Influencer marketing is one of the best ways to reach the people you want, especially on social media. But the cost of an influencer can vary depending on many factors.

In this article, we are going to discuss the eight factors that have an impact on influencer rates, the average influencer rates for the most popular social media platforms, the different types of influencer partnerships that you can get, and how you can find an influencer that will work with you to take your brand to the next level.

How Much Should You Pay an Influencer?

8 Factors That Impact Influencer Rates

It is uncommon to come across an influencer who charges a fixed rate for their services because several variables might affect the price they charge for their work. The practice of influencer marketing is a legitimate business, and the prices that influencers charge are determined by the amount corporations are willing to pay. Even if our list does not include all that goes into establishing how much an influencer might charge, the following are some of the aspects that you can bet on to have an effect:

  • The influencer’s reach and engagement
  • The channel they use
  • How many posts do you want, and if they include things like images, videos, and audio?
  • How much effort will it require from the influencer
  • Where the ad will be promoted/cross-posted
  • Agency fees (if the influencer is with an influencer marketing agency)

Let’s take a closer look at these parameters and more so you can better understand what you’re paying for.

  1. Social Media Platform

Some influencers may charge the same amount for the same kind of posts regardless of the channel on which they will utilize the post; however, it's far more likely that the rates will differ depending on the influencer. After all, each social media site caters to a distinct demographic of users, and the tools and resources available to content producers vary widely from one platform to the next.

  1. Influencer Reach

The influencer's reach refers to the total number of people who can access their platform. This is primarily determined by the number of followers or subscribers the influencer already has and the number of people the influencer has the potential to reach. Regarding influencer marketing, the rule of thumb is that the more followers an influencer has, the higher their prices will be.

Influencers fall into certain categories based on their reach:

  • Nano-influencers: 1,000–10,000 followers
  • Micro-influencers: 10,000–50,000 followers
  • Mid-tier influencers: 50,000–500,000 followers
  • Macro-influencers: 500,000–1,000,000 followers
  • Mega-influencers: 1,000,000+ followers

You may come across variants of this breakdown (some marketers regard a micro-influencer to start at 1,000, and they don't designate nano-influencers in this way).

  1. Follower Engagement

You'll notice that the fees charged by influencers change depending on how much engagement an influencer receives on their organic content instead of the sponsored content they publish. You might think that influencers with more followers will have higher engagement rates, but that's not usually the case.

  1. Industry or Specialization

It would help if you prioritized choosing an influential person who is well-versed in the sector in which you operate. Would you put your faith in a fitness influencer who suddenly began talking about financial services, particularly if they had never even mentioned that finance was an interest of theirs in the past? There will be many available influencers in popular niches, such as beauty and fitness, and the pricing will likely be lower than in niches with fewer available influencers.

You can also look at the industries an influencer's audience likes to see if it makes sense for your brand to hire them.

  1. Type of Content

The type of content you ask an influencer to create will also affect the price. This is because content creation requires a significant investment of time, effort, and resources on the part of influencers, and different forms of content have varying requirements. This covers how much material the influencer will need to develop and who will be responsible for supplying the necessary resources—the influencer or you. You should anticipate that the price will increase proportionately to the labor required to provide the information you require.

  1. Influencer Demand

If you want a social media campaign during the holiday season, you can expect to pay more for it. This is a fundamental principle of economics, which states that increased demand will result in higher prices. If you're interested in an exceptionally popular influencer, you can run into this problem outside the time of year when seasonal promotions occur.

  1. Usage Rights

If you intend to reuse an influencer’s content, you must first have a conversation with that influencer about your plans and then describe the terms in the influencer contract. When it comes to content that is going to be republished, specific influencers will ask for a higher price. Imagine that each use is a separate product; once you've exhausted the product by asking the influencer to publish a video about your company to their Instagram account, you won't have any more products to utilize for your Facebook advertisements.

  1. Exclusivity

Promoting a variety of various businesses is how influencers make their living. You may select an influencer your rival also desires to use in their marketing strategy. In this scenario, you may consider making the influencer sign a non-compete agreement or an exclusivity clause as part of their influencer contract. These provisions will prevent the influencer from endorsing a competitor for a predetermined time. However, you should be aware that there will be a cost involved. Quite a lot, considering that you are essentially asking them to forego the possibility of earning money from other sources.

Instagram Influencer Pricing by Reach

Let's look at some concrete figures now that we've covered why it's essential to compensate those who have a significant influence over others.

The most often used prices for influencers are those from Andrew Macarthy. These are the figures that pertain just to Instagram:

  • Nano Influencers (1-10k followers)          $10-100
  • Micro-Influencers (10-100k followers)    $100-500
  • Mid Influencers (100-500k followers)     $500-$5k
  • Macro Influencers (500k-1m followers)   $5-$10k
  • Mega Influencers (1m+ followers)           $10k+

These are all per post. So, for example, a post from an Instagram influencer with 500,000 followers could cost you up to $5,000.

As you might expect, the rates might be even higher if you pay a social media influencer for something more complicated, like a product giveaway or a 30-minute video review.

You might also be able to keep in touch with some influential people. You can pay them a certain amount each month for a certain number of posts or mentions.

Also, if you reach out to a celebrity for influencer outreach, don't be surprised if they charge as much as a million dollars for a single post.

Some cost estimates for influencer marketing will also show how much it costs per post for every thousand followers.

For example:

  • Facebook: $25 per post per 1,000 followers
  • Instagram: $10 per post per 1,000 followers
  • Twitter: $2 per post per 1,000 followers
  • YouTube: $20 per video per 1,000 subscribers
  • Snapchat: $10 per post per 1,000 followers
  • Blogging: $60 per post per 1,000 unique visitors

So, let's say you want to hire someone with 10,000 followers on Instagram for one post. At $10 per post for every 1,000 people who follow you, that comes to $100. You can see that this is right in line with the low end of the estimates we gave before about "micro-influencers."

As another example, let’s say you want to hire a Facebook influencer with 100,000 followers to do two posts. Again, each post with 1,000 followers costs $25. That would come out to $25 x 100 x 2 = $5,000.

Don't forget that the prices listed above are just estimates. Prices can also change because of other things, and each influencer can decide what to charge on their own. So, you might be surprised by the prices or counter offers an influencer gives you.

We have learned now how much you should pay an Instagram influencer. You can also check out the blog, which will help you to learn What Is Instagram Marketing Effectiveness? And How To Become a Successful Instagram Marketing Consultant?

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