Digitalization has had proliferated many businesses and transformed the way businesses operate and marketing is not an exception in this regard. Besides, TV advertisements, Google ads, etc., influencer marketing has also become a common phenomenon.
It has become one of the easiest ways to reach your target audience, specifically, if you're targeting a certain age group. This happened with the emergence of social media platforms like Facebook, Instagram, Twitter, Youtube, etc.
The influencers boomed the popularity a few years back. Influencers influence you to purchase better products with regards to beauty, fashion, accessories, food, and many more. If your business still adheres to traditional marketing practices, then it's high time to promote your brand in a better way in this dynamic market. According to experts, 70% of the teenagers of this generation, truly trust influencers and try the product they suggest. With this, we can say that influencing will continue to grow in the coming years.
Do you want to be a part of this new bandwagon, but you lack functional knowledge? No need to worry! We'll be guiding you through everything in this article in detail:
What type of influencers do you require?
Before proceeding with the cost, first, ask yourself what type of influencers you require. This will undoubtedly take a toll on you.
Here are some questions which you should ask you before finalizing influencer for your campaign.
1. How will it boost the overall ROI?
2. What's the reach?
3. Do there target audience useful for our products?
4. Why is it better than other marketing strategies?
Also, without any hesitation, you should ask the selected influencer about their experience. How many likes and comments they get daily? How they keep their customers engaged?
There are typically four types of influencers:
These influencers have 500-5k followers, which means they're making their way to capture the market. This could be the best option for product testing among the small segment.
These influencers boasts 10,000 followers, which are organic and authentic. These types of influencers believe in providing their customers with quality content and the best products available. They are more likely affordable.
These influencers have the audience size from 10,000-250,000 people. These influencers will likely have prior experience working with a brand and can also help you with some creative ideas during the process. They're a bit costly as compared to micro-influencers.
Celebrity influencers boast millions of followers. They charge a high price for per social media post. You can get better reach than micro and macro, but it may lead to lower-engagement.
Therefore, we suggest you analyze your business needs and see which influencer type will best suit your budget and promote your brand efficiently.
How much do influencers cost, in general?
Eventually, ads have been replaced by influencer's valuable posts, and the cost factor is on everybody's mind. This below table will give a rough estimation of how much influencers usually charge. This table is on the basis of how usually our influencer charges and this may vary on the basis of type of promotion, engagement rate, location etc.
What is better for your business?
If you boast a large or small business, begin with Nano-influencers to see the response you get from the target audience. This will eventually help you understand what your target audience is seeking and based on the feedback of customers; you can improve your product. You can test your product in a small segment and then make invest significant amounts to macro-influencers.
Nobody will assure you of the pricing part of any marketing influencer because they're social- savvy. It's your responsibility to be upfront with influencers and negotiate on the quotes offered by them. In this way, you can find the right marketing influencer at a better cost.