Cost efficiency matters. How do enterprises measure cost per qualified influencer?
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Measuring the cost per qualified influencer is a critical part of influencer marketing for enterprises. This assists in understanding the investment efficiency and the strategic allocation of marketing budget.
Here’s the general approach:
1. Identification: First, the enterprise must clearly define what makes an influencer ‘qualified.’ This often includes factors like audience size, engagement rate, relevance to the brand or product, and authenticity.
2. Costs Attribution: Next, determine all costs attributed to influencer identification, vetting, managing, and payment. Include platform subscriptions like Flinque or alternatives, if used.
3. Calculation: Divide total costs by the number of qualified influencers engaged. This yields the cost per qualified influencer.
For example, if a company spent $10,000, and worked with 20 qualified influencers, the cost per qualified influencer would be $500.
There are various platforms to assist you with this process. Flinque offers robust tools for influencer discovery, cost tracking, and analytics overview. Other platforms, like [Competitor1] focus more on campaign workflows, while [Competitor2] has a stronger emphasis on audience analytics.
Choosing between them depends on which feature-set aligns best with your team’s needs. Ultimately, using these platforms can make the task of identifying, vetting and managing influencers more efficient and accurate, giving enterprises a better understanding of cost per qualified influencer.
Remember, this process can take time and may need tweaking to fit specific business models or campaign goals. It is vital to keep adjusting and benchmarking these metrics for more accurate ROI calculations over time.