One of the most frequently asked questions about influencer marketing is how to calculate the budget? Influencer marketing must be a part of your marketing mix because clearly it is arguably the most effective form of advertising from the past couple of years and it is showing no sign of slowing down in the future. According to so many research giants including InfluGlue around 64% of marketers are planning to increase their marketing budget in 2022.
If you are planning your influencer marketing budget for 2022 but don’t know where to start we are here to help you out. This article unveils some of the approaches that will help you plan a clear influencer marketing budget this year.
Tips to plan your influencer marketing budget in 2022
Here are some of the approaches that would clear the air about the budget of your influencer marketing campaign.
Your marketing goals
The purpose of influencer marketing is to leverage the power of influencers to endorse a brand. When an influential person promotes a brand their fan base is likely to take a note and put some trust in it. Today’s consumers are more tech-savvy than ever, before purchasing any product they run online research, read reviews, feedback’s, check influencers’ recommendations. So before you plan your influencer marketing budget for 2022 write down your marketing goals ie. what you are looking to achieve from the campaign.
Your marketing goals can be:
- Increase followers on social media pages
- Increase query
- Increase footprint on your website
- Increase sales
- Boost brand awareness
Depending on your requirement you can allot the budget for your campaign. If you are not sure about the outcome do not spend more than 20% of your marketing budget on your ad campaigns, in contrast, if you are dead sure the budget can be stretched up to 35% (approximate).
Type of content
Your budget for influencer marketing has a lot to do with the type of content you are looking for to promote your business. Let’s see some of the most popular types of content in this landscape:
- Video (tutorial/ entertaining)
- High-quality images
- Blogs/ articles
If you are looking for long tutorial type videos to endorse your products the budget would be higher than the images and blogs because a lot of element is involved and it requires a lot to create such video. So before you finalise the budget for influencer marketing in 2022 ask yourself how would you like to promote your business?
Tier of influencers you need
Another budget deciding factor is the type of influencer you want to work with. If you want to hire celebrity influencers make sure you have a flexible budget for your marketing. In contrast, if you are on a tight budget but do not want to compromise with the outcome of your influencer marketing campaign it would be rational to partner with a bunch of micro-influencers who are followed by a lesser number of audiences compared to celebrity influences but can provide great reach and engagement. Celebrity influencers are great for enhancing the reputation of your business because their fan base is huge, but there is a risk of getting your brand overshadowed by the reputation and popularity of the celebrity. Besides if anything goes wrong or the celebrity somehow caught up with some controversy it might affect your brand image directly.
Again if you are sure about the outcome and budget is not an obstacle you can choose a combination of influencers, hire both mega and micro-influencers to reach a wider audience in no time.
Influencer marketing tools you require
There are various influencer marketing tools available in the market that helps various brands to execute an influencer marketing campaign seamlessly. After you finalise your marketing goals it is time to decide how you want to achieve them and which influencer marketing tool you need. Some will allow you to find and compare the right influencers in terms of reach, engagement and relevance, whereas some will help you understand more about its demographic activities. If you get a database of similar influencers it would be easier for you to handpick the right ones. Not only that those tools would also help you track the performance of your campaign so that you can manage the entire thing in a sorted way.
Influencer database service
If you have time to build a relationship with hundreds and thousands of influencers you may not opt to use any influencer database service. But if the situation is otherwise you may need the help of an influencer database service. Even to know which influencers are ruling your niche you need to understand them in detail, here also an influencer database can help you out.
There are various free influencer marketing database services out there that aim to help brands vet the correct influencers, one of the easiest to use is InfluGlue the leading influencer marketing platform in Canada that provide free influencer database services to brands. Upon signing up they will allow you to find and compare influencers of similar niches, you can see their previous work and other details based upon which you can decide whether to select or reject the influencer.
There are certain terms and conditions for using their free influencer marketing services to know more connect with them and discuss your project with the team of experts.
Choice between in-house team or professional influencer marketing company
Another crucial factor that helps you decide your influencer marketing budget in 2022 is whether you want to hire professionals from the market to run an influencer marketing campaign from your company or to hire an experienced influencer marketing agency to do the same. Both have some advantages and drawbacks.
If you hire professionals with required qualifications in your company certainly your yearly expenditure will go up, but you can prepare them the way you want in order to run the influencer marketing campaigns. In contrast to that, you can see professional help from an experienced influencer marketing company who would understand your requirement and provide services accordingly. The cost of hiring an influencer marketing agency depends upon the type of service you want. You can hire them for a single project or for on a contractual basis where the company will provide multiple influencer marketing campaign services in order to fulfil your marketing requirements.
If you compare the costs of these two, hiring an influencer marketing agency will be rational for the companies who are not sure what to expect from their campaigns and struggle with the approach. But if you are dead sure about your approach and budget is not a concern you can easily hire experienced professionals from the market and rely on them to get the job done.
Advantages of hiring a professional influencer agency:
- Saves both your time and money
- Get professional guidance
- Track campaign performance
- Provide campaign result
- Helps you plan a better campaign
- Helps you get your competitors to know better
- Less room for error
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How InfluGlue the leading influencer marketing company of Canada will help you?
If you are looking for professional help regarding planning your upcoming influencer marketing campaign connect with InfluGlue the top influencer marketing agency in Canada with years of experience in helping brands plan a better campaign. They have the largest database of bloggers, influencers and content creators from all over the country, from where they will find the best suitable profiles to get your job done in a better way. All the influencers are experienced and understand their role in endorsing a particular brand, so the entire communication process will be seamless.
To know more connect with InfluGlue now!
Discover the details of planning your influencer marketing budget in 2022 and how to save both your precious time and money.