Setting The Right Price for an Influencer Marketing Campaign
Influencer marketing is on the rise, and everyone that has a large and active following is partnering with brands and companies. Working with influencers has replaced the traditional way of advertising and promotions, and many companies have seen spikes in sales of their products and services by having a well known social media figure promote on their behalf.
While this can provide a steady stream of income for both the influencer and the company or brand they’re working with, one thing that digital marketers have discovered is that they’re spending too much on individual campaigns. Although the campaign may be successful, many marketers don’t realize how much money is disbursed until it’s too late.
So, how can you protect yourself and your funds while having a successful influencer campaign to promote your brand awareness? Set up different pricing tiers and packages to make sure that you’re not overspending on specific campaigns and that you’re paying reasonable amounts for influencers to push out your brand.
Pay Per Post or A La Carte
A la carte is a popular method when it comes to paying for influencer campaigns. This method allows you, the digital marketer and the influencer to choose the different types of content that will be posted and the price per post. Content could range from a YouTube video, blog post, a tweet, or an Instagram tweet. The amount could vary for each because the time it would take to create and edit a video would not be the same as sending out a tweet for your brand. Depending on the platform that is being used could also help determine the pricing of the post, for example, an influencer may charge more for an Instagram post versus a Facebook post due to their audience being primarily on Instagram.
Bundle your Pricing
If you know, you’ll want to work with an influencer on multiple posts and content, set up bundles and pricing packages. Packages would allow your brand and company promotion across various platforms with a locked in price. Bundle pricing for influencer campaigns would work best with those you’ve worked with before and have built a relationship with and know they bring results to the campaigns. Packaging prices would also work well with influencers that have their blog or multiple social media accounts that have high engagement.
Price per Engagement
This will be the best option if you are partnering with an influencer that provides links in their blogs as well as throughout their social media platforms. You would be able to come to an agreement on price based on the number of engagement clicks they receive. Instead of paying for the number of posts made, you would convert the number of clicks into dollars and form a set price for the campaign.
As a digital marketer or brand owner, it’s important to pay attention to the influencer’s audience, their engagements on previous posts, and the type of content they already produce. Influencer campaigns have proven time and time again to be a robust market and digital marketing strategy. Identify which pricing options would work for you when collaborating with influencers to make sure you’re getting your proper ROI and the influencer is also getting reasonable compensation.