If we do the math with 50 social media influencers and the typical rate card, it would suggest that a single Instagram post can range from $150 (folks with negligible following, like me) to $5,000 (for hyper/celebrity-influencers with >100k followers) — at 4 posts per influencer at a modest $250 / post (i.e. a $1,000 spend on an influencer), the “ad spend” alone will be at least $50,000. And we haven’t even accounted for the agency fees yet! Well for sure, Madam spokesperson from MOF declined to disclose the figures except to share that “it was in accordance with market rates.”
Interesting perspective on the recent influencer engagement by one of our Government bodies. Was this a project with positive ROI? And how would one determine the "Return" in this case? The summation of the reach from all the influencers' posts? Of the total number of people reached, how many were truly the intended audience of the MOF?
We have influencers and we have influencers
Would it have been more cost effective (and thus higher ROI) for the MOF to use some of the circa $50k (based on the author's estimates) to run paid FB and/or IG Ads targeting the intended audience (i.e. younger generation in Singapore) directly?
That way the reach and engagement is concentrated on the MOF (or a separate Budget page) FB/IG Page. It also makes perfect sense to accumulate followers/engagement on MOF's page since the Budget is an annual affair, and with proper community engagement, the page can eventually become a legit channel for awareness and discussion going forward! Food for thought I guess, for organizations and small/medium business owners.
Are you also looking to engage influencers to raise awareness about your business? Our co-founder Charmaine, was already in the Social Media industry before it became an industry, and has amassed a diverse network of influencers that we can tap on for your business! Give us a call today and let us help you with your social media marketing.
Tip: Do not blindly look at the follower count (most of these followers aren't even real accounts tbh). Get their rate card and check their engagement %, and which brands have previously used them to make a more informed decision.
tl;dr Let us do the heavy lifting and help you curate and source the best influencers for your brand!