Do you want to launch an influencer marketing campaign but don't know how to price it?
Don't worry, you're not alone. Many businesses struggle with this question. In this blog post, we will talk to top marketing professionals about how to price an influencer campaign. We'll discuss different pricing models and tips for finding the right influencers for your business. So, whether you're looking for macro or micro-influencers, read on for some valuable advice!
Influencer Marketing
When it comes to influencer marketing, there are a few different pricing models that businesses can use. The most common is to pay influencers based on their follower count. For example, an influencer with 100,000 followers may charge $500 for a single Instagram post. However, this isn't the only way to price an influencer campaign. Some businesses may choose to pay influencers a flat rate for a certain number of posts, or they may use a commission-based model where the influencer receives a percentage of sales generated from their promotions.
Factors To Consider When Choosing Influencers
There are also many factors to consider when choosing which influencers to partner with. The first is your target audience. It's important to find influencers who have a similar target audience as your business. This way, you can be sure that your campaigns will reach the right people. Another important factor is the engagement rate. This is the percentage of an influencer's followers who interact with their content. A higher engagement rate means that more people are seeing and interacting with your content, which can lead to more sales.
Pricing
When it comes to pricing, there is no one-size-fits-all solution. The best way to price an influencer campaign is to consider your budget and goals. If you're working with a limited budget, consider partnering with micro-influencers. These are influencers with a smaller number of followers but a high engagement rate. If you're looking to reach a larger audience, macro influencers may be a better option. These are influencers with a large follower count but may have a lower engagement rate.
No matter what pricing model you choose, it's important to remember that the goal of an influencer campaign is to generate sales and grow your business. So, don't be afraid to negotiate with influencers to get the best possible price for your campaign.
Do you have any tips for pricing an influencer campaign? Let us know in the comments below!
Welcome to Boostly Podcast Episode 468. In this podcast, I'm going to be talking about how to properly price up an influencer stay, as well as the options they may have available for you and what options may be best for your business.
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Timestamps (audio)
00:58 – How does it work?
02:01 – Reach out to the influencer
03:22 – Making use of additional extras
04:21 – Treat it as a business relationship
06:06 – Reach out for help
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Transcript from the Episode
[00:00:00] Mark: Depending on when you are seeing this, hearing this, watching this a couple of videos ago, I talked about how to approach an influencer, how to potentially work with them. And I said, if you wanna find out more, let me know. And I got a couple of messages, so I thought, okay, I've got a couple of messages.
[00:00:17] Mark: Let's do this. So the next video I wanted to do, the next podcast episode I wanted to do was about how to price up an influence this day. It's one of the hardest bits. So you, you do all the hard work. You find somebody. A good relationship with them. And now it's like, right, well, now what I wanna work with you.
[00:00:35] Mark: So how do you price it up? It's not as easy as what it was maybe five, or six years ago, where you do free stay in exchange for content. It's not, it's not like anymore. People's influences know their worth because if you've got an influence of coming to stay with you or somebody of us got an online audience, an online following, and they've got an engaged audience, then you are marketing your business to that platform.
How does it work?
[00:00:58] Mark: Okay. It's very, very powerful. It's it's like if you had a, um, a company come to you and they've got, uh, a list insight, and by being on that list, insight, you're going to be put in front of say 50,000 people. And those 50,000 people, go on that website every single day. And they consume the content that is being given to them.
[00:01:22] Mark: They engage with that content. They click around. They send messages. They look at the properties that are being on that listing site and they actually buy or spend money with the recommendation of what's on that listing site. Now, if you were approached by that listing site, they're not gonna do it for free.
[00:01:43] Mark: There has to be a pay and you would pay to be on there. You would pay good money to be on there. If you've got that many eyes in your niche. In your country or whatever it may be that people are looking to buy. And it's how you need to now change your mindset when working with somebody of influence.
Reach out to the influencer
[00:02:01] Mark: Okay. So how would you price it up? Well, number one, what I would like to do is I would reach out to the influencer and find out what their rate is. So don't go in with any expectations and just say, how much do you charge for this service? Find out their base rate. And if there's an influencer that is switched on somebody that has done this before, they will have a media kit and they will have a price list ready to go.
[00:02:25] Mark: And again, if this influencer is switched on and they know what they're doing, they will have optional extras. So it could be for example, that in exchange for a stay, uh, they will produce a piece of content and that could be free, nice and easy. Nice and simple. Now content could be many of things. It could be a story.
[00:02:47] Mark: A story on Instagram disappears after 24 hours and a mention I won't be going for that. I wanna do it. I wanna a bit, my, I wanna work with somebody, I wanna be working with a content creator, so I don't see 'em as influences. I see 'em as content creators. And now if you've got somebody who is very good at what they do, they built an audience.
[00:03:03] Mark: They will be very handy with a camera. So I'm currently filming this on a Sony, a six, 400 with a 16-millimeter lens. I know how to handle a camera. I know how to handle the video camera. I can take pretty good videos. Pretty good picture. Also as well. I know my worth now either me or my partner that I'm gonna be coming with, they could have a drone.
Making use of additional extras
[00:03:22] Mark: For example, I've seen this happen a lot. We've got influencers that have the drones because again, they're content creators. They're doing all the things. They've got many different strings to their bow. Or BOAD string, whatever that may be. And so they may also be very good on Instagram, but they also make very good on YouTube because they realize the power of YouTube.
[00:03:40] Mark: So you can maybe work out a deal where it would be right. YouTube video, where you've vlog. So that's a lot of content you have. There's the actual shooting of it. There's the stay, there's the editing. And then there is the post-production and all of that. You could work out that it could be where it would be.
[00:03:57] Mark: You go, okay. Well, I would like free pictures. So free posts on your Instagram and story mention every day that you're staying with us with tags, clear tags. Um, that would be another thing that you could do. Drone footage, fantastic for your property or properties, YouTube video. It could be whatever you put on Instagram, you could duplicate to TikTok because now everybody who's on Instagram is on TikTok.
Treat it as a business relationship
[00:04:21] Mark: And this is before you even start talking about email lists or blog posts there are so many ways that you could work together. So what I would do is I would treat this as a business relationship. You know this is a business transaction at the end of the day. If you're gonna have somebody working with you, you wanna be doing this properly.
[00:04:36] Mark: So, again, I'm not talking about you running a mill. Uh, like I said, at sta influencers can be anything from somebody, every single one of your guests is an influencer all the way up to working with, with, with, with a business here, I'd be really trying to, to, to make it work for, for everybody because these people are very good at creating content.
[00:04:54] Mark: Instead of you spending maybe 500 pounds to 2000 or 3000 pounds working with a proper video company, you could work with an influence or content creator, and you get the best of both worlds. To create amazing content, but they're gonna post it out to a fantastic engaged audience. So this is what you would do.
[00:05:11] Mark: And again, I'm not gonna give you a base price. I'm not gonna say 500 quid. Cause it works. It works differently for everybody that you're working with, everybody is different and everybody's got a different set of skills that they can give. Once you've realized this is somebody that you're gonna be wanting to work with, that their audience is the perfect people that you wanna put your business and your brand in front of these are the sort of conversations.
[00:05:32] Mark: Now I never do this. I wasn't planning on saying this, but if you need this help, if you want my help in this discussion, if you are speaking with somebody, reach out, and send me a message on Instagram. I'm more than happy to get involved. I'm very fortunate that over the last six years I've been on both sides.
[00:05:48] Mark: I've been on the host who's approach and influencer to come and work with us, which has gone really. when we had the family business and I've been the influencer or someone who's got an audience that has been working with a business. So I see, from both sides on all angles, and I know how to have the discussion.
Reach out for help
[00:06:06] Mark: I know. The rights and wrongs and the pros and cons on both pies. So if you want my help, uh, I'm not gonna office for anybody. I'll just do it for a limited amount of people. The only thing that I would ask is if I could document it for basically podcasts, so we could explain it to more hosts, then please reach out, and send me a message on Instagram at boost UK.
[00:06:22] Mark: Uh, or if you're not on Instagram, you should really be, but send me a message on Instagram at boost UK. And we'll see how I can help, even if it's just a case of me sitting on, on a conversation, being the power to email Fred in the discussions. So we can go from there, but. Hope this helps. I really do feel that this is the next stage, and there are so many wins to having part of this, put into practice.
[00:06:43] Mark: Who's gonna do it? Let me, let me know, let me know how you've worked out in the past. I passed the podcast bat on over to you. Please jump into the comments wherever you are watching this and let us know your thoughts. If you're listening on, on the audible, on iTunes, in your car, wherever or now, video on, on Spotify, obviously when it's safe to do so, jump over to YouTube.
[00:07:02] Mark: Find this video. And, uh, let's have a discussion. Thank you so much, everybody. I'll be back tomorrow for another podcast. Another video, another audio. However you consume this, please make sure you subscribe and share this and I'll speak to you very soon.
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