TikTok has quickly become one of the most popular social media platforms in the marketing industry. The social media platform has greatly aided businesses and marketers in increasing brand awareness and reaching large and targeted audiences online through social media advertisements and influencer collaboration.
Aside from determining the right influencer to work with, you must also give consideration to the influencers’ collaboration rates and your budget. Given the scope of your marketing campaign and budget, how can you find the right influencer for your TikTok marketing campaign?
In this article, we are going to talk about the common factors that affect influencer collaboration rates, the types of influencer collaborations, and the points to consider when pricing an influencer.
What Affects Influencer Rates
Influencer rates will depend on a number of factors. Influencers nowadays set their default rates based on the equilibrated amount that both brands and influencers have negotiated. But these default rates do not come from thin air. There are a number of things that brands need to consider, including:
- Social Media Channel
- Influencer Reach
- Follower Engagement
- Type Of Industry And Influencer’s Niche
- Influencer Marketing Content
- Demand For The Influencers
- Usage Rights Of The Content
These influencer marketing rate parameters will give you a better idea of what you’re getting for the amount you are investing in your influencer marketing campaign.
1. Social Media Channel
Depending on the type of content or post for the advertising campaign, influencers may request the same rate for all social media channels where the content will be used. However, different social media platforms provide different benefits and the amount of effort required for their marketing campaigns. As a result, influencer rates vary depending on the social media platform where the influencer marketing campaign content will be used.
2. Influencer Reach
The number of people an influencer can reach, both new and existing followers, is referred to as reach. An influencer’s reach is mainly based on how many followers or subscribers an influencer has, including the number of people they could potentially reach. Generally, the influencer’s rate is determined by the number of followers the influencer has.
However, in some cases, the influencer with a large number of followers will not be able to provide your brand boost in conversions and sales for your TikTok marketing campaigns, mainly because not everyone in the influencer’s following base is not in line with your brand niche. Before selecting an influencer for your TikTok marketing campaign, consider whether the influencer’s followers are people you want to leverage.
3. Follower Engagement
Engagement refers to how the audience interacts with an influencer’s social media accounts. An influencer’s follower engagement can be determined by the likes, subscribers, comments, shares, retweets, mentions, and many more depending on the social media platform.
An influencer’s rate is also dependent on the number of engagements the influencer generates on their organic and sponsored posts. An influencer’s following engagement also correlates with the influencer’s reach. In most stereotypes, the more followers an influencer has the higher their engagement rate. However, this is not always the case. For your TikTok influencer marketing campaigns, consider looking at how much an influencer’s followers really engage with the influencer’s content posts.
4. Type Of Industry And Influencer’s Niche
Since its launch, TikTok’s social media has become a haven for both brands and influencers. Brands see the surging popularity of TikTok influencers as a big opportunity for business growth and success. However, the success of influencer marketing in TikTok has also affected influencer collaboration compensation rates.
It is natural that you want to work with influencers who specialize in the same industry your brand is in. No one would believe your brand message talking about makeup products if you work with influencers who specialize in road cycling. This is part of the reason why working with TikTok influencers relevant to your brand is vital to the success of your influencer marketing campaign. Influencer marketing in popular niches with more available influencers will be less expensive than in niches with fewer available influencers.
5. Influencer Marketing Content
The content strategy for your influencer marketing campaign will also greatly influence the influencer pricing rates. Mainly because the amount of energy, time, and resources that influencers must invest is determined by the type of content that must be produced. It also takes into account whether you will be able to provide all of the necessary resources for the content,
Typically, the more effort an influencer needs to spend for the type of content you want for your TikTok marketing campaign will greatly affect the amount of payment they’ll require from you. If you’ll be asking for a more complicated and difficult-to-execute type of content, they expect it to cost more.
6. Demand For The Influencers
High demand leads to higher rates. This is also true for social media influencers. There are various types of influencers, namely nano-influencers, micro-influencers, mid-tier influencers, macro-influencers, and mega-influencers.
Each type of influencer has a different following count. Brands and marketers deemed the influencer’s following count to relate to their level of popularity and demand. The higher the demand and influencer are, the more likely they are to cost higher than your average influencer rate.
7. Usage Rights Of The Content
Typically, when influencers and brands collaborate, the content produced is specific to the chosen social media platform, which is usually where the influencer is. However, in other cases, some brands will like to reuse the created content on other social media platforms. This is why some TikTok influencers charge more than the average for their compensation rate, depending on whether the influencer and brand agree to use the content on other social media platforms.
8. Influencer Exclusivity
The influencer you will collaborate with will become one of the faces of your brand. Surely you do not want to work with influencers known to be ambassadors of other brands in the same industry right? In these cases, brands negotiate with influencers to sign a non-compete agreement as part of their influencer contract to prohibit them from promoting competing brands for a certain period of time. This, however, aside from the influencer rate, will cause you to pay extra for these agreements, affecting the total amount that you’ll have to budget for your influencer marketing campaigns.
The type of influencer partnership or the process of how well the influencer your brand has partnered with will also depend on the type of social media platform’s allowed content productions and limitations. Some social media channels may allow Reels, short videos lasting no more than 60 seconds, while other platforms may only allow photos and GIFs content.
In every social media platform, influencers will use different styles and strategies for content creation for your brand marketing. Keep in mind that influencers in various social media channels engage with their audience through different formats, wherein corresponds to how influencers will rate their services.
The following or several examples of content creation formats for different social media platforms.
Giveaways are a popular and effective marketing tactic that marketers incorporate into their brand collaboration strategies. This type of marketing strategy involves your brand providing something of value to the influencer with whom you want to collaborate, and the influencer offering it to their audiences in the form of a contest or giveaways. This type of partnership will affect influencer collaboration costs as brands will have to include the budget for the giveaways.
A shoutout is where brands pay a social media influencer to promote their products and service offerings. It may be through visual content such as images, videos, and GIFs, containing call-to-action links to generate web traffic and sales for your brand.
Sponsored content is a type of influencer partnership that can be used by both new and established brands. You can either provide ready-to-share content to the influencer or have the influencer create the content. In either case, the posted content should be interesting and engaging. In sponsored content partnerships with social media influencers, you will need to invest more in the collaboration budget, especially if the influencers must create the content.
Product gifting also called product seeding is where brands send social media influencers their product offerings in hopes that the influencers will say positive things about the product in their social media content posts. This type of influencer collaboration works best with nano and micro-influencers. This type of influencer collaboration works best with nano and micro-influencers. However, macro and mega influencers, such as social media stars with a large following, expect to put in more effort to pique their interest in saying something positive about your brand in their content posts.
Affiliate marketing is the collaboration of brands and social media influencers to produce media content to promote your brand. However, compared to other influencer marketing types of partnerships, the compensation that the influencer will receive is based on sales that the brand will generate through the influencer’s social media channel. The amount of budgeting that you will have to invest in this type of influencer marketing partnership is highly dependent on the negotiated percentage of the sales that your brand and the influencer have agreed on.
Brand ambassadors are social media influencers who assist brands’ in promoting products and services offerings. In comparison to other types of influencer marketing partnerships, this type of partnership is commonly used in long-term partnerships. The purpose of the partnership is not limited to brand promotion but also to develop your brand image by interacting and engaging with your audiences. And because influencers understand your brand’s mission and vision, including every aspect of your products and services, they are able to provide compelling content for your TikTok campaigns.
Influencers to become your brand ambassadors should have been using your products or services a number of times and will post and share images and video content with consistency over a period of time. The length of time that the influencer will have to spend as the ambassador for your brand will affect the amount of budget you will need to spend for your influencer marketing campaign.
The Type Of Partnership Affects TikTok Influencer Cost
The meaning of choosing the right influencer for your TikTok campaigns is the balance between the TikTok influencer rates and the budget you are willing to spend. It is of great importance that brands should be able to determine how much they need to invest in their influencer marketing campaigns.
The cost of TikTok influencer marketing can vary greatly depending on the type of partnership you want to form with the influencers. Before deciding on the influencers you want to work, you must first determine your marketing objectives, the social media platform on which you want to conduct your influencer marketing campaigns, and the influencer agencies with whom you want to work with.
Tanke influencer marketing agency connects your brand with influencers and assists your brand in executing a robust strategy and helps you decide on what type of influencer partnership is best for your TikTok marketing campaign.