Influencer Marketing: How do I customize EMV?
Table of Contents
Sprout Social Influencer Marketing’s Earned Media Value (EMV) lets you closely attribute the value of an earned post with real market values found in digital media. These values include media buying as well as historical costs paid to creators.
With Influencer Marketing’s EMV tool, you can quantify a single EMV value at the post-level, which is included in an aggregated campaign EMV in the Campaign Summary.
Earned Media Value in Campaign Settings
To change the EMV for a specific campaign, navigate to the Campaign Settings and click Metrics > Earned Media Values (EMV).
Only organization admins can adjust the default EMV for the entire organization.
EMV is displayed as one metric in your selected currency at the post level and in the General box at the top of the Campaign Summary tab. When changing currencies, the table values will zero out and prompt you to recreate those benchmarks in the updated currency. Influencer Marketing automatically converts USD, CAD and GBP.
Earned Media Value in Organization Settings
Changes to the Earned Media Value made in Organization Settings will be reflected throughout the entire organization. To change the default EMV for your entire organization, go to Organization Settings > Metrics and adjust the values.
Only an organization admin can change these settings for everyone in the organization.
You can change from Value Per Metric to Value Per Content Type within Organization Settings by clicking Settings > Metrics > Earned Media Values (EMV) > Settings.
Calculating the Earned Media Value
The EMV supports 30 currencies and seven platforms with customizable tiers. To calculate EMV, we use two models:
- Value per Metric - Uses values informed by relevant benchmarks from digital media buying (i.e., CPE, CPV, etc.) that best relate to your campaign objective or KPI. You can leverage Influencer Marketing benchmarks from a 3rd party (like Ayzenburg) or use your own.
- Value per Content Type - Identifies a “flat rate” per post based on what you would pay a similar creator for a similar output. You can use your own internal compensation benchmarks for this calculation.
The settings for Value per Metric and Value per Content Type are the same across both Organization and Campaign Settings.
How to calculate the Earned Media Value
Value per Metric
The first formula to calculate EMV is Value per Metric. This formula uses benchmarks based on tiers and audience engagement to determine the value of a post.
EMV is calculated at the post level by aggregating the Value per Metric for a creator’s post based on its tier. You can remove any metrics from this aggregation by setting its value to $0.
For example: If a Creator received 1,000 likes and 1,000 comments on an Instagram photo, the EMV for that post is $2,000 because the Value per Like (VPL) and Value per Comment (VPCO) are set to $1. The remaining metrics are set at $0.
Here’s the full list of abbreviated terms used in Influencer Marketing’s EMV calculations:
- VPM - Value per Mille (value per 1K impressions)
- VPC - Value per Click
- VPLC - Value per Link Click
- VPL - Value per Like
- VPCO - Value per Comment
- VPS - Value per Share
- VPPL - Value per Page Like (Instagram, Facebook)
- VPSUB- Value per Subscribe (Youtube)
- VPV - Value per View
- VPV and VPM can used interchangeably depending on the platform and content type
- For example: Instagram stories doesn’t distinguish a static frame impression from a video frame view
Value per Content Type
The second type of EMV calculation Influencer Marketing uses is Value per Content Type. This formula lets users customize calculations based on the type of content a creator’s posts rather than the audience’s interaction with the content.
Users can customize the EMV per post and the value appended to the post can be defined by creator tier and post type. This method is ideal for comparing the potential value of earned content against what has historically been paid to creators for other campaign work.
To add more content types, click + Add Content Type near the bottom of the table.
How to customize tiers
You can customize tiers by clicking the gear icon in the top-right corner of the table. To change tier values, click the desired value and enter a custom number.
Any of the following inconsistencies when customizing tiers will result in an error message:
- Duplicate values across fields
- Missing or blank fields
Each whole number must appear only once, starting from the micro tier floor to the macro tier ceiling. If a number is repeated or there are gaps between values, an error message will appear.
How to add and delete tiers
In addition to customizing tiers, you can also create new tiers or delete existing ones.
To add a new tier:
Click the ellipses "..." and then Split.
Clicking Split will result in a new customizable tier. You can rename this tier by double-clicking the title and entering a new name.
To delete a tier, click the ellipses and then Remove. You must have a minimum of two tiers at all times, which means the smallest and largest tiers aren’t removable.
Any modifications to your tiers are reflected in the EMV calculations.
Display in Campaign Summary
The EMV appears in multiple components of Campaign Summary, including the default components of Executive Summary, Breakdown, and Creators.
In the platform table, you’ll see the total EMV broken down by each platform located in the far right column. The creator table also shows the EMV as a column, making it easy for you to discover a creator’s value.
