Influencer marketing is just as alive as ever. An increased number of influencers winning on multiple platforms has provided businesses with more opportunities to connect with their target audience. However, this has opened up a multitude of channels, tiers, and niches that have made it difficult to determine the right price for campaigns.
So, how much does influencer marketing cost, exactly? It ranges anywhere from $50 to $1,000,000 a post—a huge disparity caused by several factors, including the influencer freelancer’s reach, engagement, and effectiveness.
What Is Influencer Marketing?
Influencer marketing is a type of social media marketing that involves a collaboration with an “influencer,” or a personality, content creator, or expert in a specific niche. It’s similar to a celebrity endorsement, except influencers are typically regular people who have amassed a huge following or influence among their audience.
How Effective Is Influencer Marketing?
Is influencer marketing effective? Yes, because it’s a form of social proof that audiences are more likely to believe. Because it taps personalities that the public organically trusts, it becomes a more effective marketing style that doesn’t feel too forced or unnatural. Think of it as a friend recommending something to you–because you know this person and have a certain level of regard for their word, you’re more likely to accept their recommendation and try it for yourself. Influencer marketing works similarly.
How Much Does Influencer Marketing Cost?
Influencer marketing costs range anywhere from $50 to $1,000,000 per post. The price is typically determined based on the influencer tier and the platform in which the influencer is active.
Influencer Marketing Cost by Tier
Influencers can be divided into five tiers based on the number of followers that they have:
- Nano influencers: 1,000 to 10,000 followers
- Micro-influencers: 10,000 to 50,000 followers
- Mid-tier influencers: 50,000 to 500,000 followers
- Macro influencers: 500,000 to 1,000,000 followers
- Mega influencers: More than 1,000,000 followers
Generally, the higher the tier (i.e. the more followers), the more expensive the influencer will charge per post.
Influencer Marketing Cost by Platform
Instagram used to be the main playground for influencer marketing, so influencers on the platform commanded higher prices. While Instagram is still powerful, influencer marketing has seeped into other platforms, as well–particularly YouTube and TikTok. Depending on which of these sites your influencer is active on, the cost will vary. Here’s a rough illustration of prices per post on each platform:
- Instagram: $10 per 1,000 followers
- Facebook: $25 per 1,000 followers
- YouTube: $20 per 1,000 subscribers
- TikTok: $5 per 1,000 followers
- Twitter: $2 per 1,000 followers
- Snapchat: $10 per 10,000 followers or views
Factors That Affect the Cost of Influencer Marketing
Aside from influencer tiers and platforms, the cost of influencer marketing is affected by the following factors:
Engagement
The number of followers doesn’t always translate to quality posts. It’s important to pay attention to the engagement rate of an influencer to gauge the effectiveness of the partnership. When an influencer’s followers are more engaged, the better it will be for your campaign.
Rights and Exclusivity
Influencers own their content by default. If you’d like to repurpose it in some way, you’ll have to discuss it with your partner and will likely have to pay a fee to do so. You can also expect to pay extra for an exclusive partnership that prevents your influencer from working with your competitors.
Pricing Model
Influencers can charge based on the following:
- Pay-per-post
- Pay-per-click
- Pay-per-acquisition
- Pay-per-subscribers
- Pay-per-view
The pricing model will affect how much you pay. Pay-per-post is the most common and comes with a flat rate. The others can vary based on the level of the results.
Format
Influencer marketing involves different formats: images, videos, etc. The more work it takes to produce the content, the more expensive the cost for the campaign.
Point of Contact
Many influencers work under agencies or managers, and their fees will often include payment for these liaisons. It would be a more cost-effective option to work with a freelance influencer market on Guru versus one that’s represented.
Campaign
A lot of influencer marketing campaigns don’t stop at one post. The more complex the campaign, such as whether it requires cross-promotion or multiple posts, then the more expensive it will be.
Hire Freelance Influencer Marketers on Guru
Hiring a freelancer influencer marketer is a great way to reap the benefits of influencer marketing. Through Guru, you can find the right influencer marketer to help you achieve your business and marketing goals. Hire one on Guru today!
