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Author: Nicholas Agardy
June 24, 2019
Since the influencer marketing market is projected to reach $10 billion by the year 2020, it’s safe to say it’s here to stay. That’s because companies can expect to earn $6.50 for every dollar spent on an influencer marketing campaign.
Consumers trust influencers so much that 49% of consumers depend on the influencer recommendations they see on social media. Millennials feel influencers understand them better than their actual friends.
Moreover, 70% of teenagers feel that YouTube influencers are more relatable than traditional celebrities.
However, how much do influencers get paid for social media post? Keep reading to learn what makes up the cost of an Influencer and the content they create.
Table of Contents:
For those looking to become a paid influencer or companies looking to hire one, there are no hard, set rules. That’s because it’s still a relatively new industry.
However, there are several guidelines most people are following:
Determine your price based on when and on which social media sites influencers post.
You can base your price on how often you want the influencer to post. Take into account the campaign length and engagement rate.
Determine what your budget is and how you want to pay your influencers. Many digital marketers follow the one cent per follower or $100 for 10,000 followers rule as a starting point to make their budget calculations, however not taking into consideration the many other factors that drive up the cost of an Influencer. Following this very basic rule can increase the price negotiations you’ll have when collaborating with Influencers.
The cost of influencer marketing varies across social media channels. Your Instagram influencers list may cost more since it’s the top choice for social media influencer marketing.
Facebook influencers may cost less since it’s less common and fewer younger people are flocking to this site.
While it’s easy to buy fake followers, it’s harder to purchase fake engagements. That’s why engagement is one of the metrics many brands use.
Whether it’s influencers on Instagram, YouTube, or TikTok, the more often influencers get their followers to engage with their posts, the more effective your marketing campaign becomes.
Social media algorithms prioritize engagement so the more positive engagement a post receives, the more people see the post: the higher the engagement rate, the more expensive the campaign.
It’s essential to take a look at the potential reach on each advertising channel to help decide how much to pay for an advertisement. Please take into consideration the number of followers an influencer has in order to determine how much to pay them.
The more followers, the more potential your brand has to reach its core audience. Influencers with high numbers of followers will charge more.
In general, the more expensive your product is, the more expensive your campaign will be. The industry you’re in can also affect the cost of your influencer marketing campaign.
Promoting your hotel will cost more than a company hiring an influencer to promote their chewing gum.
Influencers are like freelancers in a way sometimes because they also put a lot of effort into the content creation like the production of high-quality videos and editing their photos with Photoshop. If you work with bloggers, you should take into consideration the effort they put into the research and writing. These factors can increase the cost of an influencer beyond their reach, audience, and follower base.
To determine your budget, you’ll need to answer a few questions first:
In general, the more work your influencer has to do, the more expensive your campaign will be.
Working with an an influencer marketplace or an agency will cost you more, but chances are high you may end up with a more successful campaign, especially if you’re new to influencer marketing. The influencer marketplace or agency will typically charge a commission to connect you with the right influencer.
Otherwise, you can find an influencer directly using our all-in-one influencer marketing platform. Sign up today and make your next influencer marketing campaign a success.