According to recent statistics by Influencer Orchestration Network (ION), 70 percent of teenage YouTube subscribers trust influencer opinions over traditional celebrities and 71 percent of consumers are more likely to make a purchase based on a social media reference. Influencer marketing has long evolved from a can have to a must have and it is only going north from here.
“Today, social media is more effective than ever in driving consumer decisions, because consumers are willing to look beyond ads, and make purchase decisions after reading reviews, recommendations, and what real-life experts have to say about it”, says Praanesh Bhuwaneshwar, Co-Founder and CEO of TeraReach. In their latest effort to disrupt the influencer marketing landscape, TeraReach has launched Qoruz- an influencer marketing intelligence platform. A one-stop solution for brands on the hunt for relevant influencers, Qoruz is not only an influencer discovery platform, but also a community management platform that enables influencer outreach and collaboration.
The understanding of the true potential of influencer marketing is still limited, feels Praanesh. “We’ve seen more and more brands coming to us and interested in collaborating with influencers. But many are still very tied to their own marketing objectives. Brands are still a long way from looking at influencers as long-term, authentic, real-world friends of the brand.” It is this thought that sparked the inception of Qoruz.
“From our experience at TeraReach, we could see why brands struggle with influencer marketing – absence of a standard measure of online social influence, reliance on celebrities and inability to discover relevant real-world influencers, multiple communication layers between brands and influencers, and so on,” said, Prabakaran, Co-founder and CTO of TeraReach.
Qoruz addresses these challenges effectively by adopting a data-driven, AI led approach. In a nutshell, Qoruz comprises of over a million global influencers, segregated into more than 120 topic categories, across top 5 social media platforms – Facebook, Twitter, YouTube, Instagram, and blogs. The platform provides an advanced search engine to discover the most relevant influencers, a sophisticated influence analysis algorithm that helps to compare and qualify influencers, and a smart messenger to enable hassle-free conversations between brands and influencers.
The Discovery Engine has scanned and indexed over a million social profiles in the database.More than 40 lakh social profiles are reviewed each day, and an A.I. enabled segregation of profiles in over 140 categories is done automatically. Besides this, a social footprint analysis for each influencer is calculated based on 80 plus data points.
Qoruz’s smart and complex ranking algorithm uses multiple quantitative and qualitative factors to assess social content and interactions, and calculates a social influence score for each profile across the five platforms – Facebook, Twitter, Instagram, YouTube, and Blogs. It uses these scores to calculate an overall influence score for each influencer.
The platform also provides a topic/category expertise score for each influencer, and demographic information on the audience of each influencer, making it easier for brands to get a sense of which influencer’s content and expertise best aligns with their objectives and audience.
Another unique feature is the Qoruz Messenger, a chat application that lets brands communicate directly with influencers. Not only does this feature facilitate outreach, it also simplifies processes for their clients when dealing with a large cohort of influencers on a day-to-day basis.
Qoruz aims at enabling an ecosystem where brands can create their own community of micro-influencers who already have an affinity for the brand, engage and interact with them in mutually beneficial ways, and continually grow their community by adding more such micro-influencers.
The platform is currently available in the Indian market, but the company has plans to go global soon. “We have launched the platform for India, and we are already building database for key global markets like South-East Asia, US, UK, and Australia,” concluded Praanesh.