When Do You Need an Influencer Marketing Agency for Small Business?
Influencer marketing agencies can make setting up and managing an influencer marketing campaign for your small business easier. If you’ve been contemplating hiring an agency to help with your influencer marketing, this article will outline what you need to know about influencer agencies for small business and when you should hire one.
Brands we’ve worked with
What Is Lionize?
Lionize helps brands and agencies unlock the full potential of Influencer Marketing. Our A to Z solution manages every aspect of the Influencer Marketing process for you. With our software, you will save time and money while improving results. Our AI powered tech manages the entire partnership lifecycle for you within one easy-to-use platform.
Influencer Marketing. Simplified.
Kickoff the Lionize recruitment process by defining your strategy.
The first step is figuring out what type of Influencers will tell your story best. With Lionize, you’ll find authentic and unique partners that fit your brand. Our proprietary search engine identifies talent from the entire world of social media based on an ideal Influencer profile you’ll create with the help of your Account Manager.
Once your program goes live, Influencers will apply and enter a selection queue available on your dashboard.
At this stage, Lionize becomes a ‘digital match-maker.’ Much like a dating app, you’ll be presented with a list of targeted Creators that fit your parameters and want to work with you. You’ll approve and deny based on who you feel is the best fit. These selection decisions are under your complete control.
As you select your desired partners on a rolling basis, Lionize activates and manages them for you!
Lionize manages the status of each relationship on your behalf through its automated communication and reminder system. No more juggling hundreds of emails back and forth or messy tracking in spreadsheets.
Finally, you can just sit back and enjoy watching your team of Influencers promote your brand. Tracking, reporting, payment, reactivation – Lionize handles it all.
On your Lionize dashboard, you’ll be able to track your top performers and all post activity. We share a wide variety of data and metrics behind each piece of content created by your Influencers including engagement and reach.Want to repurpose these posts for other digital efforts? No problem, we make it easy to export all of your campaign data and UGC.
What Is an Influencer Marketing Agency ?
An influencer marketing agency helps manage the influencer marketing process. Many influencer marketing agencies offer full-service solutions where the agency will manage every aspect of the influencer marketing process. Services from influencer marketing agencies usually include:
- Finding influencers
- Managing influencers
- Content creation
- Content strategy
- Analyzing and reporting on the success of influencer campaigns
Allowing an agency to run all these aspects of the influencer marketing process can be beneficial, since it takes work off your plate, so you can focus on other areas of your business. Influencer agencies are also experts in running influencer promotions, so using the expertise of an agency can lead to your influencer marketing campaigns being more successful.
How Does an Influencer Marketing Agency Work for a Small Business?
An influencer agency will work with your company to create a successful influencer marketing campaign based on your needs. Typically, agencies will have a process that helps them learn about your business and create a comprehensive marketing strategy based on your industry, brand image, target audience, and marketing objectives. When you work with an influencer marketing agency, they will:
- Learn about your company and influencer marketing goals.
- Create an influencer marketing plan.
- Find the right influencers.
- Facilitate the content creation and influencer management process.
- Report and analyze the results of the influencer campaign.
These services lead to successful influencer marketing campaigns when working with an agency. Read on for more information about how an agency would help with each of these areas.
Learn About Your Company and Influencer Marketing Goals
Influencer marketing agencies must learn about your company’s specific needs and influencer marketing goals and objectives to be successful. Every company has unique qualities that make them stand out from the competition. Influencer marketing agencies take the time to learn about your brand’s positioning in the market, your niche, and your target audience to know how they can best implement an influencer strategy for your needs.
Next, the agency will learn about your marketing goals. Different objectives will require different influencer marketing strategies to achieve them. Common marketing goals for influencer campaigns include:
- Product or service sales
- Lead generation
- Brand awareness
- Subscription sign-ups
- App installs
- Increase website traffic
- More followers or engagement on social media
Your influencer promotions and strategy would look different for each of these marketing goals. An influencer agency would help you determine what type of promotions would work best to help you achieve your company’s specific objectives based on your budget.
Creating an Influencer Marketing Plan
Once the agency knows about your goals, they’ll create a comprehensive influencer marketing plan that fits your needs. Common elements of an influencer marketing plan are:
- Influencer marketing strategies that will be used.
- The budget that is required.
- Metrics and results the agency will aim to achieve.
- The timeframe needed to achieve results.
Having a plan will keep everyone on the same page with the next steps of the process.
Finding the Right Influencers
An influencer marketing agency will help you find the right influencers for your needs. It’s essential to find the right influencers to work with, since they will be an extension of your brand’s image. Influencer agencies will find influencers with the right:
- Brand image
- Content creation skills
- Engagement rate
Finding the right influencers for your company’s needs will lead to influencer marketing success. Influencer agencies know efficient ways to find influencers to work with or may even have influencers they consistently partner with that could be a good fit for your marketing objectives.
Content Creation and Influencer Management
Influencer agencies will help facilitate the content creation and influencer management process. This puts the work in the hands of the agency to ensure that influencers create the right types of content for brand promotions, post on time, and get paid for their work. This takes work off your plate by allowing an agency to manage the entire process for you.
Report and Analyze the Results of the Influencer Campaign
Once the influencer marketing campaign has been completed, the influencer marketing agency will provide an analysis and report back to you about their results. The reporting process helps explain how your marketing budget was spent and the return on investment you got from influencer promotions. The agency can then help you create additional campaigns and optimize for better results going forward if you choose to continue working with them long-term.
How Can Influencer Marketing Help Grow a Small Business?
Influencer marketing is a form of marketing in which businesses partner with social media users who have developed significant followings — also known as influencers. The brands pay the influencers to create content that promotes their products or services and post that content on their social media pages.
There’s no reason why small businesses can’t take advantage of the power of influencer marketing just like industry leaders do. Influencer marketing can be a highly effective marketing strategy, even if you don’t have a huge budget or an extensive in-house marketing team. So, how can influencers help small businesses?
Influencers help small businesses by exposing their audiences to the business’s products and services. As the brand partnering with these influencers, you get the opportunity to tap right into the audiences that influencers have cultivated. The social media users that follow influencers trust and value those influencers’ opinions. That means when an influencer posts something positive about your small business, their followers are much more likely to engage and respond to those posts than they would to a traditional ad.
Some of the benefits of social media influencer marketing for small businesses include:
- Increasing brand awareness.
- Building trust and credibility.
- Improving your search engine optimization (SEO).
- Reaching new target audiences.
- Growing your brand’s social media pages.
- Driving sales.
People sometimes ask, “When should influencer marketing be used?” The answer is anytime you want to take advantage of some of these benefits for your business.
When Should I Use an Influencer Marketing Agency for My Small Business?
Working with an influencer agency isn’t necessary for every business, so it’s important to know when to use an agency to help manage the influencer marketing process. Signs that hiring an influencer agency is a good idea for your business include::
- You don’t have enough time: Influencer marketing agencies can help with time management. If you’re feeling overwhelmed managing your influencer marketing strategy or don’t feel like you have time to get started, hiring an influencer agency will help you save time, so you can focus on other tasks for your business.
- You need expertise: Influencer agencies are experts in the influencer marketing space. They know how to create an influencer campaign to successfully achieve your marketing goals. Hiring an influencer marketing agency can be an excellent investment to get high levels of expertise.
- You have the budget: Before hiring an agency, you must have the necessary budget. Different agencies will charge different amounts based on their own fees and how much your company wants to invest in an influencer campaign. Typically, an agency costs anywhere from $1,000 to $18,000 per month.
- You need a fresh perspective: If your sales have stagnated or you’re not getting the results from influencer marketing that you want, hiring an agency can provide a new perspective on the situation and help set you up for success.
Hiring an influencer agency can be very beneficial. Looking at your company’s situation and goals is crucial to know if this is the right step for you.
Hiring an Influencer Marketing Agency for Small Businesses
If you run a small business, you may also be wondering if an influencer agency is right for you. Some agencies can work with small businesses and plan influencer campaigns with a lower budget. Planning your marketing budget and determining your goals will help determine if hiring an agency is right for you.
How Do Influencer Marketing Agencies Get Paid?
There are different ways that influencer marketing agencies can get paid for their work. The best form of payment for your business will depend on your budget and influencer marketing needs. Common ways that influencer agencies get paid are:
- Flat monthly fee: Some influencer agencies will charge a flat monthly fee to run your influencer campaigns. The monthly fee may be charged as a percentage of your influencer marketing budget, or it may simply be a cost based on the amount of work required from the agency to manage your influencer marketing.
- Full commission: Agencies may be purely commission-based for a percentage of sales they can generate using influencer marketing. This can be a good low-risk option for companies, since it is fully performance-based with no upfront cost other than the amount needed to pay influencers for promotions.
- Base cost per month + commission: Influencer marketing agencies may charge a flat monthly price for their services plus a commission percentage of the sales they can make through managing influencer promotions. This helps lower the monthly fee for the agency, while still providing them with some guaranteed income for their work.
Thinking about your monthly budget and talking to the agency you want to work with will help you decide which payment option is the best fit.
How Much Should I Budget for Influencer Marketing?
The right budget for influencer marketing will vary depending on the brand and marketing objectives. A good range to be in is using about 15-25% of your overall marketing budget for influencer marketing promotions. It is worth dedicating a sizable portion of your marketing budget to influencer marketing, since it has a high return on investment.
How Much Do Influencers Charge Per Post?
When budgeting for your influencer marketing campaign, it’s important to know how much influencers charge per post. The cost for an influencer to promote your brand can vary based on their social media platform. The following sections will give estimated influencer rates in 2022 for popular social media platforms.
Facebook Influencer Pricing
Facebook influencer pricing can be more expensive, with an average cost of $25 per 1,000 followers for a promoted post. However, Facebook makes it easy to share posts with your friends. If a promoted post gets a lot of shares, it can widen its reach significantly.
Instagram Influencer Pricing
If you’re hiring an Instagram influencer agency or working with Instagram influencers, the typical cost for a promoted post is $10 per 1,000 followers. Instagram provides a unique option since you can promote many types of posts, including single photo posts, carousel photo posts, stories, reels, and videos.
TikTok Influencer Pricing
The average price per post on TikTok is around $25 per 1,000 followers. However, TikTok is a newer social media platform, so the price points for TikTok promotions can vary depending on the content creator and their niche.
Twitter Influencer Pricing
Influencer marketing can be more difficult on Twitter, since you only have so much space in a Tweet to give details about a promoted product or service. However, Twitter does provide a cheaper option, with the average price for a promoted post being $2 per 1,000 followers.
YouTube Influencer Pricing
The average price per promotional YouTube video is $20 per 1,000 subscribers. YouTube provides an option to integrate branded promotions with normal video content and gives a more personal touch to influencer promotions.
How Lionize Can Help
Lionize AI is an influencer marketing platform and global influencer marketing agency that helps brands and agencies connect with influencers. Our artificial intelligence software makes the influencer marketing process easier by providing detailed influencer matches for your marketing campaigns, automating parts of the influencer management process, and helping you track valuable data from influencer promotions.
Lionize for Agencies
Lionize can help influencer marketing agencies organize and manage all their work in one place. Lionize helps agencies easily find influencers to work with, automate campaigns, and organize all the data, so it is easy to report results back to clients.
Lionize for Brands
Don’t want to work with an influencer marketing agency? Lionize works with brands to make it easy to begin an influencer campaign. You don’t have to know a lot about influencer marketing to use our software, because it helps you through every step of the process and provides you with insights to optimize your marketing campaign for success. Contact us today for a free demo.