Influencer Pricing
9 FACTORS AFFECTING THE COST OF INFLUENCER MARKETING
1.Engagement
Our Goal is to match you with the Proper Influencer so that you can reach a more Engaged Audience who will be more inclined to buy the product or inquire about the service being discussed.
WHAT IS ENGAGEMENT PERCENTAGE?
All of your post’s likes, comments and saves divided by your follower count multiplied by 100.
WHAT MAKES A GOOD ENGAGEMENT RATE?
It all depends on the size of your Audience. We’ve put out this chart for your convenience 🙂
Also keep in mind that based on what’s going on in the sector, these things might constantly change and fluctuate.
2.USAGE RIGHTS
Usage Rights establish who owns the content and where it can be used in Influencer Marketing. Usage rights will determine the extra channels the content can be utilised on in the case of a brand or agency. This usually implies that brands can use your work in their Campaigns, Instagram, Billboards, and other marketing materials.
This can be done for a set period of time, such as six or twelve months (entirely depends on what kind of contract you need)
3.Exclusivity
What is the definition of Exclusivity? Simply put, it means that an influencer must work exclusively for a specific business for a set amount of time.
In that time, you can notmarket any similar or competitor’s brand product. It wouldn’t look if you just placed a story about how much you like this new sunscreens and then put a piece on a different brand of similar kind right after it, telling people how well it works.
To avoid this, a gap of at least 48 hrs is usually maintained. This time duration, however can be set by the brand.
4.Content Type
What kind of social media content is being shared on social media?
It could be a story, a sponsored post, an Instagram video, a reel, or IGlive, or any other type of content.
The product being promoted is usually incorporated into the content. For example, food bloggers can offer a recipe ebook, while financial experts frequently promote subscription-based services.
5.Scope of Work
Influencers provide several contact points (a mix of different sorts of material), allowing the company to get a better deal and even form a long-term relationship with them. Instead of merely uploading a single narrative, this can be accomplished by combining a post with a story and a video. Or, an influencer could, for example, write “one 30-second Instagram video with 2 branded hashtags” if you want them to post a video.
The goal is to figure out what the collaboration comprises and what type of call-to-action the brand would like them to add.
6. Sensitive Topics
When determining the influencer’s pricing, this is one of the most significant factors to consider.
For example, religion and politics are two subject areas that people feel very strongly about.
As a result, you must be extremely careful and picky about the content you distribute, and you must carefully craft a campaign to reflect this, bearing in mind the promotional message you want to give to your audience.
7.Expertise/
Niche
The true gold can be discovered among niche influencers, who have developed a network around a niche interest, within this broad concept of influencers.
Brand marketers have a plethora of virtually limitless options when it comes to employing niche influencers. Rather than paying for broad marketing activities, Brands may now target segments that are closely tied to the brand and hire a small number of influencers to reach those segments. Those niche Influencers may help spread your message, elevate your company from unknown to well-known, and generate a positive bias in your favour. Because it is so concentrated, this technique wastes less money and boosts the brand’s chances of gaining market share.
Health and fitness, beauty, fashion, travel, and food/cooking are some examples of Instagram niches.
8.Quality of Content
From content discovery to education and inspiration to action, content is at the heart of the consumer journey. When it comes to customers and content, there are several factors to consider, including other influential people.
The Influence it will have on the viewers is determined by factors like as location, editing, and equipment quality and other such similar points. Start with those who are already advocate and benchmark the Key performance metrics you want to affect via influencer collaboration. That might mean people who follow your brand on social networks, employees and especially current customers.
9.Timeline of Project
It’s a good idea to mention the start and completion dates of your influencer marketing campaign. Also, mention due dates for drafts (if necessary) and publishing. Discuss if there is any additional compensation involved in case of a rush or fast delivery requirement.
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