By Courtney Moser
Influencer marketing is said to be the fastest growing online marketing channel, beating out tactics such as affiliate marketing, display ads and paid search. By now, you probably recognize the power and necessity of this tactic for your brand in 2017. The question, then, is not whether you should include influencer marketing in your strategy, but how to build it into your budget.
The first time you incorporate influencer marketing into your budget can be daunting – How much do you need? What should be included? At Find Your Influence (FYI), we recommend outlining your brand goals for the year, along with any planned campaigns you could capitalize on or expand with influencer marketing. Determine if you’re going to focus on driving specific product sales or increasing overall brand affinity and engagement. From there, you can approximate content needs.
Your content needs will vary from blogs to social media channels, and that will greatly impact cost. Hard numbers are difficult to dish out without context here, ranging anywhere from hundreds to hundreds of thousands. For instance – how much will an Instagram campaign cost with one celebrity influencer? This would require a very different budget than partnering with ten micro-influencers for seasonal blog posts.
A brand just testing out the impact of influencers may want to utilize existing content and just ask them to reach new audiences with it. A survey cited in this Tech.co article discovered that 34 percent of brands plan to center their influencer marketing strategy on blogs – while 29 percent will focus on Instagram, 23 percent on Facebook, 8 percent on Twitter 5 percent on YouTube and 1 percent on Snapchat.
At the core of all content lies the creators or promoters – the influencers. Overall, your biggest influencer marketing cost will be the number and type of influencers. If you’ve always wanted to partner with a certain public figure, for example, that one influencer may cost more than 25 micro-influencers. It all depends what you’re willing to pay, what kind of campaign you’ve chosen (are they simply sending out a tweet or writing 800 words?) and what is worth it for ROI (how you’ll measure the output of what you put into the campaign).
So, what should be accounted for when budgeting for influencer marketing? Look at your goals and strategy for the upcoming year. Let’s recap the essential decisions you have to make:
Content: Will you focus on original blogs, social media or repurposed content?
Influencers: What matters most – reach, engagement, content or audience?
Measurements: How will you measure success?
If you’re ready to get started and reap the benefits of influencer marketing, the FYI team can help you organize your campaign and connect with influencers.