A business intending to leave a mark on the landscape in the 21st century needs to have a budget for social media marketing. Most business managers will agree it is as important as chalking up a traditional marketing budget.
Selling your brand through social media has much more to offer than advertisements or other conventional marketing tactics. Social media influencer marketing has had a recent spike in popularity, which could be because it is appropriately priced. But how much should you spend on influencer marketing and are you aware of how to budget your Influencer Marketing Cost In London? This is where an influencer marketing agency in London will help. Read on to find out how.
We already know that influencer marketing involves communicating with and convincing reputed and popular content creators on social media to discuss and promote your brand, product, or service. They can do so effectively because they are trusted, industry experts.
How much does influencer marketing cost in London?
Influencer marketing is becoming popular in London. After all, it is a cost-effective and simple way of increasing brand awareness and is effective because it reaches out to younger audiences who are mostly millennials and generation Z. It’s important to remember that Instagram, Facebook, and TikTok are the most popular social platforms. Which used by influencers and even though Influencer Marketing Cost is cheap, it does cost some money.
Roughly about 5% to 15% of a business’s turnover is spent on marketing alone, and about 30% of the entire marketing budget is allocated to influencer marketing. When it comes to hiring and collaborating with influencers, you can use the organic approach of communicating with them and directly strategizing, planning, executing, measuring, assessing, and improvising if needed while running an influencer marketing campaign. Alternatively, you could also hire an influencer marketing agency in London, and just oversee everything as they execute the campaign using their expertise.
Common influencer marketing cost factors in London
The big question here is how much do you need to spend on an influencer marketing campaign? Influencer Marketing Cost depends on various campaign factors. So, what are the potential expenses involved in an influencer marketing campaign?
Hire an influencer marketing agency
Hiring an agency might cost you some money upfront, but that balances out when you save money later on from paying influencers and vendors, as well as managing the campaign overall. There could be a variety of services you opt to use from an agency and that will decide the charges between one agency and another.
You may also need customized services, and agencies could charge anything between £10 to £10,000 per post, campaign, or service. If you have the resources, time, and patience, you may find it cheaper to work directly with influencers.
An agency knows current trends, the expertise on running a campaign, and the management of other resources, which makes running a campaign easier.
The influencer to begin with
This is the largest amount to pay in the course of a campaign. Remunerating the influencers is the most considerable expense. This again varies largely on the influencer and their level of contribution.
Some influencers may pay in cash, or money to be precise, while some may pay in kind, like a free product or service. While this mostly depends on the influencers in question, it could also depend on the involvement levels. If not money, then you might need to pay something of equivalent fiscal value.
1. Influencer Level:
The majority of the influencers still prefer to pay in cash or money however the amount may depend on their level and reach. Nano-Influencers are the ones that have about 10,000 followers.
There are also Micro-influencers with about 100,000 followers. Macro-influencers have about 500,000 followers and there are celebrities or Mega-influencers with about a million followers.
All you would need to make sure of is the legitimacy of the followers and the match of the influencer with your brand among a lot of others.
The amount of money you need to pay an influencer rests majorly on their level of involvement. Influencers love to be of value and your offer should reflect that by quoting what you will expect in return.
A tweet or post about your product may not cost much but a 1000 word blog might. Pictures and videos, however, are the highest-grossing among all of them. In addition to their creative efforts, technicalities need to maintain like lighting, editing, and overall presentation.
The above are just the major influencer marketing cost is incurred while running an influencer marketing campaign. however, it is worthwhile to point out that hiring an influencer marketing agency in London can be the only expenditure if you are planning for a well-executed campaign.