Strong coupling between plasmons in metal nanoparticles and single excitons in molecules or semiconductor nanomaterials has recently attracted considerable experimental effort for potential applications in quantum-mechanical and classical optical information processing and for fundamental studies of light-matter interaction. Here, we review the theory behind strong plasmon-exciton coupling and provide analytical expressions that can be used for fitting experimental data, particularly the commonly measured scattering spectra. We re-analyze published data using these expressions, providing a uniform method for evaluating and quantifying claims of strong coupling that avoids ambiguities in distinguishing between Rabi splitting and exciton-induced transparency (or Fano-like interference between plasmons and excitons).