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Every marketing practice is essential to beat your competitors, and influencer marketing is one of them. Today, almost every business has tried this marketing practice at least once in their lifetime. Some have earned satisfactory results, while others have experienced a loss.
Regardless of the outcome, influencer marketing remains a highly demanded marketing strategy that is working perfectly for numerous businesses across the globe and has offered massive growth to some of them.
Getting high output is one aspect of successful influencer marketing. However, many businesses fail to correctly budget this marketing and hence end up spending high compared to the expected results.
So, whether you have tried influencer marketing but failed, or it’s your first time, you must know the factors that affect influencer marketing budget.
This article will give you detailed knowledge about the influencer marketing budgeting factors that will help you build an effective marketing strategy without spending high.
Influencers Count: An influencer with a higher follower count will always charge you higher than others. The simple science that you can remember is that mega-influencers (celebrities) will always charge high for a single post compared to nano-influencers. Different categories of influencers are as below:
- Mega influencers (with more than 1 million followers)
- Macro influencers (followers between 500K to 1 million)
- Mid-tier influencers (followers between 50K to 500K)
- Micro-influencers (followers between 10K to 50K)
- Nano influencers (followers between 1K to 10K)
Social Media Channel: Among various social channels, everyone is given a specific ranking based on their user base across the globe. E.g. Facebook is the top social media channel, with nearly 2.9 million active monthly users. That’s why influencers on Facebook will always charge you a higher amount than Instagram or YouTube. Top social media channels are:
- Facebook: approx 2.9 million active users
- YouTube: approx 2.2 million active users
- Whatsapp: approx 2 million active users
- Instagram: approx 2 million active users
- Tiktok: approx 1 million active users
So, your influencer marketing budget will also depend upon which platform you choose for branding.
Budget Differ with Goal: Influencer marketing is done with different goals that most business owners are unfamiliar with. This creates a mess and results in wrong goal selection, increasing your budget.
Moreover, some goals require less investment. E.g., increasing your brand reach costs you less, as it entirely depends upon the engagement rate of the influencer post. On contrary, the sales conversion goal is tough among all goals available. Here you track the success of your influencer marketing campaign via total conversions made on Google Analytics or other data tracking tool.
Content Quality: The quality of content plays a significant role in deciding your marketing budget. Some businesses put extra effort into tools for content creation. E.g., the use of DSLR, iPhone, video shooting team, etc., will add up to the final marketing budget.
With high quality, influencers can expect a higher engagement rate, which is a boon for your marketing efforts. However, you must share the expected budget to help drive traffic or sales towards your business.
