What are the costs of influencer marketing?
Advertising your brand on social media is even more effective thanks to influencers. But, do you know how much an influencer marketing campaign costs? Or how much should you pay an influencer? While there is no clear answer to this question, there are guidelines used by marketers, agencies, and influencers themselves. There are even tools to help you calculate the amount to pay for specific influencers.
Factors that affect the costs of influencer marketing:
1. Social media platform
The social network chosen for the campaign is one of the key factors that influence the cost. As you will see below, the cost of influencer marketing varies by channel. It's as if each platform had its own "market" rate. Instagram tends to be the first choice for influence marketing, followed by YouTube and Snapchat. Generally, influence marketing is less common on Facebook and Twitter.
Traditionally, brands look at the potential reach of a post on a given network to determine how much to pay for an advertisement. As a result, the number of followers of an influencer has become a consideration in deciding how much to pay for it. The idea is that the more an influencer has followers, the more the brand can reach people. For example, influencers with more members tend to charge more.
Engagement is one of the alternative measures used by brands. Although it's easy to buy fake subscribers, it's harder to buy a fake commitment (but that's not impossible). When influencers can engage their subscribers in their social media postings, the marketing campaign becomes more effective for the brand because they engage primarily with the brand. In addition, algorithms on social networks give priority to engagement. The higher the engagement of a post, the more people will see the message. Influencers with a higher engagement rate are more likely to have greater reach. As a result, the higher the commitment rate, the more expensive the campaign will be.
The product you sell (or the sector you are in) can also affect the cost of your influence marketing campaign. Hiring an influencer to promote a sports car is usually more expensive than using an influencer to promote a fruit juice. In general, the more expensive your product is, the more expensive the campaign will be.
5. Direct partnership or via an agency
If you work with a talent agent rather than directly with an influencer, expect to pay a little more to cover their fees. This is because the agency should generally charge a commission to connect with the right influencers. In addition, influencers who are part of a talent agency typically have more experience in influencer marketing and would require higher fees.
6. The campaign
Finally, the size of the campaign will also affect costs. Here are some questions to consider:
· How many messages do you want the influencer to relay?
· Who creates the content? You or the influencer?
· Do you want the influencer to post messages on their other social media profiles?
· Do you want the influencer to keep the post on his profile permanently? (Some influencers delete their sponsored posts after the campaign.)