How Much Does Social Media Influencer Marketing Cost?

Have you any idea how much that an  influencer marketing  effort expenses? Or how much you ought to be paying an influencer?

Do not be worried, if you’re not sure. I am like you. I didn’t know before I did the research.

And in truth, there is no exact science to figuring out exactly how much you must pay influencers, as you social media executive explained to Digiday: “We have no clue what to pay them. That’s the difficulty.” 1Digiday, 2016

Although there isn’t a response to this query, there are a few guidelines utilized by marketers, agencies, along with influencers themselves. There are even tools to assist you calculate how much to pay specific influencers.

We are currently going to share these. If you’re interested, let us dip.

6 factors that affect the Price of influencer Advertising

I’d love to cover, before we dive into the guidelines used by marketers, agencies, along with influencers.

This is because the tips below might not necessarily apply to your influencer advertising effort. Knowing these factors permits you to correct your prices so that you’re able to discover a price that works for the influencer and you.

1. Social media platform

The media platform is just one of the essential elements that influence the price tag. As you’ll see under, the cost of influencer advertising varies across channels. It is like every social media platform has its “market” rate.

Instagram tends to be the option for media that is social influencer advertising, followed Snapchat and by YouTube. Usually, influencer advertising is prevalent on Twitter and Facebook.

, a yet massive social media platform, is getting more popular for influencer advertising. Firms like Coca-Cola possess partnered with influencers on musical.ly due to their attempts.

2. After

Traditionally, brands take a look to determine how much to purchase an ad. When determining how much to pay an influencer, thus, the amount of followers of an influencer turned into a consideration. The notion is the more followers an influencer has, the more individuals the brand could achieve. So influencers having a larger following will usually charge more.

Based on Digiday’s  state of influencer marketing report, ‘How many followers is still the golden standard for a social star’s “sway”’twoDigiday, 2017.

However, as it is feasible for people to buy followers to inflate their follower count, brands will also be looking to price their influencer advertising effort.

3. Engagement

Engagement is just one of those metrics that brands are using. While it’s easy to buy fake followers, it is more difficult to buy fake engagement (however, it is not hopeless). The influencer advertising campaign gets powerful for the brand as those followers are engaging with the brand, when influencers can get their followers to participate with their media posts.

Moreover, social media algorithms are prioritizing engagement. The more engagement a article has, the more folks will see the article. Influencers who have involvement rate are more inclined to have a larger reach.

Hence, the greater the engagement rate that the influencer gets, the more expensive the effort is going to probably be.

4. Item

The product you’re promoting (or the business you’re in) may also have an effect on the cost of your influencer advertising effort. Hiring an influencer to market a sports vehicle will generally be more expensive than hiring a influencer.

A good rule-of-thumb is that the more expensive your product is, the more expensive the campaign is going to probably be.

5. Direct venture or through an agency

Chelsea Naftelberg, associate director of content and partnerships for the social media agency, Attention, shared with Digiday who “if you’re working with an art representative instead of straight using an influencer, expect to pay a bit more to consider their fee into account.” 3Digiday, 2017

Working with a talent agency is more expensive than working with an influencer directly.

This is because for connecting you with the 19, the gift agency would to control a commission. Moreover, influencers that are a part of a talent agency are often seasoned with influencer advertising and could command a greater fee.

If you would like to save some money here , here are two approaches to get the perfect influencers for your effort yourself.

6. Campaign

In the end, the price tag will also influence. Here are some questions to consider:

  • Just how many posts do you want in the influencer?
  • Who creates the content? You or the influencer?
  • Would you want the influencer into cross-post for some other social media profiles?
  • Would you want the influencer to maintain the article on their profile eternally? (A few influencers delete their sponsored posts following the effort.)

In other words, the more work the influencer must do, the more expensive the effort is going to probably be.

Just how much does influencer advertising cost?

$5,000 to $10,000.

According to HYPR, an influencer advertising platform, that is the price which you may expect to cover a post via an influencer using 500,000 to one million followers over their social media profiles4Digiday, 2017.

However, what would be the “market” prices for every social media platform?

Or suppose you would like to work with smaller influencers — micro-influencers?

From my study, I found insightful tips from several sources such as Digiday, Quora, and blogs. Sometimes, marketers and agencies shared exactly how much they cover influencers. In other circumstances, influencers themselves disclosed how much they charge brands.

Here Is What I discovered:

Instagram

$10 per 1,000 followers

Based on Digiday’s findings, a good principle  for Instagram influencer advertising is1,000 for each 100,000 followers (or simplified to $10 for each 1,000 followers)5Digiday, 2017. These quotations are from precisely the same article. .

Chelsea Naftelberg, associate director of content and partnerships for social media agency Focus, estimates how much her staff should pay an Instagram influencer based on $1,000 per 100,000 followers.

Langer believes that brands can start with $250 a Instagram place for social stars with less than 50,000 followers, then add roughly $1,000 per 100,000 followers per article.

This fits what Lee Anne, life-style writer, charges for her Instagram sponsored posts. The formula uses and recommends is $5 to $10 per 1,000 followers6Life by Lee, 2016.

$250 to $750 a 1,000 engagement

Another principle is to take a look the influencer gets.

Because most folks have you will typically pay more for every engagement than every follower. Tony Tran, CEO and co-founder of influencer advertising platform, Lumanu, proposes paying   around $0.25 to $0.75 per average article engagement (or $250 to $750 each 1,000 engagement)7Quora, 2017. That means that if the influencer usually gets 1,000 engagement for every post, you are going to want to pay her approximately $ 250 to $ 750 or him.

An instrument you can use to assist you is the Instagram Money Calculator from Influencer Marketing Hub.

Simply input the username of the Instagram influencer that you’re interested in along with the calculator will estimate that the earnings per article (or the cost per article for you).

It looks like a post on our Instagram accounts is worth roughly $200. Would you spend that much for a post in our Instagram profile? (Maybe a new revenue source for individuals )

Another tool is InfluencerDB.   InfluencerDB suggests a media worth per article (or cost per article for you) dependent on the engagement and reach of their Instagram account.

YouTube

$20 a 1,000 subscribers

As creating a YouTube video may require far more effort than generating a Instagram 27, it is common for YouTube influencers to bill more than Instagram influencers. Moreover, Instagram videos are not often longer than YouTube videos.

Henry Langer, a  direct account manager of influencer advertising platform, HYPR, shared with all Digiday that YouTube influencers usually charge $2,000 for each 100,000 subscribers they’ve (or simplified to $20 for each 1,000 subscribers)8Digiday, 2017.

For YouTubers with more than 50,000 subscribers, marketers may add roughly $2,000 per 100,000 followers per video, up until around 1 million subscribers, at which stage a dedicated video could cost upwards of $25,000-$50,000, according to Langer.

$50 to $100 each 1,000 video opinions

Thanks to the analytics given on YouTube, you can examine the video opinions of this influencer.

So every video view would generally cost more not every subscriber would watch each video. Tony Tran of Lumanu recommends paying around $0.05 to $0.10 per average video opinion (or even $ 50 to $100 each 1,000 video views). He suggests looking at the 30 most recent movies from the influencer to receive a good average of his or her video opinions9Quora, 2017.

If you don’t need to go through the problem of upgrading your effort, you could use a platform like FameBit (from YouTube). On FameBit, you also have YouTube influencers reach for you and may specify a budget. Following is a wonderful Quora response about how best to set your funding according to metrics like customer lifetime value and conversion rate.

Snapchat

$10 per 1,000 followers

Compared to YouTube and Instagram but here are some data points that could be useful there is less influencer marketing cost information.

Based on Captiv8, a influencer marketing startup, a Snapchat influencer using 3 million to seven thousand followers could bill, on average, $75,000 for a snap while using 50,000 to 500,000 followers may bill, on average, $1,000 for a snap10The New York Times, 2016. That’s a ballpark figure of $ 10 per 1,000 followers — or even $ 2 for $ 20 a 1,000 followers for micro-influencers and roughly $ 11 to $ 25 a 1,000 followers for influencers.

Marketers in the UK seems to pay Snapchat influencers much more — roughly $70 to $100 a 1,000 followers. 11eMarketer, 2017.

$100 each 1,000 views

That amount is often estimated with the amount of views of the first Snapchat story as Snapchat does not reveal the follower count. Agencies and some brands prefer to look at the amount of views. After gathering insights from more than 30 Snapchat influencers, Snapchat influencer, Cyrene Quiamco, shared the following rates with Digiday12Digiday, 2017:

  • $500 for 1,000-5,000 views
  • $1,000-$3,000 for 5,000-10,000 views
  • $3,000-$5,000 for 10,000-20,000 views
  • $5,000-$10,000 for 30,000-50,000 views
  • $10,000-$30,000 for 50,000-100,000 views

That’s roughly $100 each 1,000 views.

Have you ever worked with a Snapchat influencer? If you’re searching for sharing any of your own numbers it will be great.

Facebook and Twitter — perhaps not

From my study, influencer marketing seems to be prevalent on Twitter and Facebook.

Tony Tran of Lumanu actually advises against it13Quora, 2017.

Facebook: you shouldn’t pay for a influencer. Facebook is a channel for articles amplification — thus it just makes sense to pay an influencer to article on Facebook if you’re already paying her for content creation on one of her other channels. Facebook organic advantage is notoriously poor, so that there is no value in paying a Facebook influencer no matter how large her achieve is — unless it is possible to get permission to improve the material (at which stage it is your money anyways!)

Twitter — forget, stop, turn around and RUN do not walk away. Twitter is a sinkhole for tossing any advertising dollars, much less influencer advertising. Unless you’re getting a shoutout that is free on Twitter, don’t even consider spending influencer dollars here.

This fits my personal experience. I really don’t remember watching any influencer advertising posts on Twitter and Facebook. Have you noticed any?

I’d really like to hear your adventures, in case you’ve done influencer advertising on Facebook or even Twitter! Would you recommend it?

Just how much would you cover influencer advertising?

From my study, one thing is apparent. There isn’t a response to the cost of influencer advertising. It is influenced by factors such as follower count, the social media platform , engagement rate, and more.

Luckily, there are some guidelines that you could refer to and correct according to your specific situation.

  • Instagram — $10 per 1,000  $250 to $750 a 1,000 engagement
  • YouTube — $20 per 1,000 contributors or $50 to $100 a 1,000 video viewpoints
  • Snapchat — $10 per 1,000 followers or $100 per 1,000 views

Do these numbers fit your own experiences? Just how much are you paid or how much do you cover influencer advertising? Let’s share what we know and assist one another.

Topics: Influencer Advertising, Social media plan

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