Navigating the Ever-Changing World of Influencer Marketing
As a brand, nothing seems more tedious and time consuming than scrolling through social media and trying to discover the ideal influencers that can boost your content and presence. It's even more tedious to find influencers you love who are willing to work with your budget.
INCREASE IN INFLUENCER MARKETING
From a cost per engagement standpoint, the cost of working with influencers has increased over the last few years. In fact, in 2018 we've already seen a 35% increase from last year, with the current average across all industries being $0.18 per engagement.
The reason for the price increase is simple: More and more brands feel the need to include influencer marketing as a staple component of their marketing campaigns. As demand has risen, so too has the presence of influencer agencies who naturally seek higher and higher rates for their clients.
$2 BILLION SPENT ON INFLUENCER MARKETING IN 2017, AND IT IS EXPECTED TO GROW TO $10 BILLION BY 2020
WHAT WE'VE DONE IN RESPONSE
As influencer marketing continues to grow in popularity, so too will influencer platforms like Cohley. One of the most well-known influencer platforms is Revfluence, who pride themselves on helping brands connect with a wide variety of influencers. Revfluence guides brands with what the fair rate is for each individual influencer based on each influencer's engagement and follower count.
This sounds good in theory, but in reality what it means for their customers is that predicting expenditures is almost impossible and they'll end up spending more money on the campaign than they would have if they'd running that same campaign on Cohley.
Rather than follow suit, Cohley helps clients set compensation thresholds up front so that brands can;
a.) Forecast total expenditures
b.) Spend a lot less money for equal or better results
c.) Work with people who are genuinely interested in working with them vs. making that decision based purely on compensation details
It's a simple concept, but for us it's all about providing clients with the optimal campaign setup that brings them the best possible results for the lowest total investment. Just because influencer compensation is going up doesn't necessarily mean that you need to invest more to get the same results. Consult our Customer Success team for campaign pricing thresholds that she/he think will achieve your goals and reap the benefits from there.
Click here to view some of our influencer's featured content.
Written by Tom Logan
Our CEO and Co-Founder Tom is no stranger to the Cohley blog! With seven years under his Cohley belt, Tom is our go-to on all company updates, new tech initiatives, and data focused trends. Tom helps to dictate our direction, monitor and emphasize our culture and put colleagues in the best possible positions to succeed. Tom is a self proclaimed Tech guy, Sports Writer and Lover of Rom-Com's.