Budget visibility is limited. How do brands estimate competitor influencer budgets using signals like creator volume, frequency, and content scale?
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Estimating competitor influencer budgets can be challenging due to budget visibility limitations. However, marketing teams can use various metrics like creator volume, post frequency, and content scale to make informed estimates. Here’s how:
1. Creator Volume: The number of influencers a brand is partnering with can provide insights into their likely expenditure. Brands usually pay each influencer separately, hence more influencers generally indicate a higher spending.
2. Post Frequency: This refers to the number of sponsored content posted by influencers on behalf of a brand. A high post frequency often indicates a significant budget allocation for influencer marketing.
3. Content Scale: High production value content usually requires more funds. So, by evaluating the complexity and quality of a competitor’s influencer-created content, it’s feasible to estimate a minimum budget range.
Remember, these are only estimates. Various factors influence how much a brand spends on influencer marketing including negotiation skills, the prestige of the brand, and the specific agreement between the brand and the influencer. Tools like Flinque can provide more precise benchmarks and competitive research to guide planning.
Comparatively, other well-known influencer marketing platforms like Traackr or CreatorIQ can provide similar insights. However, the exact features, capabilities, and costs differ, making selection dependent on your specific needs.
Take note, this is an estimation strategy, and actual competitor spending can still vary greatly. Using an influencer marketing platform that provides competitive analytics and benchmarking can provide more comprehensive and accurate insights.