How to Budget for Influencer Marketing in 2023

It’s no secret that influencer marketing is on the rise with no end in sight. According to Forbes, the influencer marketing industry is predicted to grow to $22.2 billion by 2025 and was valued at $16.4 billion in 2022. This is the time to jump on board with this type of marketing campaign. The question is – how much should you budget for this type of campaign? 

The first thing to consider is what type of influencer would work best for your campaign. Influencers have different follower counts, audiences, authenticity scores, and engagement rates. If you want to learn more about the different types of influencers, you can read more here. Ultimately, you need to figure out if the influencer’s audience is in line with your goals and target client base and select someone who can get you in front of the right eyes.

Second, think about how you want to compensate your influencers. You can offer a flat fee per a set number of posts, commission linked to purchases via a unique link/code, free products for them to share on their feed or you can get creative and compensate differently. Celebrities can charge tens of thousands or more for one single post. Whereas, nano or micro influencers may only charge a few hundred dollars or even agree to post for free products. 

Lastly, decide whether you would like to attempt to organize all of this yourself or if you would like to use an influencer marketing platform, like Sideqik. Obviously, we are partial to the latter. However, you should decide whether the ease of finding, organizing, contacting and paying your influencers is worth the extra cost. Many people have found that using multiple spreadsheets and tools makes this process very frustrating and time consuming. Thus, the cost of the platform is worth it to make this process easy for them.

If you want to learn more about how Sideqik can make this process easy and stress-free, sign up for a free demo and have all of your questions answered. 

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