Have you ever questioned how much of your budget should be allocated to influencer partnerships? Mochee completely understands how challenging that can be. Influencer Marketing is a huge part of social media strategies today, especially Instagram. As you probably know, collaborating with influencers gives brands an opportunity to reach a new engaging audience. Although, these partnerships are necessary in today’s market, there is no one-size-fits all strategy for budgeting influencer collaborations.
It can be easily assumed most wonder what exactly a “Fair” asking rate would be when reaching out to potential influencers. As mentioned on Later, “Many digital marketers adhere to the one cent per follower (or $100 per 10K followers) rule”. However, this rule is not applicable to every influencer collaboration. Before agreeing on a partnership rate, brands and agencies should measure the influencer’s engagement rate, brand sentiment, traffic, and conversion rate if possible.
One of our Mochee’s found a great online resource that evaluates the authenticity of an Instagram account’s followers called IG Audit. This is just one way to decide if investing in the partnership is worth it. I think we can all admit the return on investment is what we really look for. Did you know Later reported, “Influencers with 50K to 250K followers deliver a 30% better ROI per dollar spent than macro-influencers, and 20% better than influencers with 1+ million followers”? Hopefully, that fun fact comes in handy.
The importance of influencers goes without question. For a more in-depth understanding of how influencer marketing works, and the cost click here!