To be able to analyze the economic value of social media and thus be able to answer the questions of a customer who has to start an advertising campaign on social networks linked to a collaboration with Influencer is anyone with the power to influence the purchase decisions of others due to his authority, knowledge, position or relationship with the … , vip or community, it is essential to know and evaluate a series of objective and subjective parameters through which it will be possible to estimate both the cost and calculate the ROI that we could obtain from this campaign.
To understand how much a publication on social media could cost, it is essential to understand the elements that will belong to the post, i.e. different objective and subjective parameters.
The 6 objective-parameters
Among the objective parameters we can list the following elements:
- Content value: number of fans / followers
- Content value: Engagement, from the English “involvement”, is a term that indicates the level of involvement of users with respect to a company or brand, often used in Social Media Marketing. There is … rate
- Awareness value
- Content value: complexity of realization
- Value of the content: personalization
- Brand-Fit: affinity between the brand and the influencer
Value of the content: number of fans / followers
The first estimate of the cost is linked to the fans / followers of the community, influencers or VIPs that we are going to choose for the advertising campaign, but not only in terms of quantity, it is in fact good to pay attention to the quality of the same.
However, an important element linked to the number of followers is how profiled they are compared to the sector to which the social profile is linked.
How much the followers are profiled is in fact a very important data in order to be able to give a more precise economic value, which will obviously be higher in the case of a profiled audience, and lower in the case of a generalist audience. / p>
Content value: engagement rate
The engagement rate is the second parameter to be evaluated and perhaps the most important, for an estimate of the cost of a post or a story and represents the percentage of interactions made by followers. Having a high engagement rate is therefore one of the positive factors to look for when choosing the influencer with whom you will choose to collaborate.
With respect to awareness, a person with a name that is known even outside his specific sector or niche will have a greater value than a person known only in his reference niche.
Value of the content: complexity of realization
The complexity for the realization of the content is another important element to be evaluated since the costs for the realization of the same are to be added to those related to the parameters of the average value.
For this reason, content that requires higher value to be created will obviously result in a campaign with a higher total cost than one that is easier to create.
Content value: personalization
Content customization is one of the elements that can modify the estimate of the , in fact a content created in a personalized way on the specific values of the brand and on the message it wants to convey, will increase certainly the value.
Brand-Fit: affinity between the brand and the influencer
This element translates into the affinity between the brand and the influencer chosen and an example can be a sports character wearing a sports brand or a well-known character in the kitchen sector who uses a product linked to the food sector.
The 6 subjective-parameters
Subjective parameters are all those parameters whose evaluation cannot be objective but is subjective because it is measured in relation to some precise elements linked to the individual character or desired content.
Among the subjective parameters we find:
- Historical period
- Willingness to collaborate
- Brand-talent relationship
In this historical period, in which many want to invest in social content, as happens in every market, the price rises according to a request that is always higher and in the same way the final price linked to the campaign rises. advertising.
Furthermore, for some characters, a period of the year can be particularly dense of interest, depending on a temporary increase in notoriety and this implies an increase in the price requested for collaboration with the brand, so the choice of the period is one evaluations to be made carefully when choosing a particular character.
This parameter can be associated with artistic value, in fact just like the artistic value of a work of art for example, it is subjective since each person is willing to spend a different price for the same work, in the same way a brand can choose to spend a higher price for a certain positioning than another, as it recognizes a greater value.
The concept of scarcity, often also present as a marketing lever in the world of social media marketing, also in this case assumes strategic importance in choosing the person to collaborate with.
In this case, this parameter is linked to the concept of limited editions referring to the content posted by a particular character.
Sometimes, in fact, it happens that a character decides to stand out for a selection of contents further to that of the sector to which he is linked, and chooses not to share contents that advertise products or to share only:
- contents you believe in
- contents linked to your values
- contents of social impact
The scarcity parameter in these cases plays a fundamental role in estimating the price, in fact it happens in these cases that a profile of this kind may have a higher value than another similar less selective one.
Willingness to collaborate
The willingness to collaborate with a certain brand or product by a character or an infleuencer can often make a difference in the price of a collaboration.
In fact, it sometimes happens that a character expresses a strong desire to collaborate with a brand or product simply for a strong personal appreciation of this and such as to propose himself for free in order to start the collaboration with the brand.
The relationship between brand and talent represents another of the important subjective parameters capable of changing the economic value, although even this case, as in the desire to collaborate with a brand previously examined, it happens infrequently, it can still happen that the existence of a personal relationship between the person who represents the brand or who is in some way professionally linked to the company and the character leads to the possibility of making additional requests to push content.
As often happens not only in the world of social media marketing, a greater amount of product required can result in the offer of a greater discount.
Therefore, if a brand asks the chosen character for a structured campaign with a greater amount of content to publish, it often happens that this request results in a discount on the price requested for sharing content on social networks.
Taking all these factors into consideration is essential in order to be able to advance a price estimate to show to a customer and necessary to understand which collaborations it is possible to point to or not based on the that the brand is willing to invest.
Knowing not only the parameters but also the tools to verify them in a professional way is essential for dealing with social media marketing.
What do you think? Have you evaluated all this data before thinking about a collaboration?