Influencers are making some crazy money, but it’s very rare that anyone talks about it in detail. Well, let’s see if we can dig something out here. So, how much money do influencers really make?
The Real Answer: It Depends.
There are many factors that have to be taken into account to get the real numbers. The truth is, it will vary from one influencer to another. Let’s take a look at some factors that determine how much money social influencers really earn:
Numbers of Followers
The golden rule of the influencer market was always 1 follower = 1 cent. Which means that Instagram page with 100k followers can make about $1000 per post. And when we take into account all other forms of selling such as: Instagram stories, mentions, blog posts, shoutouts on a youtube video, twitter etc., we come to one simple conclusion: A lot of money can be made. So the next time you see your favorite page with 100k followers, just think about the fact that they can make $1000 by posting one image. Yikes.
The Golden Rule: 100 followers = $1 per post
This is probably the most important thing that businesses look at when deciding who to pick as their influencer. In past, a lot of people got scammed by “A lot of followers” talk, because those followers were bought or simply didn’t care about that page. Well, the market is evolving and so does measuring ROI (Return on Investment) when it comes to influencers. 100k followers can mean nothing if their engagement rate is something like 1%. It’s just bad and it won’t bring results. Good engagement rate for larger accounts is anywhere between 3-10%. Usually, the more followers they have – the less engagement rate they have. It’s perfectly possible to find accounts with 8-12% engagement rate with about 30-40k followers. And these influencers can charge $500+ per post because of that.
I actually used an online calculator to calculate the engagement rate of my personal account. It turns out I have 404 followers and an average of 131 likes & 2 comments per post. My engagement rate is 32.59%!! Now, who wants a shout-out from this guy?! (jk.)
Some niches make more than the others and that’s just the reality of it. There are influencers whose main focus is to teach people how to make money. Those people will probably not have enough money to buy a lot of things that this influencer endorses. On the other hand, there are influencers who talk about weight loss, and if they endorse a new “magical” product that helps people lose weight – they will probably sell a lot of it. That’s why they can ask for a lot more money if they have the perfect account for certain products.
Making money also depends on which platform does the influencer excel at. Some platforms simply have higher ROI and that’s the reality of it. For example:
100,000 followers on Instagram is worth much more than Twitter
The reason simply being that Instagram has on average more engagement rate than Twitter, and Twitter users on average care less about sponsored posts than IG users. So if you’re looking to make some quick moolah, you better pick the right platform.
Here are the top 5 platforms to make money as an influencer, according to Forbes article:
Funfact: PewDiePie, the YouTube star made $12 Million in the year 2017
Influencer’s Knowledge of Sales
Okay, let’s be real here. You can give two people the exact same accounts but you will get different results when it comes to earning money. Let’s say you give them an account of 200k followers and 2% engagement rate. One of them will charge $2000 while the other one somehow charges $4000. You’re probably wondering “But how?!“.
Well, the truth is, some people can simply ask for more because they know the market. They have more experience, they know how to pitch their services and how to find the right clients who will pay more than average. There are no rules in this market. Everyone makes shit up as they go. You can ask for $300 or you can ask for $1000, if by the end of the month one of those options makes you more money, you’ll stick with it. That’s just how it works.
THE BEST WAY FOR INFLUENCERS TO EARN MONEY
The easiest way influencers can make money is by using one of the influencer platforms.
These platforms make it extremely simple and easy to sign up, set up your account and start earning money by endorsing various different products / brands / companies.
Feel free to check our list of top influencer platforms for more information.
Additionally, SocialElite is looking for some new Influencers so go ahead and check them out! This is a brand new influencer platform with revolutionary technology, they will make it very easy for you to earn profits and kick-off your influencing career.
One thing is for sure: Money is there to be made.
Influencers with 1M+ followers are easily making $50k/month on average. On the other hand, even micro-influencers with up to 100k followers are able to make 6 figures per year. There’s a lot of money going around and the Influencer Marketing niche will keep growing.