Understanding the true monetary value of an influencer campaign has come one step closer with the launch of Benchmark Value (BMV), a new approach to social media measurement just launched by influencer marketing platform Companion.
The company hopes that BMV will set a global standard letting brands and agencies calculate ROI on influencer marketing consistently and accurately. The BMV Calculator allows users to pick any social post and receive a monetary value for that post.
The new Benchmark Value tool is powered by six years’ worth of data collected from tens of thousands of influencer deals – with millions of campaign data points Analysis of these deals gives a metric that equates to the average market price for different types of influencer content – covering cost per engagement and weighted cost per follower; an additional metric also weights the value by region.
Until now it has been hard for brands to measure the value of their influencer marketing; black box methodologies, guesstimates and arbitrary values of the worth of influencer content have stood in the way of transparency and standardisation across the industry.
Companion and BMV in particular will allow a brand to judge how well their influencer campaigns have performed both in terms of ROI and can be used where they are negotiating terms with influencers at the outset of a campaign. In more detail:
- BMV is calculated as a monetary value so that it can be compared with spend on other brand awareness channels, such as print media, TV etc to help brands choose where to spend their budget.
- BMV gives marketing teams the tools to justify spend on influencer marketing to finance teams with transparency and accuracy.
- BMV and Companion can also be used when planning influencer campaigns, giving a sense of whether specific influencers represent value for money and match brand values
“BMV is a transparent tool based on years of real data. For the first time, clients have an accurate view of how well their investment in influencer marketing is performing versus other channels,” commented Irving Shark, Head of Product at Companion.