Studies indicate that the global influencer market is worth over $13.8 billion. With many brands now leveraging influencer marketing to grow their brands, one of the most common questions is, what is the social media influencer cost?
It is important to note that creating branded content takes time, effort, and money. Therefore, brands should realize these things aren’t paid for using free products. Instead, they should be ready to pay the right price if they will build good relationships with influencers. But what is the right price? This article will guide you on the right price you should expect to pay an influencer.
Factors Affecting Social Media Influence Pricing
Several factors will determine the amount you should expect to pay an influencer. These include:
- Number of followers. You will see the number of followers when you visit an influencer page. The higher the number of followers, the bigger your brand reach. With this realization, influencers will also charge more if they have more followers.
- Engagement rate. Recently, brands have realized one thing: The follower count isn’t as effective as the engagement rate. No wonder we are seeing the rise of nano and micro-influencers, who often have a small but engaged community.
- Content quality and frequency. Brands are looking for influencers whose content aligns with their goals. Besides, quality content enables influencers to gain the trust of their followers. This is why brands prefer to work with people who have gained this trust.
- Content relevance. Brands are looking for content that is within their niche. They will likely work with you and pay a better rate if yours is.
- Previous brand partnerships. If an influencer has worked with other brands, it can show their credibility. Therefore, they are likely to charge more.
Other less important factors, such as talent and star power, also affect the rate. The expenses associated with the ad will also affect the rate.
Understanding The Cost Per Follower Instagram
The Instagram cost per follower is the cost of acquiring each follower. This is calculated by dividing each follower’s cost by the number of followers gained. The Instagram cost per follower can help your business understand how much it spent acquiring new followers. The formula is calculated as follows:
CPF= Total Cost of Campaign Divided by the Number of New Followers
Therefore, if a business spends $200 in ads and acquires 200 new followers, the Instagram cost per follower is $2. Some influences may also use other formulas for calculating the cost per formula, such as.
Engagement rate per post + the extras for the post
However, the general industry standards for different categories are as follows:
- Micro-influencers with 10k to100K follower:$100 to $500 per post
- Nano Influencers rates with 100K to 500K followers: $500 to $5000 per post
- Macro influencers with 500k to 1M followers:$5k to $10K
- Mega influencers with over 1M followers: Over $10K
Of course, other factors, such as your geographical location and brand goals, will affect the Instagram influencer cost. Therefore, when finding the right influencer for your brand, you should understand that.
Examples of Instagram influencer rates
In most cases, Instagram influencers will have a card describing their rates and the kind of partnerships they offer. But generally, here are the rates for Instagram posts:
One sponsored Instagram photo with a caption can be a featured image. Going by the formula above, an account with 100K followers may charge roughly $200K in the United States. A macro influencer may charge you between $5K and $ 10K.
Influencers use a common formula: Average cost per post: Engagement in the recent past multiplied by 0.14.
The average cost of an Instagram video
If you are wondering how much to charge as an influencer for an Instagram reel, you should note that a video is more expensive than a photo. This is because it will involve extra costs, such as video shooting. Generally, influencers use this formula to determine how much they should charge for a video:
The Average cost per Instagram post: Engagement in the recent past multiplied by 0.64.
Cost of an Instagram story
An Instagram story is usually a picture or video post that disappears within 24 hours. This could be a raw video or a professionally done photo. The cost of an Instagram story can be calculated using this formula:
The average cost of an Instagram post: Recent average views multiplied by 0.006.
However, it’s important to note that there are different kinds of Instagram stories, such as:
- Story with swipe-ups
- Story with a poll
- Story with additional interactive elements,
- Brand takeovers
The cost of all these will differ. For instance, the cost of a Brand takeover can be calculated by taking up all the different kinds of posts involved in the brand takeover and multiplying it with your hourly rate. Since the goal of a brand takeover is usually to gain followers, some influencers typically charge by the number of followers acquired.
Instagram Influencer Pricing Calculator
Since there are different formulas to calculate the potential cost of an Instagram influencer, it can be confusing to determine how much to charge if you want to have influencers market your products. Fortunately, the Instagram influencer pricing calculator can help determine the cost.
With the Instagram influencer calculator, you only need to enter simple details such as the platform you want an influencer on, the niche of your brand, and the number of followers you want the influencer to have. The influencer rates calculator will do the rest.
When considering the social media rates, you should remember that different influencers have different ways of calculating rates. Therefore, you must contact your target influencer to understand how much you should expect them to charge you.
But by following this guide, you can know how much you should expect to pay for an influencer. With careful planning, you can quickly get good returns on investment in your influencer marketing efforts.