Influencer marketing has become one of the cornerstones of marketing. Research from Shopify shows that 69% of consumers trust recommendations from influencers. If you want authentic content that delivers ROI, this is a good place to start.
Still not convinced? Read our blog to find out why your 2024 strategy needs influencer marketing.
In this blog we’ll break down the usual costs of running a campaign with influencers, and give you advice on how to choose the right influencer agency to work with, in Birmingham or further afield.
What Is Influencer Marketing?
Before we dive into costs, let’s start with a quick recap on what it is we are talking about. If you’re already an expert on this, you can scroll down to the next section.
Influencer marketing is a form of collaborative marketing. It takes advantage of the credibility and influence of individuals who already have a devoted and engaged online following. These people are typically active on social media platforms such as Instagram, YouTube,and TikTok. They build a reputation within their niche, earning the trust of their followers over time.
By partnering with influencers, your business can tap into their loyal audience and showcase your products or services in an authentic and relatable way.
How Much Does It Cost to Work with Influencers?
The answer to this question is a common one. It depends.
It depends on the influencers’ following, what kind of content they are going to post, whether you’re gifting them products, and how many platforms you want them to post on.
As well as the fee paid to agencies to manage your campaign, many influencers will charge a fee to create content. This can look like:
Nano Influencers: 10k followers or less
£0-£100
Micro Influencers: 10k-100k followers
£100-£500
Mid-level Influencers: 100k-500k followers
£500-£5k
Macro Influencers: 500k+ followers
£5k+
It is also worth thinking about putting budget aside to boost content through paid advertising. This will help the content to perform and may be a cost effective way to reduce influencer fees.
How To Work With Influencers?
Brands can work directly with influencers usually by reaching out on socials. The success of this type of marketing relies on the suitability of the match. For this strategy to have the full effect, the collaboration has to be solid and believable.
Agencies have the databases, expertise, and resources to research suitable influencers and liaise with them either directly or through their management teams. Trends for 2024 predict that many are looking to build long-term relationships with brands. This can be mutually beneficial, but can demand a lot of time and resources. This is where an agency can help – to elevate a one-off collaboration to a long term partnership.
How To Find the Right Agency to Work With?
Now that you know why you need influencer marketing in your strategy, you’ll want to know how to choose the right influencer agency for you. There are a few things you should consider when making your decision.
Expertise and experience
The best way to fully understand whether an agency is the right one for you, is simply by looking at their track record. Any marketing agency worth its salt will have a portfolio of case studies readily available online. Have a look at what results they’ve achieved, and what clients have said – this will tell you a lot about how an agency works with its clients.
Reporting
A reputable agency will offer a minimum of monthly reports so you have a full overview on exactly what’s going on and how your campaigns are performing. Ongoing reporting will also mean that any issues and opportunities are picked up and rectified without any delay.
Ongoing support
A reliable agency should offer ongoing support to address any issues, implement updates, and ensure the long-term success of your influencer campaigns. Look for an agency that does more than set up the campaign, but also monitors performance and ensures continuous optimisation.
