While many would say that social media marketing is the new hot thing in the market and even you should try your luck at the same, we do not fully agree. There are plenty of agencies out there but that doesn’t mean they are successful. It all depends on your willingness to succeed and the passion you have in this field. You cannot just jump into a business idea just because it is trending.
What is an influencer marketing agency?
They will help you get in touch with influencers and run campaigns on your behalf so that more people become aware of your business and take an interest in what you have to say. Most people these days are influenced by what their favorite influencers have to say. The agency will also develop content, run a strategy and conduct market research on your behalf. They will study your target audience as well to understand what they generally prefer to see.
What do they typically help with?
They act as the bridge between a brand and an influencer. They contact the influencers on the brand’s behalf, form a contract, brainstorm ideas and content together, execute the campaign, track the returns and more. Once they are onboard, you can relax.
How much can you charge for a project?
If you are thinking of starting an influencer marketing agency and wondering how much you can charge for running a campaign, here are a few factors that would come into play.
1. Is this a long-term contract or a short-term one? Will you provide end-to-end service or partial services?
2. Is it a micro or macro influencer?
3. What is the type of content? How often do you need to post?
4. How much effort did it take to make the posts/videos/reels?
5. How established are you in the market? If you have just started, charging less to build a portfolio makes sense. It indeed is a profitable business once you have garnered a name in the market. Once you figure out the answers to these questions, you will figure out how much you should charge for running a particular campaign. The cost of hiring an agency generally revolves between $100 to $1 million per post.
But if in one line, you need the answer to the question about whether a social media marketing agency is profitable in New York or not, then the answer is yes, it is.
A Social Media Marketing Agency in New York like Talent Resources which is a successful and established company manages to get enough clients in the city of New York. It has a presence in other places as well.
We all know the stats related to influencer marketing. More and more people are relying on influencer marketing agencies to connect to their favorite influencers and create a buzz in the market. Whether you want to hire nano, micro or macro influencers, depends on you. It also depends on the kind of products or services your brand sells. There are so many different kinds of agencies these days. While some can help you connect with celebrity-level influencers, some work with nano and micro-influencers. Now if you want to start a business, there are a few things that you need to know.
The market is tough: There are already plenty of influencer marketing or social media marketing agencies in New York City. So when you enter the market, you need to be ready with such competitors. You must work on providing the best services. You should hire people who have enough experience in the field.
You need to pick your cliche: You need to find your cliche market. It will depend on the kind of clients you are attracting. Ensure that the influencers you work with can complement the brands you are targeting. Whether it comes to helping the brands connect to influencers or negotiating the terms of the contract, all will be dependent on you and thus, you need to be careful. A good reputation is what you should aim for.
You need a solid network: Influencer marketing is not a walk in the park. To succeed, you have to build relationships with the people in the market. Try building relationships with influencers and their assistants, media people, etc.
Online presence: You should have a solid online presence as well so that the brands that want to contact you know where to find you. You should be at the top of their minds. Your social media handles should look top-notch! Invest in a website and include all kinds of engaging features.
You should also choose the right model based on your audience or clientele.
However, plenty of agencies fail due to a lack of knowledge, stiff competition, no leads at the top of the funnel and due to bad services. To start with, you need a few clients so that you can understand and learn about the industry. While it might seem all glamorous, you need to put in a lot of effort. Ensure that you have a Plan B ready when Plan A falls short.
Also, start slow so that you do not end up investing all your funds into this business. Be extra careful since it is New York City and its market is tough.