There is now a free online calculator to calculate Instagram posts worth but it may not be providing the most accurate figure. Why so?
Googled “Instagram” this morning and something caught my attention. The word ‘calculator’ appeared when i search Instagram, what does it mean?
Apparently, there is now a provider of an online calculator that helps to calculate the worth of an account’s Instagram post by simply keying in the username of their site. Having a calculator to understand an Instagram account/ posts’ worth is definitely interesting to have especially so for brands who wished to get a rough worth figure to estimate their collaboration costs.
With so many sites talking about it, it definitely got me interested to try out for myself. I did a quick search on a couple of accounts (including my own!) and celebrity accounts. The online calculator is inkifi and an article on DailyMail shared the methodology.
As it seems, inkifi based its data on “The State of Influencer Marketing 2017 report which calculated that on average each follower is worth £0.0043 ($0.0056). Although the amount would vary for different celebrities depending on different deals, the tool estimates their worth from the number of followers they have.”
By comparing top accounts like @lelepons and @kimkardashian, we can see that their worth differs greatly simply because their follower size is vastly different – Lelepons has 19.6m followers while KimKardashian has 104m!
However, is this really an accurate way of measuring influencers’ Instagram posts worth? With the rampage of fake followers, should brands be paying more to influencers simply because they have more followers?
Also, one key metric of influencer marketing performance is engagement rate which did not seem to be taken into account here.
By searching for the same accounts, we received surprising very different Instagram worth from using Popular Chips analytics software.
As seen, the Instagram worth of Lelepons and KimKardashian is surprisingly very similar in the $100 range as compared to the numbers provided by inkifi. This is largely due to the fact that inkifi’s numbers are based solely on follower size – dedicating a monetary value to every follower, assuming that all 104m followers are real users.
On the other hand, Popular Chips calculates the Instagram worth figure by taking into consideration:
- Influencers’ engagement
- Industry average on Facebook ads spend
Instead of using number of followers, engagement is chosen as it is the actual representation of real interactions.
By combining these two, the Instagram worth number represents how much the Instagram account would have to spend on Facebook ads to receive similar engagement as they received on their posts.
This is exceptionally important for brands as they would be able to understand if the influencer they engage would be able to generate better brand engagement as compared to that of traditional Facebook ads.
inkifi has definitely gotten the trend to create an interesting and useful tool for all (brands and influencers) to use. However, with all the challenges of influencer marketing, it would be better for brands to gauge the worth of an influencer based on several metrics rather than just the follower size.