So you decided to hire an influencer for your campaign.
That’s probably a good idea, since research says 64% of brand marketers will do the same this year.
But there’s one question you need to answer…
Table of Contents
How much cash are you expected to splash?
Anna Freer writes that the price of your next influencer depends on two factors – the platform and the number of followers.
Let’s see what that’s all about…
For starters, not all platforms are equal in performance.
If you’re working with a tight budget, you may find that the most popular ones are too pricey.
Here’s an example:
- Instagram is the most popular influencer platform. Influencers with less than 1000 followers are expecting $90 compensation for a post, while those with 10k followers expect at least $400. Those above 100k could charge as much as $1k for a single post.
- TikTok takes more creative effort and is nearing Instagram in terms of performance. Its influencers expect similar prices to Instagram, albeit 10-15% more expensive.
- Facebook and Twitter are perfect for brands with shallow pockets, since creators expect significantly fewer dollars per post. However the exact amount is not specified.
There’s something else to consider.
Instagram influencers with small followers tend to have a skewed realty of the market – sometimes overcharging per post.
So make sure you do your homework on their engagement and follower quality.
Also, campaigns on TikTok increase exponentially as a user crosses 100k followers, so if you don’t want to overpay, you may be happy with those who just crossed the mark.
Ready to launch that influencer campaign?
Remember: ask around, educate yourself and maybe even your potential influencer partner on the going rates… and you’ll have a better shot at winning together.