As any social media marketing costs a lot, influencer marketing too is costly, but is very essential for businesses. Influencer is any person who gives his time and energy to your business, and it is very sure they will require a certain amount for their services. Influencer marketing is done to attract large audiences.
Factors Affecting the Cost of Influencer Marketing
There are some factors that have an effect upon the influencer marketing:
Type of Social Media
The type of social media you’re using for marketing counts a lot. As huge number of people are switching from Facebook to Instagram, it is very smart on the part of marketers to market their products using Instagram as their platform. The platform with more users on it helps in reducing the cost of the influencer marketing. The influencer that is most liked by the marketers in indeed Instagram, because literally everyone is active on Instagram. Apart from Instagram, the most trusted influencer is Snapchat and YouTube.
Followers of the Influencer
How much the brand is going to pay to the influencer depends upon its count of the followers. The more followers it has, the more it will demand for the marketing as whatever he will publish will be visible to a large number of audiences. If the influencer has a less amount of followers, the amount he will demand for the marketing from the brand will be less. Hence, the more the followers of the influencer, the more costly will be the influencer marketing.
Social Media Engagement
Another thing that counts when we talk about the factors that affect the cost of the influencer is the engagement of the audience towards the brand. Has the influencer been able to engage the followers on Instagram? The brand cannot only depend on the followers, because it is very easy to buy fake followers.
Hence, they look upon the engagement. If the influencer remains active and gives more time to the social media platform he’s using, he is more likely to get response from the audiences. Audience engagement is very important because it is the main aim of the marketing. Once the audience gets engaged to the post, the post will reach out to more audiences.
What you are selling?
Along with all the above mentioned things, what you’re selling i.e. your product also has an effect on the cost of the influencer. An influencer wouldn’t charge more for a product that costs less. Similarly, an influencer wouldn’t charge less for a product that costs more.
Talent Agency or Influencer
It is important for you to make a decision that whether you want to work with the talent agency or with the influencer. Working with a talent agency would cost them more than working with the influencer.
Lastly, another factor that affects the cost of the influencer is the campaign. It includes the number of posts you want the influencer to make. The number of posts they make also has an impact on the cost.