Influencer marketing has been all the rage for quite some time now, and it’s not showing any signs of stopping. It’s one of the guaranteed ways to increase brand awareness and reach out to your target audience on various social platforms, such as Facebook, Instagram, Tiktok, and more.
The results are often worth the effort, which is why more and more businesses are incorporating influencer marketing in their advertising strategies. Having said that, most companies struggle to determine the right budget for their campaigns. Working with influencers is not an easy task, and there’s definitely not a one-size-fits-all approach. The influencers you work with, your campaign goals, your market, and other factors determine your influencer marketing campaign’s overall cost.
The conventional approach won’t work here due to a number of reasons. Influencer marketing requires you to take the following factors into consideration:
- Scale – the frequency of posts
- Logistics – time and platform used
- Payment – mode of payment and sum of fees.
In this article, I want to help you figure out the standard influencer rates on different social media channels and elements you need to be aware of when reaching out to the influencer of your choice. If you don’t have the financial capacity to launch a full-blown influencer marketing campaign just yet, I’ve also thrown in a couple of tips on how you can find influencers that will work for free.
What does an Influencer do?
Influencers are everywhere these days. Unless you’ve been living under a rock, I’m sure you’ve heard about them. But to paint you a clearer picture of who these new-age celebrities are, they can range from Salt Bae to Kim Kardashian. They come from different backgrounds, earn a reputation in their ways, and manage to persuade people to purchase items from the brands they endorse in their social media pages.
Influencers have always been integral in marketing, even before it has become an actual thing. These days anyone with enough following on social media networks can become an influencer, so long as they leverage their position to promote products for various businesses. Around 70% of teens these days won’t even think twice about buying an item that earned their favorite influencer’s stamp of approval.
How much does an Influencer make per post?
When you choose the best influencer for your business, you have access to effective advertisement positioning. Each post the influencer uploads to their social media accounts gives you is basically an ad campaign in itself.
Here’s a list of the average costs of an Influencer post per 1 000 followers, depending on the channel used. Mind you, the rates shown below can go higher or lower, according to the influencer you choose and your arrangements with him or her.
Bear in mind that these are all rough estimates and should only serve as reference points for calculations.
Most marketers use the one cent per follower rule when computing for social media influencer rates. Not everyone can afford any of the Kardashians. Luckily, there’s an elbow room that allows you to set prices and negotiate with an influencer without compromising your business objectives.
Factors That Determine Influencer Rates
If you’re wondering why there isn’t a universal standard when it comes to social media influencer rates, these factors are to blame:
- The aptness of the influencer
- Diversity of the fanbase of an influencer
- Engagement that their posts generate
- Number of posts necessary for your campaign
- Type of posts (e.g., video, audio, stories, image, etc.)
- The effort needed to pull off the campaign (Will you provide them the posts, or will they need to take a photo or shoot a video for it?)
- The areas where the advertisement will be posted (the influencer’s account, your company’s account, on your webpage, etc.)
It’s not easy to pinpoint the rates of a certain influencer, but most of them will provide you their rates anyway. In other cases, if the influencer is under an Influencer Marketing Platform, such as Revluence and Tapfluencer, they’ll be the ones to set the rates for their clients.
Influencer Marketing and Its Impact
Social media influencer rates are hard to determine. However, instead of fixating on determining their rates, you need to look at it from a different angle. How will campaigns affect your business positively?
Look at it the same way you would a typical advertisement placement. Assess the outcomes. It’s essential to have an idea about your possible return of investment, your target reach, and so on.
Another thing to consider is if the person is apt for your brand. If so, you’ll reap more benefits compared to working with a top influencer. Fame is not the only variable here. What’s the point of choosing an influencer with an international reach if you’re only offering your products in the US? It is vital for your business to ensure that the Influencer’s following aligns with your target customers.
Once you have the projected ROI, analyze how it measures up to other marketing activities you have in play? From here, you can gather how much it could cost you to replicate the financial benefits when using a different method.
Moreover, feel free to communicate with influencers and ask them about their former tie-ups. It’s a must in gathering information necessary to determine if they are worth the investment or not.
Figure out how their campaigns have worked out in the past, mostly in the area of engagement. Ask them about likes, comments, and views of their current posts. More importantly, ask them about their followers’ demographics. The answer will help you gauge if you can utilize the influencers’ fanbase for your business gain.
Different Types of Influencers
Influencers come in many forms. They are classified into three types, hinging on their audience size.
Micro-Influencers refer to influencers that have a dedicated fan base of no more than 10 000 people. They are recognized experts in their niche. Don’t be fooled by the size of their following. Most micro-influencer fans are active fans. Safe to say that most companies will do well working with micro-influencers. Apart from benefiting from a high level of engagement, they give more bang for your buck.
Power Middle Influencers
These influencers have a following consisting of 10,000 to 250 000 people. Most of these influencers already have connections and experience in influencer marketing.
Macro Influencers are social media personalities with over 250 000 followers. They are the pillars of the industry. When it comes to reach, they are hands down, the winner. Unfortunately, reach doesn’t guarantee engagement. It only guarantees high premium fees.
How to Conduct Influencer Marketing for Free
You’ll be happy to discover that some influencers don’t charge anything at all.
Some influencers are more than happy to endorse a product they are fans of. Moreover, if your social media channels have a powerful following, some influencers will willingly work with you. A little incentive, such as free products and free promotions, is enough to get the ball rolling.
Moreover, you can use material that influencers who follow your brand have already posted. All you need to do is retweet, repost, and share their material. It’s best to provide them a little reward to guarantee they’ll put their best foot forward. Besides free products, you can give them access to new ones, or tag and mention them in your posts.
That being said, influencer marketing is not expensive. As a matter of fact, most campaigns have a budget that doesn’t exceed $10K. The truth is, you can milk free influencer marketing techniques as much as you can, but you won’t see a substantial impact on your business. Couple it with a paid influencer marketing strategy, and you’ll manage to reach your target audience’s subconscious.
It’s also wise to consider your marketing strategy because not all influencers can pull it off. You need to target one that will serve your goal, which is one of the reasons Influencer Marketing fees differ. An influencer’s social network reach and power are also some significant elements to watch out for.