Influencer marketing is the trending marketing form right now. Brands are turning to influencers to help them reach their target audiences, but the question remains: how much does each influencer cost?
Taking a wild guess or using influencer cost calculators would serve as a guide for the average cost but does not give you the actual cost.
Every influencer works at different prices. The only way to know their actual price is from themselves.
You needn’t reach out manually to figure out the cost of the influencer. Influencer marketing platforms do just that.
With an influencer marketing platform, see the actual cost of working with a specific influencer and determine if they suit your marketing budget.
The cost of working with influencers is a big part of the equation in influencer campaigns.
Knowing the cost of working with influencers helps brands make more informed decisions in influencer marketing campaigns, control costs, build more transparent relationships, and maximize ROI.
Influencer cost knowledge can help brands identify the most cost-effective influencers and types of campaigns for their goals and ensure they get the most value from their influencer partnerships.
Finding Influencer Cost
Traditional Methods
Manual reaching out to influencers on social media platforms and asking for their cost takes time and resources away from other areas of your business. Brands have no way of knowing how much influencers charge in India unless they respond.
Approaching Via Third-Party Vendors
Affordability is a significant factor in influencer marketing. Affordability also addresses the fact that brands don’t want to overpay more than the actual cost for an influencer. Reaching out via third-party vendors, brands end up paying 5X fees than the actual cost.
Other Cost Checker Tools
One-shoe-fits-all isn’t the approach brands can take when finding influencer costs. Most of the Instagram influencer earnings calculators rely on a formula to know the influencer cost will not help narrow down the list of influencers you want to collaborate with based on your budget.
The influencer earnings calculator brings a system where brands can give the influencer criteria like the following numbers and engagement rate, and the tool suggests the approximate cost of the influencer.
The problem with this structure is:
- It's not the actual cost of the influencer.
- The approximate cost is not going to help run the influencer marketing campaign.
- Brands end up in a dilemma (if the influencer would charge based on the approximate number provided by most tools).
Qoruz Platform
Qoruz provides a “No Formula Model” for marketers to find the actual cost of an influencer for promoting products or services through their channels. Influencers themselves are usually the ones updating their deliverable cost. However, brands can request this information from influencers for the current charges.
Steps to find influencer cost on the platform:
- Enter the influencer name or find one from the curated lists
- Click on the influencer name and the cost section
- View the influencer cost
Finding influencer cost via the Qoruz platform is that easy. Brands save hours of manual work by finding the influencer cost within a few minutes.
The influencer themselves updates the deliverable costs. Brands can also request the updated cost from influencers via the platform and get notified without waiting for days.
Benefits of Knowing Influencer Cost
Deciding Factor to Carryout Campaigns
Knowing the influencer cost helps brands make an informed decision about whether or not the price fits into their marketing budget. It saves a lot of the brand’s time in reaching out to influencers who don’t fit the budget. Shortlist and collaborate with influencers who fit your marketing budget.
No More Overcharging
Brands no longer need to be reliant on third-party vendors to overcharge or make up costs with commission fees and extra charges. Know exactly how much an influencer costs to collaborate, and plan the campaign budget accordingly. Brands can stop wasting money on overpriced campaigns, and start saving marketing budgets for the things that matter.
Brands in the Know
When brands don't have a clear picture of how much an influencer costs, there's really no way to make an informed decision about whether or not it's worth investing in. It's all about transparency. Knowing the actual cost of collaborating with an influencer helps brands be aware of the spending on influencers and getting what they pay for while sticking within the budget.
Scalability
Understanding the cost of working with different types of influencers can help brands plan and scale their influencer marketing efforts more effectively. Brands may decide to work with a mix of macro and micro-influencers or focus on building long-term relationships with a select group of influencers who offer the best balance of cost and value.