Over the past decade, influencer marketing has become more than a media buzzword. What used to be a celebrity-driven arena has branched out to millions of popular social media figures choosing to back a product or service. It’s become a past-meets-present marketing ideology.
But just because the internet is saturated with social media icons does not mean influencer marketing is free. Yes, these online promoters are paid by social platforms based on the success of their channels, but their willingness to advocate a product or service comes at a price.
There are several factors to consider when determining the price of influencer marketing initiatives. Let’s get into them.
Choosing a Social Platform
Not all platforms have the same reach and engagement. There are differences between one and another. The creative capabilities of each platform also vary. For instance, Instagram focuses on editing photography and sharing content through hashtags. On the other hand, TikTok users upload performance-based micro-videos (i.e dancing, singing, how-to videos, etc.). Due to the contrasts, some influencers may charge different fees for different platforms, while others may charge a flat fee.
Number of Posts and Integrated Content
Much like people, not all posts are created the same. Each post requires time, energy, and resources (whether or not you’re providing them is taken into consideration) to design your ideal message. In summation, the more intricate the post, the more money it costs.
Reach and Engagement of Influencer
Both reach and engagement are as important as any other variables in terms of pricing. The amount followers or subscribers tuning in to an influencer’s platform is a key component to the rates they can charge. Engagement, too, hinges on pricing as you’ll want to pay attention to things like their performance track record of sponsored v. organic content. The greater the reach and engagement, the more likely your brand will get increased exposure.
Demand for Services
Not only does this relate to popularity of the influencer, but demand also takes into account the extent of services requested will affect Influencer Marketing Cost. A larger retainer that stipulates the influencer is expected to run monthly campaigns along with a number of video shoutouts will cost more money than a few posts per month sprinkled with hashtags. When demand goes up, so do rates.
Finding an influencer who is an expert in your industry is most advantageous. To make the most of your investment and ensure it’s being represented in the best possible way, search the market thoroughly to find an influencer familiar with what you’re selling. Some niches will come at a high premium due to fewer influencers while more popular ones have a flooded market with plenty of eager promoters.
When searching for an influencer that fits your brand, do your homework first and take into account the factors we’ve listed here. Remember, a successful partnership is a two-way street that goes beyond dollar signs.
Should you need help strategizing, we’ll help tailor a campaign to fit your brand’s needs.