Recently, Chris Nixon (VP Marketing) and I led a webinar on calculating the ROI of Influencer Marketing. We received great questions on how to measure success, how to assign a dollar value to a view or engagement with content, what’s the conversion like, etc. We’ve kept it no secret that one of the most powerful elements of the TapInfluence platform is its ability to automatically calculate a return on investment in influencer marketing. This feature is specific to the views and real engagement data around all of your influencer-created and distributed content across all social channels and your own websites.
It’s really, really awesome.
Today we are proud to announce that we are exposing a version of that feature for free to anyone who wish to use it in their influencer marketing efforts. It’s the first Influencer Marketing ROI calculator of its kind. This nifty little tool lets you calculate the value of sponsored content by influencers whether you are an experienced marketer or just starting to explore the space. All you have to do is plug-in the number of influencers you’d like to work with and our calculator will do the rest for you.
Our [secret ;-)] formula factors in data from our marketplace of over 100,000 influencers together with content conversion industry benchmarks. It then shows you how your content would convert: from Reach, to Views, then to Engagement. Last, we calculate your Total Media Value; think of this number as the would-be cost of other editorial content or marketing efforts if purchased as paid advertising.
Oh, and there is “one more thing” (or “The Steve Jobs moment”).
We realize that Total Media Value varies across industry verticals. B2C is different from B2B, and not all marketers value views and engagement the same way. For that reason we let you plug-in your dollar value for views and engagement. Just alter the field next to them and voila! You now have TapInfluence powers and can easily predict the financial outcome of your influencer marketing.
How cool is that? While crunching numbers make sure to check some real stories on influencer marketing ROI, like that from Black Box Wines.