Influencer marketing has become an integral part of any marketing campaign, but as the terrain of social media advertising is ever changing, it can be hard for businesses to know where to start when looking to establish their first influencer collaboration.
First things first, what sort of budget do you need to launch an influencer marketing campaign? Probably less than you think!
For brands, there are all sorts of influencers to choose from, with all different followers sizes. A global superstar isn’t always the best fit for your brand, sometimes a few well placed ads with micro influencers, influencers with a smaller following, with see a higher ROI.
How Much Do Influencers Charge Per Post?
An influencer’s social media post is essentially an ad placement. So, how much do most influencers charge for that single ad?
On average influencers on the following platforms will charge:
- Facebook influencer pricing: $25 per 1000 followers
- Instagram Influencer pricing: $10 per 1000 followers
- Snapchat Influencer pricing: $10 per 1000 followers
- YouTube Influencer pricing: $20 per 1000 followers
- TikTok Influencer pricing: $10 per 1000 followers
- Twitter Influencer pricing: $2 per 1000 followers
- WantBRD Influencer pricing: $20 per 1000 followers
- Blogger pricing: $60 per 1000 visitors
These are estimates, as influencers usually don’t share their fees publicly.
A common method many marketers use to gauge social media influencer rates is the one cent per follower rule (also known as the $100 per 100,000 follower rule). While it’s not a hard and fast rule, it will give you a good starting point to base a budget off of.
Even if you can’t afford known celebrities, who can sometimes charge up to $500,000 for an Instagram photo, there’s many much, much cheaper alternatives when it comes to pricing depending on your objective.
Some influencers might charge nothing at all. If you’re lucky enough to a fan of your brand who also has a good social media following, you may be able to negotiate an arrangement that gives them free product and you free publicity.
This sort of arrangement is rare, as many influencers are professional content creators who understandably expect to be compensated for the hard work they put into their career.
Influencer Pricing Depends on Many Factors
Social media influencer rates typically vary greatly and takes into account:
- The number of followers and fans the influencer has
- The amount of engagement their posts create
- The fit of the advertisement with their brand and following
- The number of posts you want
- The type of post (image, video, audio, etc.)
- The amount of effort needed from the influencer in creating the content to post (do you provide the image/video or do they?)
- Where the ad will be promoted. Will it just be posted on the influencer’s account, or will you also be using the content for your business accounts? Do you want to also use the content in your other marketing efforts?
Depending on your business, industry, and competitors, you may want an influencer to promote your content exclusively. While an exclusive agreement offers many benefits, it also comes with a much higher cost. That’s because by partnering exclusively with your company, an influencer will have to turn down other sources of revenue.
Exclusivity is usually not a long-term agreement. In most cases, the contract between your business and the influencer specifies when an influencer can start promoting other brands again.
Things to consider:
- What’s the potential ROI here?
- What’s the potential reach?
- Are they a good match for your brand?
- How valuable is their audience? Does it line up with your target customers?
- Dont be shy about asking the influencer to provide their own metrics. Have they previously worked with other brands and products? How many views, likes and comments did their past posts get? How many daily engaged followers do they have? What are the demographics of those followers?
What size Influencer do you want to work with?
Influencers are usually placed into three categories based on follower size:
Micro influencers have the smallest follower size, but often offer the most authority in a specific niche. These influencers have a follower amount of 10,000 people or less. Micro influencers are a hot commodity because they are more affordable and have higher levels of engagement. If you’re interested in finding out more, head on over to our article on ‘what is a micro influencer‘.
Power middle influencers
These influencers typically have an audience size ranging from 10,000-250,000 people. Power middle influencers are usually well versed in working with brands, with many collaborations under their belt.
These are the big stars of Instagram, Facebook, Youtube, Twitter etc. Their follower and subscribers can number anywhere from 250,000 to over 1 million people. The potential reach of macro influencers will dwarf that of micro and power middle influencers, but often have a lower engagement rate and higher costs for brands.
You don’t need the budget of a Fortune 100 company to create a successful influencer marketing campaign. A business of any size can reap the benefits of working with influencers! Pay a visit to our exclusive influencer directory to search for influencer that match your niche, check out their profiles and if you like what you see start a conversation.
And check out our other recent article If you’re interested in finding out more about how to hire Twitter influencers.