5 factors that determine the rate of the influencers
How to calculate influencer engagement?
Did you know there are more than 10M active influencers on Instagram alone from India? Not only that there are more than 200 million businesses on Instagram from all over the world. This means there is no sign that influencer marketing is going to put off the market in the coming future.
But why is it so popular? Because it is one of the most effective marketing strategies that brands can put their trust on. In any way, while implemented correctly it will provide you with a higher ROI.
So, if you have made up your mind to utilise influencers to promote your brand in 2023 this article is a must-read for you. Here we will be going to discuss some ifs and buts regarding how to finalise the rate of influencers correctly.
Bring one of the most reputed influencer marketing platforms in Canada we would like to share some tips on influencers’ rates from our experience. Scroll down to discover!
One of the main determining factors of influencers’ rate for your project is their engagement rate. Speaking of which, the more the better. It might be tempting to think that a greater number of followers means a higher engagement rate then this is not usually the same. In fact, reports suggest micro-influencers in most cases compared to mega and celebrity influencers have a higher engagement rate. This means instead of having a lesser number of followers if a person posts relevant content consistently the engagement rate can be increased.
While selecting influencers for your brand promotion you want more and more people to see your content. In that case, it would be rational to think that more engagement means more chances of exposure.
Scroll down to the next paragraph to know how to calculate the engagement rate
Brands no longer consider the total number of followers of the influencers as a main criterion because no matter how much budget you have without engagement it means nothing. The number of followers is good to make a first impression but based on this no influencers should be shortlisted especially if the brand’s business objective includes a higher ROI and better engagement.
Content quality is another crucial thing that brands should consider while finalizing the rates for the influencers. No brands want poor-quality content that doesn’t look organic. When it comes to creating brand content quality must be top-notch, which can easily appeal to your target customers. Not only that, the recommendations must look genuine and not staged. If you really like the content quality of an influencer but he/she is charging a bit more you can consider negotiating with the person. Stretching your budget for something good as quality should be considered.
Another determining factor is the type of content you are looking for to promote your brand. If you are looking for high-end pictures to showcase the detailing of your products the charges would include the photographer’s charge (taking+editing) along with the set-up charge. On the other hand, if you are looking for videos showcasing the USPs of your products directly from the influencers the charges (shooting+ editing+ talent fee) might increase.
One last factor that is also pretty important while deciding the rates of your shortlisted influencers is their experience. If an influencer is in the field of making branded content for quite some time he/she can certainly charge more than others who have just started creating the same.
Calculate your engagement ratio as follows:
For example, you have 5000 followers on your social media account and your recent post has 80 likes and 5 comments.
80+5 = 85
Now divide the sum total (85) by the total number of followers you have (5000)
85/5000 = 0.017
Then multiply this by 100
0.017/100 = 1.7%
So, 1.7% is your engagement rate.
To calculate your engagement rate properly it is important to calculate the rate for 3 consecutive posts and then make mean out of it and consider that percentage as the final.
Influencer’s fee + agency fee = what you are expected to pay
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Working with an influencer marketing agency means giving away extra money, if you think this you are not alone! But you would be glad to know this is not the case with InfluGlue because we are committed to providing the best-in-class influencer marketing services at an affordable package. For us, there is no “one fit for all” approach. Depending on your budget (big or tight) we will customize an influencer marketing campaign that would be perfect to achieve your influencer marketing goals seamlessly.
Agency fees don’t have to be expensive all the time at least not with InfluGlue. From selecting the influencers’ profiles, finalizing the content, launching the content, monitoring it and preparing a detailed report all will be the responsibility of InfluGlue. Finalizing the right influencers and negotiating with them are one most crucial parts of the campaign even experienced marketers face hassles sometimes.
You can simply take the load off by hiring InfluGlue for your next influencer marketing campaign. To know more about our influencer marketing services and packages connect with the team now!
Discover the 5 important determining factors to influencers’ rates before you jump on deciding the budget for your upcoming influencer marketing campaign.