This question is tricky for many marketers, CEOs, brand managers who want dive into influencer marketing. They feel that something stops them. Yes, influencer marketing is not as easy and predictable as email marketing for example. Influencer marketing is a story about human relations.
That is why it's impossible to predict its development with 100% accuracy and therefore, it's difficult to calculate the exact price. In influencer marketing, everything is very individual, and there are no ready-made scenarios.
Who will become the hero of your strategy - celebrities with millions of followers or niche bloggers? It is not always obvious what choice will be right. When you are fresh and inexperienced in influencer marketing, these questions might bother you a lot. Another sensitive sphere is the dynamics of the relationship with content creators. But this does not mean that the brand cannot affect this.
The question is: how to calculate the price of the influencer marketing campaign?
Imagine that your company is selling stationery, and you are a responsible brand manager who is passionate about the company's development. The good thing is that your stationery deserves the attention because it's reliable and you have loyal customers. Now you need to attract new customers. "Students and pupils can be my new target audience!" - that thought pops up into your head one rainy morning.
You think about cooperating with bloggers that your potential target audience reads. You need to calculate how many bloggers will be involved, how many posts they will have to make to attract the attention. You will have to do a big research to attract the right audience, and, what is more important, to create the ecosystem for these bloggers.
Good news is that there are influencer marketing platforms that can shorten this process immensely and can provide with tangible and PREDICTABLE ROI
In other words, instead of thinking about your influencer marketing strategy, calculating, losing time and resources of your workers you lean on someone who has an effective and working mechanism and a real ecosystem of influencer marketers in action!
Yet there are common rules that will define the price of the influencer marketing campaign even if you cooperate with an influencer marketing platform:
- Prices vary greatly depending on the target audience and the niche. For example, influencers in the fashion niche, photography or food can earn almost twice as much as those who work in the music sphere. Therefore, if your target audience is in this niche, be ready to pay more.
- The discrepancy between niches is also related to the audience size. To gain the reputation of influencers in the music industry, 26,000 followers are required. For the sphere of fashion, fitness, and pets, influencers must have about 100,000 followers.
- The number of influencers you want to have for your campaign. Influencer marketing is not about quantity, it's all about quality. Building a healthy relationship with several influencers is a real challenge, and you need to have time and motivation to do it.
- The social network you will choose for promotion (which largely depends on the product you are trying to sell) will also influence the price of a campaign. Facebook is the oldest kid in the family of social media channel, yet it's more effective to use Instagram and Twitter as well. Youtube bloggers are probably the most popular and the most demanded today. Influencer marketing platforms use multiple channels almost automatically while brands that only try this type of marketing can get stuck doing hundreds of small operations.