The industry you’re in also matters when you’re planning to implement an influencer marketing strategy. Beauty and fashion brands shine on Instagram and YouTube. The video game industry dominates on Twitch.
During your research phase, look into the type of influencers you’re interested in. Are you going for celebrities with massive followings? Or micro-influencers with less than 2000 followers? Perhaps something in between in the 5–10k follower range is more your preference. Whatever you decide to focus on will determine your budget.
The compensation varies wildly, too, so be sure to look at common rates for those influencer types. Micro-influencers tend to be focused on a few topics and accept products. Some micro-influencers work independently while others may be represented by an agency or network. Whereas, larger accounts and celebrities will need compensation and might even go through a talent agency. You’ll need to think about the expected ROI of your social influencer marketing campaign: how will you gauge the contributions of influencer posts to your overall marketing goals? One approach might be to compare your expectations for influencers to other firms – look at how you might gauge the budget for a video production firm’s work in creating an ad for you versus an influencer creating a video. It may initially seem like judging the value of influencers is unpredictable, but this type of approach will give you a familiar point of comparison and contrast.