Instagram influencer campaigns are one of the hottest channels of influencer marketing. It's practically indispensable for a proper social marketing campaign because they continue to grow and multiply in the most disparate commercial areas.
In short, they are probably one of the main resources for winning strategies on social media, and, perhaps, you too could have thought of opting for a collaboration or sponsorship as it should be, instead of investing in classic ads, now practically outdated. But how much does an Influencer cost?
Unfortunately, it's very difficult to give a dry and hard answer to this question. There are many variables at play that do not strictly depend on the number of followers that the Instagram VIP can boast of having. However, even if there is no standard formula that allows you to provide a single answer to this question, there are some statistics that can help you better understand what the mechanisms are at play and what budget we are talking about.
What does the cost of an Influencer depend on?
Initially, collaborations with influencers were strictly based on a fair exchange: the company provided the product or service for free to the influencer who, after trying it, posted a photo on Instagram, indicating the name of the brand and dedicating a few lines to it. Caption.
Although today there are some micro-influencers (those influencers with up to 100,000 followers) who accept collaborations of this type, the big names of Instagram ask (with good reason, being their job) for money to create post sponsorships.
Before knowing how much influencer costs, it is necessary to consider the question from a slightly different point of view. It's not simply a matter of entrusting one's brand to someone who can create an ad hoc post for promotional purposes, but it is a matter of turning to professionals whose primary income, in some cases, is generated through Instagram.
Considering that influencers are indispensable for you, your brand and its growth, and that this type of work is one of the most coveted especially among the youngest, how do you get to establish a correct price, when the factors are at stake? Are there so many?
There are several factors that "weigh" in building a quote for an influencer marketing business. Knowing these factors will help you budget for influencer marketing and plan actions over time.
What factors impact the cost of an influencer?
As we said, the cost of an influencer is determined by a myriad of factors. Best believe, no influencer charges a flat rate for every sponsored post; there are underlying factors that go into determining an influencer's rates.
Seasonality: Not all moments are the same to hire an influencer. There are times of the year when influencers are most in-demand; having more work, influencers could raise their prices to select the brands most akin to their vision. For this reason, if for example, you want to hire influencers for a Valentine's Day campaign, it is not recommended to move a week in advance.
Notoriety: In a more familiar term, this talks about an influencer's reach —the number of followers or audience they have. Obviously, the more “popular” an influencer is in their niche, the more the price for their services goes up. The higher the number, the higher the rates.
Duration: Are you planning to hire the influencer for a "one-shot" activity or for an ongoing project? In the first case, the prices could be higher.
Type of content: How many contents must the influencer create and of which type? Depending on the amount of work, the estimate may change.
Exclusivity: Do you want your chosen influencers to only mention or promote your brand? An exclusivity clause is a value that can have a significant weight in a collaboration contract with an influencer and it'll cost you more.
Engagement rate: Oh, this is another important one because, at the end of the day, you need people to engage with your sponsored post. So, influencers with higher engagement rates charge more. You may think more followers mean better engagement, but that's not usually the case.
How much do Instagram Influencers charge per post?
Nano-influencers: $10–$100 per post
Nano-influencers are influencers that have a following of about 1k to 10k, nothing special but they have a sufficient level of popularity to receive advertising payments. Although they do not have that many followers, they are able to move, impress and capture the attention of their audience, due to their close relationship to favor brands. Nano influencers could promote your creativity for $ 10 to $ 100 per post.
Micro-influencers: $100–$500 per post
Collaborations with micro-influencers are highly appreciated in particular by those brands that offer niche products or services. Basically, it's better to count on a smaller audience, but more interested in the sponsored product, than in an infinite audience, but with little involved. Speaking of numbers, a Micro-Influencer (10-1000K followers) generally has rates between $100–$500 per post.
Macro-influencers: $5,000–$10,000 per post
Macro influencers are very attractive figures for companies. Therefore, they always wonder how much an influencer earns per post. Considering that their reach increases up to one million followers and that they already have experience producing quality content that resonates with their audience, the profit becomes exponential!
A macro influencer can charge between $ 5,000 and $ 10,000 per post. Not bad, right?
Mega-influencers: $10,000+ per post
These are the heavy hitters of the industry, with followers over a million. Surely, you've heard or yourself follow some examples of mega influencers such as Kim Kardashian, Ronaldo, Selena Gomez, and the likes of them. Their reach is monumental and so is what they charge per post. A mega influencer can charge between $10,000 up to $50,000 depending on their reputation and the number of followers.
It should be noted again, however, that prices are highly variable from niche to niche and from influencer to influencer. We assume that, in this exchange, both parties are in a state of absolute fairness: both the influencer and the brand will be able to enjoy benefits and advantages.
If you want to have a more general indication of the cost of an influencer, for some digital marketers the rule of a cent per follower is valid to establish how much an influencer costs (basically those with 10K followers should ask for $100 for a collaboration).
However, it is still a parameter to be taken with a grain of salt and which can undergo variations based on what you propose and who you propose it.
Ready to Plan Your Influencer Marketing Campaign?
There are no standard rates that apply to all influencers, and the methods of collaboration may vary as well. Surely, our advice is to choose well the person you will rely on to promote your product and or service, without evaluating too closely the number of followers, but mainly evaluating the engagement.
Generally, it's quite important you weigh in the potential factors before concluding your budget. More so, if you need help finding the right influencers that fit your budget, we would be glad to help. If you've got questions about influencer rates, or marketing generally, you'd want us to answer, please feel free to drop them in the comment section below!