluence can be more expensive and often start at around $2K / month.
3. Google search: another way to find influencers manually is by using Google or other search engines. A lot of companies publish free lists with influencers in certain categories. You can use these pre made lists to identify influencers. Keep in mind however that these influencers might be contacted by a lot of other brands which use these same lists to find influencers.
4. Attend industry events and networks: Stay updated on industry-related events, online webinars, and Instagram live sessions. Influencers frequently take part in or promote these events, offering you a valuable opportunity to discover and connect with them.
5. Navigating Reddit: To effectively leverage Reddit in your search for Instagram influencers, begin by joining subreddits that match your brand’s interests and industry, such as r/BeautyInfluencers for beauty products or r/FashionBlogging for fashion brands. Use relevant hashtags within these communities to filter discussions and posts about influencers. For instance, hashtags like #InstaBeauty or #FashionInfluencers can help you find posts specifically mentioning Instagram influencers in these niches. Additionally, actively participate in these subreddit communities by asking direct questions and seeking recommendations for Instagram influencers with proven engagement and influence in your specific area.
Below is a list of the best influencer search tools currently on the market as well as their starting price and contract length:
- Influencer Hero: $249 / month, contract: monthly
- Aspire: $1,500 / month, contract: annual
- Upfluence: $2,000 / month, contract: annual
- Grin: $2,500 / month, contract: annual
- Modash: $299 / month, contract: monthly
1. Use influencer marketing platforms such as Influencer Hero and leverage industry specific filters, keywords and lookalikes to quickly find influencers in a specific niche.
2. Use Google to find public lists (can get difficult for very niche industries)
3. Manual search on social media platforms by using hashtags
With influencer marketing platforms such as Influencer Hero you can analyse both the influencer as well as their audience. Important metrics to analyze when deciding on which influencer to work with are: fake followers, engagement rate, audience growth and relevance.
1. Manual search: go to the respective social media platform and search using hashtags. Open up multiple profiles to see their following and create a list using an excel file or Google sheets with potential influencers to work wit. Benefit: cost effective, drawback: time intensive
2. Use an influencer marketing software like Influencer Hero. This is faster but will require you to spend some money. Starting from $249 / month you can access all search capabilities as well as access a full suite CRM including affiliate and product gifting capabilities. By using Influencer Hero's search capabilities you can use a simple filter based on audience size to create a list of micro influencers in your niche or industry.