Is influencer marketing really so expensive? According to the 2017 State of the Creator Economy (SOCE) study, one third of marketers that do influencer marketing have budgets of more than $500,000 per year. If you’re looking at a much smaller budget — say $1,000 or $10,000, rather than $500,000 — influencer marketing isn’t off the table for you. Influencer marketing software costs are structured to work with a variety of budgets. Whether you’re a DIY marketer on a shoestring budget or a big agency that doesn’t really have to think about costs, you can make influencer marketing software work for you.
Influencer Marketing Software Options
Software Guide costs vary based on their intended users and the range of features they offer, not to mention their overall costs. The range of options available makes it possible for you to find a program that fits your needs and solves your problems, and that works with your budget.
Depending on the program you choose, the cost might be free or on a pay-per-click basis, or you might be expected to pay a monthly fee for the service.
The features included might be:
Access to an influencer network or marketplace.
You can connect your brands or clients to influencers in their niche or budget range.
Ability to on-board influencers.
If you’re an agency, you might already have your own team of influencers who you would want to add to your software program.
Sponsored posts or custom content.
Some software programs let you work with influencers to create sponsored posts, while others give you the option of collaborating with influencers to produce custom content.
Distribution and amplification of posts/content.
Depending on what you budget for influencer marketing software costs, you might be able to promote certain posts or content through the software.
Tracking and measuring.
Some software programs allow you to track your influencer posts and see what the engagement is like, or see which posts are the most popular.
The level of support you get from an influencer marketing software program is often directly connected to your budget and the amount you spend. The services that charge a monthly fee might provide you with a specialized support team. If you’re paying as you go or using a free software, you’ll most likely get access to a help desk or online support guide.
Influencer Marketing Software Costs
Now that you have an idea of the features you’d find on a platform, let’s take a look at the typical influencer marketing software costs and what you can expect to get for those costs.
Influencer Marketing Software Cost Structures
Free/pay as you go.
With a “free” software program, you aren’t charged a monthly fee. Instead, you pay for any services you use. For example, you might decide to promote posts with a pay-per-click model, and you might set your max budget at $10, $20, or even $100 per day. You’ll never pay more than your max budget on any given day. Usually, free or pay-as-you-go programs include limited support and limited features.
Monthly fee: Under $1,000.
For a lower monthly fee, you will typically get all the features included in a free influencer marketing software service, plus specialized support and training. You’ll also receive a range of other features not offered with the free services, such as custom content and the ability to bring on your own team of influencers.
Monthly fee: $1,000+
If your influencer marketing software budget is more than $1,000 per month, the world is pretty much your oyster. You get all the services and support available with the lower-priced services. But you also get the ability to engage with influencers, track your campaigns, and make payments. You might also be assigned a full service team to help you with anything related to influencer marketing.
Do You Need A Big Influencer Marketing Software Budget?
If you don’t spend a lot on influencer marketing software, are you missing out?
The answer is yes, and also no.
Can’t afford to pay a regular monthly fee for influencer marketing software? You’re going to miss out on the specific services and support that come with a paid package. Depending on the size of your company and your needs, you might not need the additional features.
Really, the beauty of influencer marketing software is that it’s scalable. Today, you’re a small company with just a handful of clients. One or two years from now, who knows? You might be a major player in the marketing field.
At that time, you can switch from the pay-as-you-go software package to a more in-depth and feature-right option. The additional features of a more expensive software package can help solve your specific needs and concerns.
Navigating Influencer Marketing Software Costs
Evaluate your team needs.
Spending $1,000 or $5,000 per month on a software package seems like a lot. But it often costs less than hiring a person full-time to handle the tasks software takes care of. When setting your budget, consider whether or not you have someone on staff who does what it does already. And, consider whether you’d save or not using software instead of adding to your team.
Consider your goals.
What will you use the software for? Do you only need it to amplify content on a cost-per-click basis? It might not make sense to allocate a huge budget towards software. If you plan on making software the heart of your influencer campaigns, you’ll want to boost your budget.
Think about how tech-savvy you are.
Some marketers need more hands-on support than others. Do you know your way around a help desk? Can you figure out how to use something after quickly skimming the manual? You might not need to shell out for 24/7 support or in-person software training.