Influencer marketing is among the most efficient methods of reaching your target audience, particularly on social media platforms. However, influencer expenditures might vary greatly depending on your company goals, business, platforms you’re targeting, posting frequency, and other factors. In such a scenario how can you discover the appropriate influencer for your company without spending a fortune?
In this article, we will discuss the eight determinants that affect influencer rates, the average influencer rates for the most popular social media platforms, the different types of influencer partnerships available, and how to find an influencer who will work with you to take your brand to the next level.
Several elements might determine how much an influencer costs for their services, and it is uncommon to find an influencer that charges a fixed amount. Influencer marketing and influencer marketing platforms are genuine businesses, and influencers base their prices on what businesses are willing to pay. While our list may not include all of the factors that determine how much an influencer will charge, these are the ones you can depend on to have an impact.
Pricing for Instagram influencer marketing
When most people hear the term “influencer,” they immediately think of Instagram, at least for the time being. Where there are influencers, there is marketing. Instagram influencer marketing and influencer marketing platforms have become an important element of many businesses’ operations, especially if they are attempting to target certain demographics. Indeed, with 90 percent of its 1 billion+ members following a brand, the network appears tailormade for companies seeking to engage with prospective customers. According to Mediakix, the overall worth of Instagram influencer marketing is $1.7 billion (March 2019)
Naturally, costs have gone up in direct proportion to the platform’s growing importance. And, as this type of marketing evolved from informal arrangements to a major pillar of long-term strategy, influencers have grown more confident in their ability to shift items for companies. Obviously, the COVID-19 outbreak has been a disruptive force throughout many areas of business over the last 1.5 years, and the influencer marketing industry has felt the pressure as well.
So, how much does Instagram influencer marketing cost? The cost of an Instagram post fluctuates depending on how many followers a certain Instagram influencer has. Based on the number of followers, there are five influencer categories: Nano, Micro, Mid, Macro, and Mega. Instagram post prices range from $10 for a Nano influencer to $10k or more for a Mega influencer.
How to Determine Appropriate Instagram Influencer Rates
To summarise, prices in this field vary considerably, and there is no uniform rate card.
A post from model Emily Ratajkowski is said to cost $80,700. Demi Lovato is said to charge at least $668,000, while Dwayne “The Rock” Johnson is said to demand $1.5 million for creating a post for his 187 million followers. Even among the most famous celebrities (even amongst the Kardashians! ), there appears to be no hard and fast rule.
There are, however, ways to ensure that companies gain value from their sponsored posts and that influencers are appropriately rewarded for their efforts.
Rates should be based on an influencer’s follower count and engagement rate, but other non-quantifiable variables like star power, skill, or access to a specific demographic can also have an impact.
Covering any expenditures connected with a shoot (such as renting a studio or employing a hairdresser, for example) will also be a consideration.
The majority of pricing begins with one of these baseline formulae and progresses upward from there.
Total rate Equals engagement rate per post + extras for kind of post (x number of posts) + extra variables.
The unstated industry norm is $100 per 10,000 followers + bonuses for post type (x number of posts) + other variables = total rate.
Of course, your brand objectives and right influencer marketing platform will also play a role in choosing which influencer will provide the greatest value.
Other elements that impact Instagram influencer pricing
When marketing with influencers, brands looking for quality relationships must budget for these cost variables.
The right to use
If you wish to retain control of the material you generate with an influencer so that you may use it on other influencer marketing platforms or in the future, the influencer’s rate will most certainly be affected.
Most contracts have an exclusivity clause in which the influencer promises not to work with rivals for a set period of time. This will have an impact on the cost because it may cost influencers prospective deals.
Amplification of social interactions
Influencers are likely to be making waves on other influencer marketing platforms as well. Cross-posting agreements can be negotiated by brands in order to increase the reach of a sponsored influencer post.
Is the influencer close to a group that is important to your brand? They may charge a fee. It’s all about supply and demand..!
Photographers on the job
Influencer prices should take into account various production costs such as the time it takes to create the content (labor), props, clothes, hair and makeup, photography, editing, and travel.
Duration of the campaign
The length of the campaign will have a direct impact on influencer pricing due to the additional labor, content, and exclusivity restrictions.
A rush charge may be levied depending on how much time a business offers an influencer to generate content.
If an influencer believes that a firm lacks affinity with its own brand, they may charge for the loss of credibility that the collaboration may cause.
The type of content
Some forms of material are more difficult or time-consuming to create than others. Influencers may provide discounts for simpler formats and charge more for more extensive ones.
Some types of content are more time-consuming and difficult to generate than others. As a result, certain influencers may provide discounts on easier-to-execute forms, while others may demand higher fees for more complex formats.
The Link In The Bio.
If you want to increase traffic to your website, make sure there is a link to it someplace. It is fairly unusual for influencers to charge a fee for including a link in their bio.
Now that you have a better understanding of influencer pricing, read on to learn more about influencer marketing and how to collaborate with an Instagram influencer.