If you’ve worked with influencer marketing before, you’ve probably wondered how much cost influencers charge. The simple answer is that it depends on the person you wish to hire.
You could always reach out to a celebrity influencer. Everyone from Kylie Jenner to Justin Bieber will lend their large followings for a fee that could be close to or over $1 million per post. As a result, you’ll need a sizable budget, as well as a product and crew fit for a high-profile celebrity.
You can collaborate with non-celebrity influencers if you want to get more bang for your buck with your influencer marketing budget. Because of their enhanced degree of trust in their influencer, these influencers can reach a more engaged audience that is more inclined to check out or buy your goods or services.
There are three types of influencers that your brand can use:
- Macro-influencers have between 100,000 and one million followers
- Micro-influencers have between 10,000 and 100,000 followers
- Nano-influencers have between 1,000 and 10,000
However, don’t judge an influencer solely on the basis of their influence or the size of their audience. Influencer marketing is all about engagement, and a smaller influencer with 1,000 active fans may be a better fit and yield a higher return on investment than a larger influencer.
You can collaborate with non-celebrity influencers if you want to get more bang for your buck with your influencer marketing budget. Because of their enhanced degree of trust in their influencer, these influencers can reach a more engaged audience that is more inclined to check out or buy your goods or services.
Types of Influencer Compensation
Product Exchange
It’s critical to know how much influencers charge in order to plan our marketing budget, but not all payments must be in cash. When brands approach influencers, they have the option of delivering the product to the individual in exchange for their promotion. When working with micro and nano influencers, this form of influencer collaboration works best because they may have audiences who are interested in your product or service.
It works in a straightforward manner. First, communicate with your influencer via private message or email, explaining your goals and the campaign as a whole. Let them know you’d like to send them a product in exchange for a blog post where they may express their thoughts on it.
There’s not much else you’ll need to do assuming your brand and their audience have a natural fit. They’ll make and upload a video or photo showing your purchase once they receive it. Ascertain that each post contains a tracking code that allows you to monitor the impact of their post on your social media channels and website.
When working with nano influencers, you may want to ask them to advocate a single product on their channel. The repetition of a product, such as a monthly subscription box, will imprint your brand on the audience’s thoughts.
Because micro-influencers have a wider audience than nano-influencers, it’s a good idea for your firm to organise a predetermined number of posts about specific items with the influencer. Sending influencers items to advertise on social media will increase your company’s exposure because more of your services or products will be seen by the audience.
It’s crucial to realise that you’re branding your company with both micro and nano influencers. Instead of paying them, you might give them your product in exchange for a favorable comment or review. That is why you must thoroughly research your influencer and their target audience.
Money
When looking for an influencer to promote your product or service, money will always be the most difficult hurdle to overcome, regardless of how much influencers charge.
Given the financial implications of influencer marketing relationships, it’s critical to understand how much influencers charge each post and select the ideal person to promote your business. For money-driven campaigns, macro and micro-influencers are often the influencers you want to collaborate with.
The cost of promotion varies for each campaign, but in our experience putting up campaigns, you should budget between $4 and $9 for every 1,000 followers you want to reach. For example, if you want to reach 100,000 people with a micro-influencer campaign, you’ll need a budget of $500 to $1,000. This budget excludes product costs and any additional corporate resources required to manage the campaign.
Smaller influencers will stretch your money further because their followers are more engaged, accounting for nearly 10% of their overall audience on average. When you combine audiences from many influencers, you can get audiences that are more than five times more engaged and likely to buy things than audiences from a single celebrity, who is likely to have a restricted relationship with their millions of followers.
Working with macro-influencers can be more expensive because they have access to a much larger audience. The amount influencers charge per post can have a significant impact on the decision-making process. Given the industry standard of $1,000 per 100,000 followers, your company may be spending up to $1.3 million to reach Kylie Jenner’s 140 million followers with a single post.
Your organisation should invest in the correct influencer marketing software to avoid wasting money and keep track of how your funds are being distributed. An influencer marketing platform may help you locate new influencers, pay your existing ones, and attribute all activities back to the right influencer and campaign so you always know if you’re spending your money wisely.
How to Track Your Influencers
- Affiliate links are bespoke URLs with a special affiliate ID and username created for your chosen influencer. When promoting your brand’s product or service, the influencer advertises their link coupled with an incentive, such as a discount or a free product, for audience members to click.
- Discount Codes are similar to affiliate links given that they are specific to each influencer. When promoting your company’s products or services, influencers can include a discount code in their social media postings. Members of the audience can use this code at checkout on your company’s website to earn a discount on their orders.
Both alternatives can pay the influencer a commission if their audience buys something after seeing their post. Your organisation may also easily track the traffic directed to your website from the influencer’s social media accounts. It may be in your company’s best interest to provide an affiliate link to an Instagram influencer, depending on how much they charge per post. Connect with us to see how we can help you manage, connect with, and recruit high-quality influencers as part of your marketing strategy.