How much does influencer marketing cost?
Today, influencer marketing is one of the most successful forms of advertising around, and for good reason, too. Influencer marketing is a great way for brands to reach their target audience and potential consumers in a more direct approach by utilising the power of social media.
But how much does influencer marketing cost? Unfortunately, there isn’t a one-size-fits-all answer for this question, although the return on investment (ROI) for brands is proof of its success. In a 2019 survey by The Influencer Marketing Hub, research showed that businesses make an estimated 600% return for every £1 spent on influencer marketing.
However, the good news is that here at Influencer Matchmaker HQ, we can partner brands with influencers to suit their needs, industry and budget – whatever that may be! So whether your budget is relatively small, or isn’t an issue at all, we can find you the perfect match.
It’s no longer a case of the more followers, the higher the cost and there are a number of things that can impact an influencer’s fee. For example, the type of campaign, the content required, the platform used, followers, engagement and exclusivity are all factors to consider when working with an influencer.
So, let’s get to it…
Long-term vs short-term
There are two main types of campaigns that brands tend to use when collaborating with an influencer. Long-term partnerships and brand ambassadorships or one-off posts.
There are of course benefits to both of these, but which one you opt for also depends on the cost.
Most brands and influencers lean towards a long-term partnership, or even a brand ambassadorship. The reason being that they are typically better received by the audience due to the longevity of the partnership, resulting in authenticity. Long-term partnerships also help to build trust among consumers.
Over time, an audience will begin to associate an influencer with a brand and vice versa, making them more inclined to trust both the brand and the influencer. Long-term campaigns can also create a connection, which as we all know, is at the very heart of influencer marketing.
Long-term partnerships and brand ambassadorships are more costly. This is due to the ROI they receive and simply, the longevity of the campaign requires more work and content from the influencer. But again, this all depends on your budget and goals – and there is always something to suit everyone.
One-off campaigns often cost less. However, this isn’t to say that they aren’t effective.
Brands may opt for a one-off campaign or collaboration in order to see immediate results and to try and achieve their goals in a much quicker time frame.
It simply depends on the brand, their campaign, their budget and their goals.
One influencer vs multiple
As well as short-term and long-term collaborations, brands should also ask themselves whether they’d like to work with one or multiple influencers. This is completely up to the brand and what they would like to achieve from the collaboration.
Brands may opt to work with one macro-influencer for example and use up their entire budget, whereas others may prefer to divide their budget and work with multiple, slightly smaller influencers.
As with everything else, we can offer brands influencers to suit their business and their budget. Whether you’d like to work with micro-influencers or high-profile celebrities, we can create the perfect partnership.
Types of content
Another factor for brands to consider is the types of content that they will require the influencer to create.
The cost differs for each social media platform, too. Instagram influencer marketing, including main feed images and Instagram Stories, as well as YouTube videos and Facebook posts all vary in price. To put it simply, the more creative and detailed the content and the more work that is required of the influencer, the higher the cost for the brand, typically speaking.
Content for a collaboration can be as simple or as innovative and elaborate as you like, at a price that suits you.
Person to person marketing
Influencer marketing is now at the very core of person to person (P2P) marketing and bridges the gap between the audience and brands, as social media influencers are a much more relatable way to consume advertisements.
Influencer marketing is somewhat more natural and authentic than traditional methods of marketing, allowing social media users to feel more in control of the ads that they consume.
The benefits of P2P are endless. From personalisation to focus and reaching a target audience much more directly, influencer marketing is a step above the rest.
Followers and engagement rates
Some brands look at follower count, whilst others look at levels of engagement. It’s all down to personal preference and what the brand is hoping to achieve from the campaign or collaboration.
It is no longer a case of the more followers, the higher the cost. There are many other factors to consider, such as the engagement rate.
Some brands will choose to work with influencers with an outstanding number of followers, whereas others like to study an influencer’s likes, comments and overall engagement in order to see potential future results.
Return on investment and value
Because of the data and analytics that are now readily available, influencer marketing is a great way for brands to measure the results of a campaign or collaboration.
And 89% of all marketers find that the ROI from influencer marketing campaigns to be comparable or better than other marketing channels.
Influencer marketing campaigns provide a variety of value, and not just in terms of cost and revenue. When executed correctly, collaborations, partnerships and campaigns can result in expanding the brand’s audience and consumer base, increasing loyalty and brand awareness, as well as building trust – many of which are less likely to be achieved through more traditional marketing methods.
So, are you ready to start an influencer marketing campaign for your brand?
Although there is no simple answer as to how much influencer marketing costs, we hope that this article has given you an insight into the factors that can impact the cost and fee of an influencer and an influencer marketing campaign.
And rest assured, here at Influencer Matchmaker, we can offer something to everyone, to suit your budget and business goals.
To find out how Influencer Matchmaker can help you with finding the perfect influencer that not only represents your brand and product but also has access to the right audience, contact us today.