Another week, another GREAT article by Balkan Marketing Stories team. After all, we all are interested how much do they charge, right?
Recently I dedicated one article to the topics of influencers, influence marketing and how it works in general. Namely, I covered the case of Fragrance By Me startup and their ultra creative approach to the target market. I must admit that article recorded staggering number of page-loads, shares and general feedback. For further reference visit: Influence Marketing Case Study – Fragrance By Me.
As already mention, we have got some interesting questions, hints and comments regarding the topic in question. People and public in Balkan states are indeed aware of existence of this kind of promotion and its blasting trend especially with rise of social media goddess.
Is There a Figure of Merit to Predict Costs of Engaging Influencers?
Basically, its very hard to tell. There are so many metric and analytical tools availableto use that it’s combination is upon your own creativity. In general some very generic criteria might be summed up in the following list:
- Industry Niche – Some specific parts of markets may be over-saturated with to many influencers on supply side of equation. As a essential market law, excessive supply drives the price of influncers review down. For instance, there are tons of beauty, travel, IT bloggers etc. who have remarkable organic reach.
- Organic Reach – Simple, the greater reach you have to offer – higher prices you can charge. Logical. Therefore, rigid screening for influencers who can reach far the greatest circle of people is an ultimate task.
- Type of Engagement – Hereby implying if the review, article or post should be in form of a written text, audio or video capture or both. You guess, the more complex combination of influencers efforts you expect – more you are going to pay etc.
- Product/Service/Business – Total costs are being influenced by type of product or service you try to promote via influencers. More demanding and complex cases brings along higher price tag as a result.
How Much Influncers Charge for their Services Globally?
According to Captiv8 research following more than appealing and interesting table has been created.
According to this table far the greatest amount charge comes from YouTubers with over seven million subscribers. This is fairly logical considering the complexity of job they do perform + organic reach. However, it is a big mystery how this table represents trends and situation on local Balkan markets.
Moreover, very nice summary by act ON when it comes on what are the main challenges when diving into expensive-to-be influence marketing episode:
Useful Tools, Platforms and Hints for Influence Marketing
Top five free tools for finding influencers in different areas (according to key words). Please note that some of them are free of charge while others demand affordable fees.
Top Five Influence Marketing Tools. There are dozens of paid tools to help you find, coordinate with and track influencer marketing campaigns. This is just a short list.
As a general conclusion, SME and startups might be interested in this platforms, since they are either free of charge or easily affordable.
What are your thoughts on the influencers topic and influence marketing enigma?
The article was originally posted on Balkan Marketing Stories.