As a social media savvy brand, you most likely have already worked with influencers or could be planning to integrate influencer marketing into your next campaign. But, how much does it cost to work with an influencer? And do you know what is a reasonable cost to pay for an influencer association? And how do you calculate the cost to enable you to plan ahead with your influencer marketing budget?
In this blog, we share our thoughts on what we look for in an influencer.
Pick Your Influencer Relationship With Care
These days, search the hashtag #influencer, and you’ll discover hundreds of profiles, so how do you shift through these to find the right fit for your brand? There are a few tools to help you narrow down your search. However, if you are looking at a niche sector such as pets, dogs, country or equestrian, it is more complicated. Appointing the experts will not only save you a lot of time, trawling the internet but also ensure that the selection presented to you are genuine and brand-friendly!
So, what do we mean by ‘brand-friendly’?
It means the influencer understands the ‘paid’ relationship with brands and has experience working with brands and PR’s and is consistent in delivering any agreed activity. Most influencers now have media packs, and some include case studies so you can see for yourself the figures and the ROI for your spend. However, not all ‘influencers’ have this business mindset. Some like to work on a very casual basis, and while every influencer wants to work differently, ultimately, they have to understand what your end goal as a company is. These goals might include showcasing your brand to a new audience, to promote a new product launch or to build an on-going relationship with a particular influencer or influencers. As the brand, it is your job to be transparent from the outset and also to explore how the influencer likes to work with brands and what they will and won’t do for brand associations. Cost aside, does their style of working fit with your vision and plans?
Are Influencers responsible for a direct increase in your sales?
Can they be a contributing factor?
Yes, most definitely!
Not Just A Numbers Game
While a big focus is laid on follower numbers, it’s essential to also look at whether they have a genuine following, i.e. not bought followers or bots (remember, neither will ever buy your product) and also, they should have an engaged following. We look to team our brands with influencers who have high engagement and active relationships with their followers.
Also, you need to look at the relevance of the influencer;
Are they impactful to your target audience?
Do they hold any authority within their sector and your target market?
Does their style, persona and tone of voice reflect your brand and products? The more harmonious the fit, the better!
Picking an influencer is a reflection on your brand, so choosing the right relationships is imperative and takes skill and expertise.
The Rise Of The Influencer Agent
With the rise in the power of influencer marketing, so has the popularity of the influencer agent. It is becoming widespread for the larger influencers to work directly through their agent. This can be beneficial for bigger brands looking to spend a large chunk of their marketing budget for campaigns. An experienced agent can help guide and negotiate on behalf of their client and hopefully partner both parties for a successful collaboration and working relationship. However, even in these circumstances having the benefit of an expert in the negotiating seat for you means you leave the table with a deal that is going benefit your brand and with confidence. Working directly with an influencer also has its own benefits, but ensure that you have contracts in place to protect both parties.
Paid Or Product Relationship?
Each influencer works differently. As an experienced Social Media Marketing Agency, we approach each brand/influencer negotiation with fresh eyes. Some influencers are happy to work on a product only basis, while others want a mix of both product and payment and some, primarily payment only. We already know the best influencers out there. For our more niche client divisions, this is particularly helpful in partnering our pet brands with the right dog or pet influencer, country fashion brands with a stylish fashion-led influencer, popular within the countryside community or for an equestrian brand, the right rider ambassadors to get their brand seen and heard.
How Much Does It Cost To Work With An Influencer?
The cost varies. There are lots of factors which you need to review; Popularity, genuine follower count and engagement, competition within the sector and demand. Beauty and fashion influencers can command huge fees for brand associations, but a smaller niche market might have a smaller pool of brands and thus influencers happier to work with smaller budgets on a project by project basis.
Exploring the cost to work with an influencer can be a minefield and needs to be navigated with care and experience.
Engagement is a big pull for brands, check out this Instagram Engagement Calculator to help determine an influencer’s worth.
Remember, influencer’s fees can vary wildly so you need to approach each influencer with tact, consideration and a clear focus on the goals you wish to achieve and a flexible approach of how you can work with your influencer to get there. Take into consideration not only their working style but also your budget. To discover more about our services and how we can help your brand, click our services tab at the top of this page or get in touch HERE.