When brands want to make a huge impact on social media, turning to influencer marketing is almost always the smartest choice. It truly is a worthy investment if you play your cards right.
But how much exactly would your brand need to invest in this strategy? And what are the factors that impact influencer rates?
Find out everything you need to know from one of the trailblazers in the influencer marketing scene, The Influence Agency.
Influencer marketing is a strategy that involves brand and product endorsements from individuals with a significant social following. They are considered “experts” in their chosen niche/category and have built trust with their audience.
The main purpose of this tactic is to drive brand awareness.
One of the elements that influencer rates are based on is the individual’s amount of followers. Whether you’re thinking about teaming up with an influencer who has 5,000 followers or one with 100k followers, each type comes with different benefits and drawbacks.
Check out the types of influencers based on their following and usual attributes below:
Nano (1K – 9.9K followers)
Engagement is such a vital factor that impacts influencer rates. In fact, marketers tend to put so much more importance on engagement rates than follower size.
It’s easy to think that influencers with more followers have better engagement (likes and comments)—but that isn’t always true. An influencer with 100k followers could actually have a much more engaging audience than someone with 500k followers.
Ultimately, your aim is to connect with an audience that actually pays attention. If they don’t interact with your chosen influencer’s content, then that would be such a waste of your marketing efforts.
Using the right tools to uncover the audience of an influencer is an essential step you need to take before sealing an influencer marketing deal.
The global influencer market size hit a record value of $13.8 billion in 2021—a clear indication of how effective this strategy is and just how many influencers are rising to social media stardom.
There are influencers for every type of industry you can possibly think of including:
Social media influencer rates depend heavily on the industry that they belong to. Usually, if there aren’t many personalities available under a particular industry, then that results in higher rates.
What type of content do you plan on asking the influencer to produce? Will it be posts, videos, or written content?
The content type that will be created is another factor that impacts influencer rates. Each type of content requires a different amount of time, effort, and creativity to complete. Through these respective rates according to type, influencers can make sure they’re being fairly compensated for their hard work.
Where will you be reusing the content produced by the influencers you’ve partnered with? Whether you will be reusing the content on social media, your website, or billboards, this also affects influencer rates. Usually, more usage rights result in higher pay.
Your rights regarding where you can repurpose content is something that needs to be clearly stated in the agreement.
Ideally, you wouldn’t want the influencer you’ve teamed up with to be promoting a competitor brand. Such a conflict of interest doesn’t look so great from the perspective of audiences.
While you can’t request influencers to refrain from partnering with similar brands eternally, you can come up with an agreement that includes a reasonable lock-out period. The longer the lock-out period, the higher the influencer rates usually are.
Convinced that influencer marketing is the right strategy for your brand? Then, the next step is to leave it all up to The Influence Agency to produce a campaign that puts you in the spotlight.
Whether you’re a world-class brand or a start-up, our team has worked with businesses of all kinds to design stellar influencer marketing campaigns that always exceed expectations.
When you work with us, you can rest assured that we’ll connect you with the perfect influencers who embody your brand. Whether it’s influencer rates or usage rights, the experts on our team will help you establish a partnership that’s everything you’re looking for.
Contact us today to learn more.6