With influence marketing on the rise, there a lot of questions coming up from both sides of the coin. Influencing is at its highest, and it’s only getting bigger as time goes by. Social influencers are looking for ways to build their brand and increase their influence, while marketers are looking for profitable endorsements.
When it comes to influence marketing, the most common question usually is:
“What’s a fair price to pay for influencer endorsements/shoutouts?”
There are a lot of different factors that go into this calculation, so we are going to explore all of them. The purpose of this article is to explore and determine a “fair price” to pay for social media influencers, so both marketers and influencers can use it to achieve their desired goals.
Let’s jump right into it!
Influence Marketing Costs
In this specific marketing niche, nothing is set in stone – everything is always changing. Since each influencer is different, there is no universal price for every single one of them. It’s all about finding the middle ground with your desired influencer.
Cost of influencer endorsement depends on many things, such as:
- Number of followers / subscribers of that influencer
- Engagement rate of his/her fans
- Campaign size / length
- Type of campaign
- Type of platform
All of these and many more are important factors when determining the price you have to pay for influencer to endorse your brand or product. The first bullet point is probably the most important one, as most people look at it as the key factor. When it comes to price and number of followers, the golden rule usually is:
$100 for 10,000 followers on social platforms, $200 on YouTube.
Or in short, $1 per 100 followers. YouTube subscribers are slightly more valuable since they’re harder to come by compared to other platforms such as Instagram. There’s also more effort required by the influencer to promote successfully on YouTube.
In short, influencers charge about $100 per post mention for 10,000 followers but there are also other things like story mentions, “IG takeover” and sponsored posts. A lot of it also comes down to engagement rate. Accounts with higher engagement rate can charge more money per follower, and that’s a specialty of micro-influencers – If you’re looking to promote in a very small niche, micro influencers are the best option.
Campaign details are also very important, as some influencers only agree to endorse products that are willing to commit long-term. That means instead of a single post, they require advertisers to commit to at least 1-3 months worth of content, which can be beneficial to both sides.
The larger and longer your campaign is, the less expensive it will be. That’s why every marketer should consider larger investments as they can yield higher returns on investment. And, as already mentioned – it also matters which platforms you use.
Here’s an example of rates from a lifestyle blogger, thanks to Later.com:
As you can see, one Instagram post costs $1000, which is very close to that “golden rule” formula that we mentioned earlier. But you might be wondering…
“What is the easiest way to get in touch & work with influencers?”
The Easiest Way to Work With Influencers
Finding the right influencer, negotiating a price and managing the campaign can be a daunting task for any of us. It is a difficult process that involves a lot of different factors, but there’s a great solution to these problems – they’re called influence platforms.
Influence platforms are built in mind to make the process of influence marketing as easy as it can possibly be! You can use influence platforms to find influencers, communicate with them, negotiate a fair prize and manage your campaign, all in one.