This year, the market is anticipated to grow to a staggering USD16.4 billion industry. This growth is attributable to the increasing trend of short video file formats on social platforms, the flu pandemic impacts on customers, which accelerated social media usage, and the enhancement of data collection utilized for social media advertisements. Nevertheless, don't be intimidated by these figures; they're not accurately depicting what you'll pay. Read on to find out how much it will cost your business to venture into influencing marketing.
Influencer marketing is a combination of traditional and innovative marketing techniques. It incorporates the concept of celebrity endorsement into a content-driven marketing strategy. Thus it is born out of collaborations between brands and influencers. It happens when brands approach influencers to market their products or services. However, influencer marketing is not limited to celebrities. Instead, it focuses on influencers, who would hardly regard themselves as famous offline. Factors That Impact Influencer Rates:
Number of Followers
An influencer's quantity of subscribers or followers closely corresponds with potential reach. More followers mean more eyes on a social media influencer's material. And so, this is likely the most critical component in determining the proper rate.
Digital Marketing Platforms
The leading digital marketing platform is Instagram, followed closely by YouTube. An Instagram influencer with 50,000 followers will earn more for every post than a Facebook or Twitter influencer with the same followers' number.
Be prepared to part with more money when you're looking for exclusivity. Exclusivity happens when you request an influencer to sign an exclusivity or non-compete agreement that will ban them from promoting your competitors' products or services for a limited time. This agreement means that they'll lose out on the extra revenue from your competitors. You'll have to compensate for that amount by paying more.
Specialization of Industry
Most huge influencers are specialized or industry-focused. For example, it is rare to find beauty gurus discussing financial things because deviating from their niche can make them lose subscribers. And so, hiring them is much safer, although it might drain your bank accounts. Nevertheless, if you're selling products or services in popular niches such as fitness and beauty, you'll have more influencers at your disposal. The pricing will probably be lesser than in niches with few influencers.
Contents that require influencers to spend more energy, time, and resources will often cost more than straightforward content. So, if the influencer is going to brainstorm ideas or spend time researching the best way to deliver, they'll request more money.
Previous Campaign Results
The success of an influencer's prior efforts is another element that can assist you in choosing how much to compensate them. Did they create a positive return on investment for the brand compared? Did they generate qualified traffic and leads? Did their audience enjoy their branded material more than their organic content? Was the successful campaign similar to the one you're planning? A well-defined target demographic and a track record of demonstrated achievements would warrant an influencer's increased pricing. Those without notable achievements, however, would have to reduce their prices.
So, How Much Does an Influencer Cost?
There is no one straightforward answer because pricing may vary drastically from $50 for one marketing post at a micro-profile influencer's to $3,000 — perhaps more — at a macro- influencer's. As previously said, the amount of money earned by influencers is contingent on a host of factors. We're giving the average influencer income per post depending on the influencer category and media platforms platform.
Nano-influencers: between $10 and $100 every post. Micro-influencers: between $100 and $500 per post. Medium-level influencers: $500 to $5,000 per post. Macro-influencers: between $5,000 and $10,000 per post. Mega-influencers: More than $10,000 per post. Celebrities: Prices vary, but $1 million or more is not unheard of.
Nano-influencers: cost between $20 and $200 per video. Micro-influencers: between $200 and $1,000 each video. Average influencers: $1,000 to $10,000 per video. Large-scale influencers: $10,000 to $20,000 each post. Mega-influencers: more than $20,000 each post.
Nano-influencers: between $5 and $25 each post. Micro-influencers: between $25 and $125 each post. Medium-level influencers: $125 to $1,250 per post. Macro-influencers: between $1,250 and $2,500 per post. Mega-influencers: More than $2,500 per post.
Nano-influencers: $2 to $20 per post. Micro-influencers: between $20 and $100 each post. Medium-level influencers: $100 to $1,000 per post. Macro-influencers: between $1,000 and $2,000 per post. Mega-influencers: more than $2,000 per post.
Nano-influencers: between $25 and $250 each post. Micro-influencers: $250 to $1,250 per article. Influencers in the middle tier: $1,250 to $12,500 per post. Large-scale influencers: $12,500 to $25,000 per post. Mega-influencers: More than $25,000 per post.