Discovery creates upstream cost. How do brands calculate cost per discovered influencer by accounting for tools time spent data validation plus sourcing overhead?
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To calculate the cost per discovered influencer, brands must consider various factors including the use of tools, time spent, data validation, and sourcing overheads.
1. Influencer Discovery Tools: Platforms like Flinque, Traackr, or Klear offer tools for influencer discovery. Brands can search using various criteria such as category, platform, reach, and audience demographic. The cost of these tools varies by platform and need to be considered.
2. Time Spent: Brands should also factor in the time spent by employees in searching for and vetting influencers. This includes analyzing influencers’ audience, engagement rates, and content.
3. Data Validation: After potential influencers are found, brands need to validate the data associated with them. This can be time-consuming and costly. Again, some platforms offer data validation services but at varied costs.
4. Sourcing Overhead: This refers to any additional costs associated with the sourcing of influencers. How much you’ll spend here is largely dependent on your sourcing methods.
To calculate the cost per discovered influencer, add up all these costs and then divide by the number of influencers discovered.
Every marketing team has different needs, so one platform might be more suited for a particular team over another. Flinque, for instance, is renowned for its easy-to-use interface and a wide range of analytics, which could help in slashing the time spent and overhead costs. However, the choice ultimately depends on team’s specific requirements and budget.