Trying to find new ways to leverage your company’s marketing strategy in the digital space? Have you ever wondered how much it would cost to hire an influencer marketing agency for your business? Worried that hiring one might break your budget?
In this article, we talk about the cost of hiring an Influencer Marketing agency for your business and if it’s the right marketing route for you and your brand.
But first, is influencer marketing really effective? According to a survey conducted by Hubspot, 80% of marketers do agree that it is effective and 49% of consumers today depend on influencer recommendations for their purchase decisions. While there are many marketing strategies out there ranging from traditional, OOH, to Guerilla events, influencer marketing is the most preferred technique nowadays for businesses to connect with their audience.
To launch an effective campaign, we must consider too all the factors that affect the pricing of influencer costs:
Factors that affect Influencer rates
There are several parameters that influencers account for in their rates. There is no such thing as a “flat rate” for this type of strategy since a specific campaign for a brand is dependent on many factors.
Reach and engagement
For this factor, the influencer rate is solely based on how much engagement they generate on their organic or sponsored content. Some may think that the engagement is based on the number of followers an influencer has, which is not usually the case. Although their followers are a factor for influencers, one also has to take a close look if those followers interact with their content.
The number of followers or subscribers is a good initial assessment of how many people can be reached by your campaign however the most important metrics that one should look into is the number of reach, clicks, saves, and shares that an influencer gets on their post. By determining the engagement this way, you’ll have a far better assessment of the ROI you put into the campaign with the influencer.
Type of Social Platform
The medium is the message, as Marshall Mcluhan, a prominent communication theorist would say. Since each social media platform that currently exists has differing audiences and visual communication tools, there are different personalities or influencers too that only does specific content for the said platform. This factor affects the cost of the campaign. For instance, an influencer might charge high if they post on Youtube versus Twitter. But in most cases, the price difference is minimal.
Quality and Quantity of Postings
Quality and consistency are always the key to any social media platform. By doing optimal posting frequencies for different platforms, the engagement will increase greatly. However, data has shown that the maximum post should be at least 2 per day. Also, capturing awesome videos and pictures will work hand in hand to increase your presence with the viewers.
The effort required from the influencer
The kind of content you want for your influencer to put out there is also important to keep in mind. For example, influencers charge less for a story post on Instagram than a video they have to create.
A platform where the ad will be promoted or cross-posted
Influencers often use multiple social media platforms for their followers, from Instagram to Facebook and Twitter. If your audience uses multiple networks as well, it makes sense to include that in your marketing strategy which will include more than one platform. Although with cross-posting, there would be an additional cost but in the long run, it will be worth it.
Agency fees ( If an influencer is tied with an Influencer Marketing Agency)
Normally, an influencer works hand in hand with them to create a strategy for your business. This will be beneficial to you since most agencies have existing relationships and rates with high performing influencers. It may also be hard for you to contact them directly and set up a meeting with them since most of them are being represented by an agency.
Average price per platform
Cost per Impression
|$5 to 10, depending on the engagement
|$4 to 8, depending on the engagement
|$15 to 30, depending on average views and engagement
|Depends on page rank, but estimates range from $10-100 per 1,000 unique visitors to $10 per 1,000 page views per month
Among the most popular spaces influencer targets are Instagram, Facebook, and Youtube.
Other factors that affect the price
- Format – Pricing can vary markedly across standard posts, video, or live promotion
- Cross-promotion – Influencers will often share a post across multiple social media channels for an additional fee.
- Caption and description – Mentioning a product by name, tagging a brand, and/or adding a campaign hashtag and CTAs with captions or video descriptions are all factors that can affect pricing.
- Campaign type – Video productions can cost more than still photos, while influencers will often charge more to attend and post throughout an event (event activation) than to simply plug a product in a post (product placement).
- Industry – Each will have different influencers, audiences, and competition that can affect costs. For example, CPM for YouTube gamers is typically lower than for fashion or beauty videos on the platform.
- Exclusivity – If a brand wants to work exclusively with an influencer, it will need to factor in compensation for limiting other potential income opportunities.
- Reuse/Licensing – If a brand plans to repost or own sponsored content created by an influencer to other channels or repurpose it for display ads, pre-roll, or traditional forms of marketing, licensing fees may apply.
While the effectiveness of a campaign relies on planning, strategy, content, management, and execution, it’s important for brands to know that these guidelines have to be budgeted properly. A legitimate influencer marketing agency can help you immensely in setting it up by offering advice, projection, and cost-effective efforts to reach your goal.
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