Do you know how much an influential marketing campaign costs? Or how much should you pay an influencer?
And, in truth, there is no exact science to calculate how much you should pay the influencers, as a social media executive explained to Digiday: “We have no idea what to pay them. That’s the problem «.
While there is no clear answer to this question, there are some guidelines used by marketers, agencies and influencers. There are even tools to help you calculate how much you pay to specific influencers.
Factors that affect the cost of influential marketing.
- Social media platform
The social media platform chosen for the campaign is one of the key factors that influence the cost. As you will read below, the cost of influential marketing varies by channel. It is as if each social media platform had its own «market» rate.
Instagram tends to be the best option for influential social media marketing, followed by YouTube and Snapchat. In general, influential marketing is less common on Facebook and Twitter.
Musical.ly, a less known but massive social media platform, is becoming more popular for influential marketing. Companies like Coca-Cola have partnered with influential people in musical.ly for their campaigns.
Traditionally, brands seek the potential reach of an advertising channel to decide how much to pay for an ad. Therefore, the number of followers of an influencer became a consideration when deciding how much to pay an influencer. The idea is that the more followers an influencer has, the more people can reach the brand. Therefore, influencers with a greater number of followers generally charge more.
According to the status of Digiday’s influencer marketing report, «The number of followers remains the gold standard for the» influence «of a social star.»
But how is it possible for people to buy fake followers to inflate their followers account, brands are also looking for other metrics to value their influence marketing campaign.
Commitment is one of the alternative metrics that brands have been using. While it is easy to buy fake followers, it is more difficult to buy a fake compromise (however, it is not impossible). When influencers can make their followers get involved with their social media posts, the influential marketing campaign becomes more effective for the brand, since those followers are essentially committed to the brand.
In addition, social media algorithms are prioritizing commitment. The more positive the commitment, the more people will see the publication.
The product you are selling (or the industry you are in) can also affect the cost of your influence marketing campaign. Hiring an influencer to promote a sports car generally costs more than hiring an influencer to promote a fruit juice. .