What budget should you plan for an influencer campaign? Is it necessary to spend a lot of money? In fact it depends. And that’s why we’re dedicating an article to the subject. So read on!
The criteria involved
A budget related to the size of your content creation resources
In theory, it’s the influencer who’s in charge of creating content. It can also be a co-creation, as part of a confluence strategy. In any case, the more the content is rich and ambitious, the more you’re supposed to compensate the creator accordingly. So for a sponsored article, the blogger will naturally be the author of the article. But if you want them to also create the visuals (accompanying a product test for example), then in theory, you should also pay for the extra work.
Likewise, for an equivalent audience, a sponsored article will be more expensive than a basic Instagram post as the implication required is theoretically greater.
A separate budget for each social network
A tweet from an influential figure won’t cost you as much as a YouTube video. And that’s normal!
That being said, the trend today is omni-channel. This means that influencer campaigns activate multiple networks at the same time for maximum impact. Indeed, a Liqia study carried out with web marketers on the practices they intend to adopt this year in influencer marketing revealed a strong trend: 52% affirmed their intention to launch campaigns mobilizing different types of influencers (and therefore different networks).
A specific budget for the blogger influencer
The specificity of each influencer is the main reason why it’s difficult to establish a price list. When they do exist, they may ignore many criteria and be unfair or flawed.
However, the best thing to consider when estimating the value of an influencer is the actual engagement rate. For Instagram, there is a handy tool that will guide you for your negotiation, the Instagram Money Calculator (here the result for the sports influencer TiboInShape):
A lower fee depending on the influencer’s affinity for the brand
The evidence is there: many influencers, especially bloggers, acknowledge having agreed to negotiate their services to promote a favorite brand. Of course, this can work, under certain conditions:
- Your business is recent. If your company is publicly traded, it will be difficult to coax the influencer for a discount.
- You clearly make the request. You don’t get something for nothing. Be transparent about your interest in the contacted influencer, but on your limited budget.
- Finally, if your business has a social, environmental or humanitarian vocation, or at least incorporates them to some extent, asking for a discount will appear more legitimate to your contact.
Upwardly mobile budgets
Be aware first of all that influencer marketing budgets are increasing! There are two reasons for this: the industry has become more professional, and influencers are more aware of their true value. Sending a product for free and hoping for an article in return might have worked a few years ago, but it’s a (counter-productive) tactic that’s bound to fail. Secondly, the segment is still bringing in stratospheric ROIs, which doesn’t help put any downward pressure on the initial costs, on the contrary.
The same study quoted above reveals that 39% of marketers are increasing their budget this year, against only 5% taking the opposite course (the rest being undecided or wanting to keep roughly the same budget). In short, if you want to invest in influencer marketing, it’s better to do it now than to wait until next year because it will probably be more expensive.
Some orders of magnitude
We won’t leave you without giving you some concrete numbers. So some methods will help to better define the orders of magnitude at stake. The Liqia study provides a panorama of the budgets generally in use. Note that this is a budget per campaign, not an annual total.
We can see that the most common budget covers a range of 25,000 to 50,000 dollars, or 22,000 to 44,000 euros, no less. For this price, we can mobilize a pool of 3 or 4 macro-influencers on various media.
But rest assured if your resources are much smaller. With an “à la carte” platform you can launch a first campaign for a budget under the symbolic bar of 1000 euros. On getfluence.com, the entry price for ordering an article on an influential blog is only 175 euros.
You have a budget, good now you need to maximize your ROI. To do that, refer to our previous article on the subject: