Let’s talk dollars and common sense.The global influencer market is worth a cool $13.8 billion but it’s important you don’t overpay on your next influencer marketing campaign. So, how much is the average influencer getting per post?
Whether you’re a marketer, advertiser, brand, or business owner, knowing how much to pay your influencers is crucial if you want to see ROI and get value for your influencer marketing spend.
You already know that the right price can help you build brand awareness, grow your reach, and land sales.
But what is the right price?
Read on to find ballpark costs for different types of influencers, what to pay for each social media channel, plus the factors that can affect your influencer budget.
2022 is set to be the year of the creator. The growth of new social media platforms like TikTok and the continued evolution of stalwarts like Instagram, Facebook, and YouTube means there is a range of tools for creators to monetise and manage their personal brands.
Place your brand in the hands of these digital creators (and the loyal audiences they command) and you’ve got an influencer partnership capable of driving reach, boosting engagement, and impacting purchasing decisions.
As the weight and impact of social media keep growing (social media users increased by 400 million in 2021, or 9.9%), so does the value of influencers. In fact, two-thirds of brands plan to increase their influencer marketing budgets next year, making this marketing strategy one of the fastest-growing channels available. More than a passing fad, influencer marketing outpaces organic search, email marketing, and paid search with brands earning an average of $5.78 for every dollar invested in influencers.
With a 1500% increase in searches for “influencer marketing” in the past three years, it’s clear that more and more brands are looking to leverage this powerful marketing strategy.
With a proven track record of results, it’s no wonder marketers are looking for ways to get the most out of their own influencer campaigns - and a huge part of that process means figuring out the right budget for your own influencer marketing campaigns. So let’s talk numbers.
You’re a trailblazer, one-of-a-kind, and you don’t give a ‘you know what’ about your competition’s influencer marketing budget…but it doesn’t hurt to know where you stand.
To set the scene, 39% of marketers say they intend to raise their influencer marketing budget according to the State of Influencer Marketing 2020. In contrast, a paltry 5% said they’ll be reducing their influencer spend. That doesn’t mean you need to run with the crowd, but it helps to see what your competitors are doing to shape your own influencer spend.
To help estimate your costs, here’s how the average influencer marketing budget breaks down:
- 15% of brands spend $0 to $1,000 per year
- 19% of brands spend $1,000 to $10,000 per year
- 17% of brands spend $10,000 to $50,000 per year
- 14% of brands spend $50,000 to $100,000 per year
- 18% of brands spend $100,000 to $500,000 per year
- 10% of brands spend $500,000 to $1 million per year
- 7% of brands spend $1 million or more per year
Good ol’ Instagram takes most of the attention when talking about influencer rates, but the social landscape is growing faster than a well-watered office plant.
There’s no one-size-fits-all formula to figure out how much influencers are paid across each social platform, but you can use ballpark estimates to help shape your own influencer budgets. Data from recent studies can help decipher the amount marketers pay influencers, and we’ve broken down the data to show you what type of budget you’ll need on each social media platform.
84% of micro-influencers request $250 or less for a sponsored post on Instagram. And 97% of micro-influencers request no more than $500 for each post on Instagram. You can reach larger audiences by increasing your influencer budget, but it’s nice to know you can tap into the highly-engaged audiences of smaller tier influencers without spending big.
For a post on Facebook, 90% of the respondents who took part in the survey revealed that they charged less than $250 for a sponsored post. With organic reach on Facebook tumbling, you can leverage a seriously huge audience with influencers of all sizes.
On Twitter, 90% of respondents disclosed that they charge less than $150 for every sponsored tweet. 96% of the same respondents revealed that they charge less than $200 for a sponsored post on Twitter.
The cost of blog posts is slightly different than the social media channels we’ve mentioned. Up to 87% of micro-influencers charge $500 or less per blog post. However, 96% of micro-influencers don’t charge higher than $1,000 per blog post.
Based on the findings of the study, with a budget of $5,000, you can reach up to:
- 200,000 Instagram followers
- 125,000 Facebook users
- 315,000 blog subscribers
- 315,000 Twitter followers
Not bad, right? Let’s say you want to increase your influencer marketing budget. What will that get you?
Well, according to recent figures, the cost of each post for influencers with 500,000 to 1 million followers across social networks is $5,000 to $10,000. Keep in mind, the social media platform you use will influencer your reach and results. For example, a Snapchat influencer with three million to seven million followers can charge, on average, $75,000 for a snap while a Snapchat user with 50,000 to 500,000 followers can charge, on average, $1,000 for a snap, according to Captiv8.
When it comes to blogs, recent studies analyzed the cost of working with influencer bloggers who partner with brands on sponsored posts. The results of that study showed it would cost you:
- $175 per collaboration for blogs with 10,000 monthly impressions.
- $500 per collaboration for blogs with 100,000 to 500,000 monthly impressions.
- $1,000 to $5,000 per collaboration for blogs that receive 500,000+ monthly impressions.
Life feels expensive at the best of times. Between house prices and avocados, 21st-century living means rising costs - and influencer marketing budgets are no different.
A major reason for this increase in cost comes down to the ROI on offer for brands, and the desire for influencers to be fairly compensated for playing a crucial part in this return on investment. Findings from a Tomoson study revealed that businesses earn up to $18 for each dollar invested on influencers and the top 13% of businesses engaging in influencer marketing partnerships earn $20 or more.
Keep in mind, influencer marketing remains a highly cost-effective strategy with low production costs (you get to leave those to your influencers), stronger leads (an influencer’s audience is looking for recommendations), and direct access (40% of internet users block ads when browsing online).
When the figures show a high return on investment and proven brand-building strategy, the hardest part is *finding* the right influencers to work with. Well…it was hard until you found The Influencers Agency 😉
The amount you’ll pay your influencers will depend on a range of factors. These include:
- The size of your brand
- The size of influencer you chose to work with
- Your influencer marketing campaign objectives
- Your content strategies (e.g. will the influencer be involved in the content creation process, be required to create content, or just share an already created content?)
You’ll also need to factor in the platform you intend to use for your campaign and how long you want the campaign to last. For example, the price of an Instagram influencer will be different from a TikTok influencer.
But we’ve filled your head with enough theory, so it’s time to take action. If you’re looking to keep the costs of your next influencer marketing campaign down then let The Influencers Agency - Australia’s only flat rate influencer marketing agency - take care of your campaign. Our flat-rate model means zero risk of overpaying for your influencers, but endless potential.
From strategy, briefing to content delivery & reporting - we’re your influencer marketing agency with end to end support for your next campaign
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