If you’ve started researched on influencer marketing before, you may have found conflicting information, with recommendations that range from you should absolutely be using social influencers or that they’re not necessary for growth.
Influencer marketing strategies are more difficult to navigate than ever as a brand, but we’re here with a guide to making sense of it all.
The value of influencer marketing
While Facebook influencer marketing is a well-known strategy, there are many other networks that are growing for influencers. According to Adweek, the industry is set to reach $10 billion in worth by 2021. Other networks like Instagram, YouTube and TikTok have their own set of influencers with different demographics.
How to create an influencer marketing strategy
Like any marketing tactic, an influencer program takes deliberate targeting and planning. You won’t find strategic success just by sending free things out to everyone who asks or to your existing friends and acquaintances
Compensation varies wildly, too, so be sure to look at common rates for those influencer types. Microinfluencers tend to be focused on a few topics and accept products. Some microinfluencers work independently while others may be represented by an agency or network. Whereas, larger accounts and celebrities will need compensation and might even go through a talent agency.
You’ll need to think about the expected ROI of your social influencer marketing campaign: how will you gauge the contributions of influencer posts to your overall marketing goals? One approach might be to compare your expectations for influencers to other firms – look at how you might gauge the budget for a video production firm’s work in creating an ad for you versus an influencer creating a video. It may initially seem like judging the value of influencers is unpredictable, but this type of approach will give you a familiar point of comparison and contrast.
In 2017, Influence.co published the results of their research into facebook influencer payment. They looked at the average cost per facebook post and found:
- The overall average price was $271 per post.
- The average price for micro-influencers with fewer than 1,000 followers was $83 per post.
- The average price for influencers with more than 100,000 followers was $763 per post.
Research is key and you’ll find yourself returning to this step often in the process.
