Cost of influencer marketing and how to predict it

Previously we discussed how social media platforms and niches impact the influencer marketing costs and how much you should pay influencers depending on category and formats. In this article, we are taking a look at some other factors that play a big role in the influencer marketing budget. 

So, let’s dive in and find out what they are!

Number of Followers

It’s simple: the more followers influencers have the higher their fee might be. A few years back, when influencer marketing just started growing, this metric was the most important one and influencers put their heart and soul into increasing the number. Now, when social media algorithms are based on what people are actually interested in and engage with the most, the follower count means almost nothing. 

However, when this metric was on hype, a lot of influencers made a dramatic mistake and, using third-party platforms, bought thousands (if not millions!) of fake followers. 

Thanks to platforms like relay.club, brands can see the exact percentage of fake followers right away. So don’t let this number fool you!

Engagement Rate

Engagement rate is an important metric to consider, if not the most important one. The outcome of the entire campaign depends on how active and engaging the audience is. Sometimes a large following doesn’t guarantee a high engagement rate. So keep this in mind when deciding how much to pay influencers. Most brands make this mistake thinking that a large following will bring a better result and completely forget that engagement does the whole trick, not the number of followers. 

That’s why it’s important to always ask an influencer to provide you with the latest insights to see the dynamic. Sometimes, to save time, it’s worth just checking the insights using influencer management software like relay.club.

Check out part III!