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How to Choose an Influencer Marketing Agency for Your Small Business
Working with an influencer marketing agency is a great option for small business owners to get started with influencer marketing. This article will outline how influencer marketing agencies can help small businesses, how much you should budget for influencer marketing, and how to choose the best agency for your needs. Keep reading to learn more.
Influencer Marketing for Small Business
Influencer marketing offers a targeted way for small businesses to promote their products or services to new audiences. If you’re just starting with influencer marketing or looking for help managing your marketing campaigns, an influencer marketing agency for small businesses can help. Influencer marketing agencies help you:
- Set goals for your influencer marketing campaigns.
- Find the right influencers to work with.
- Create content for influencer promotions.
- Manage and work with influencers.
- Analyze data and report results.
Having an influencer agency manage all these aspects of your marketing campaign will help streamline the process and provide you with expertise on how to achieve the best results.
How Much Does it Cost to Hire an Influencer Marketing Agency?
The cost to hire an influencer marketing agency will depend on your company’s needs and the agency you would like to hire. There are affordable options for small businesses with lower budgets to hire an influencer marketing agency. The cost for an influencer agency can be anywhere between $1,000 and $18,000 per month.
Influencer Marketing Pricing Models
Influencer agencies can use different pricing models for their services. Certain pricing models can make hiring an agency to work with your small business more cost-effective. The most common influencer marketing pricing models are:
- Flat monthly fee: Some agencies will ask you to pay a flat monthly fee for their services. The benefit of a flat fee is that you will know exactly what you will pay each month. However, the flat fee doesn’t account for how well the agency can execute and generate revenue from your influencer ad spend.
- Full commission or performance-based: Full commission is a performance-based option with no upfront fee other than the cost to pay influencers for advertisements. This is a lower-risk option for small businesses with low budgets to initially invest in influencer marketing.
- Flat fee + commission: Influencer agencies may also charge a flat monthly fee and a commission percentage for the revenue they can generate. This option generally benefits both the business and the agency, since the agency still gets guaranteed income while being motivated to create a successful influencer campaign.
Planning your monthly budget for influencer marketing, along with researching and speaking to different agencies you are interested in working with, will help you determine which pricing model is best for your needs.
What Types of Influencers are Best for Small Business?
The best types of influencers for small business influencer marketing are micro and nano influencers. Micro and nano influencers have smaller audiences that are typically more focused on one niche.
Since these influencers have small audiences, they are generally more cost-effective to hire to create promotional posts. Targeting niche audiences is also an excellent idea for small businesses to promote their products or services to the right audiences.
How Many Subscribers Do You Need to be a Micro Influencer?
You need between 10,000 to 100,000 subscribers or followers to be considered a micro influencer. Micro influencers are a great option for small businesses to partner with because they are cost-effective while still providing a good amount of reach through social media posts.
How Much Do You Pay Micro Influencers?
The cost for micro influencers will vary depending on the social media platform. Typical prices for micro influencers are:
- YouTube: $200 – $2,000 per video
- Instagram: $100 – $1,000 per post
- Facebook: $250 – $2,500 per post
- Twitter: $20 – $200 per post
- TikTok: $250 – $2,500 per post
These ranges depend on the number of followers a micro influencer has. Micro influencers closer to 10,000 followers will be on the low end for cost per post, whereas influencers closer to 100,000 followers will be at the high end.
How Many Subscribers Do You Need to be a Nano Influencer?
You need between 1,000 to 10,000 subscribers or followers to be considered a nano influencer. Nano influencers usually have highly engaged and highly niched audiences that can lead to great results for small business influencer marketing. Nano influencers are also the cheapest to work with for influencer marketing campaigns.
How Much Do You Pay Nano Influencers?
The cost for nano influencers will depend on their social media platform. Typical nano influencer rates are:
- YouTube: $20 – $200 per video
- Instagram: $10 – $100 per post
- Facebook: $25 – $250 per post
- Twitter: $2 – $20 per post
- TikTok: $25 – $250 per post
Influencers closer to 1,000 followers will be on the low end of these price ranges, whereas influencers closer to 10,000 followers will be on the high end.
How to Choose an Influencer Marketing Agency for a Small Business
There are some aspects you should consider to find the best influencer marketing agency for the needs of your small business. Before hiring an agency, you should:
- Get a detailed brief of what they have to offer.
- Find an agency that uses technology and software tools to help streamline the process. This will make it easier for both you and the agency to be on the same page and understand how influencer promotions are being used.
- Consider the agency’s background to ensure they are social media experts and have a strong history of success.
- Ensure that they use clear and consistent reporting to explain their results and how they are utilizing your influencer marketing budget.
If you consider each of these aspects, you will find a great influencer agency to work with that will boost the success of your influencer marketing efforts.
Get Your Small Business Started with Influencer Marketing Today with Lionize
Lionize can help your small business get started today with influencer marketing. Our influencer marketing platform is a great alternative to working with an agency or can be used by agencies to help manage their clients’ influencer campaigns more efficiently. Lionize helps you find the right influencers to work with, automate the influencer management process, and track valuable data. Book a Discovery Call with us today to learn more about how Lionize can help you.
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