How much does it really cost to hire a Social Media Influencer for your business? In this article, we will answer the sought out question and determine if it’s needed in your business. But first, let me first explain what Social Media Influencer Marketing is and why you need it for your business.
Influencer marketing is a fairly new type of marketing strategy in the market. This is when a company partners up with an influential person in a particular industry and helps shape their consumer behavior. This can be the quickest and most effective way for a business to prosper and get noticed in their field. This will increase the reach and exposure to their targeted audience thus, creating new followers.
Influencers are now being used for engagement and increased reach by most companies. Although it may be costly, most of them choose this avenue for quick results. Some say that this is not the conventional way to advertise your business but since the emergence of social media platforms,
The price range greatly depends on which platform you would like to work on, how long the project will run for among other factors. Also, you can always discuss how much budget you’re willing to shell out for this reason and work around it.
Let’s take a quick peek on the classification of influencers depending on their following.
- Nano influencers – 1K to 10,000 followers
- Micro influencers – 10,000 to 50K followers
- Mid- tier influencers – 50K to 500,000 followers
- Macro – influencers – 500,000 to 1M followers
- Mega – influencers – 1M+ followers
Needless to say, the more followers, the more an influencer charges.
Factors that affect how much they’re charging:
Influencers’ engagement and reach
Influencer reach is the number of people or fans that have access from their platform.
This can be categorized by the following:
- Nano influencers – 1K to 10,000 followers
- Micro influencers – 10,000 to 50K followers
- Mid- tier influencers – 50K to 500,000 followers
- Macro – influencers – 500,000 to 1M followers
- Mega – influencers – 1M+ followers
Platform they use
There are some influencers that charge the same rate for post even if the platform varies. But normally, the price is dependent on which platform they will use for the engagement.
Number of post ( images, videos and audio)
This is vital as this will make an impact on the price range. Influencers get paid for the time they spend, effort and resources they use to create content. Also, the more effort for content creation, the more costly it is.
Agency fees ( If the influencer is affiliated with a marketing agency)
The average cost for an influencer marketing agency can range from $1000 to $18,000 per month. But while the price per agency varies, this amount will mostly include the following:
- Creating an influencer marketing strategy fit for the client
- Researching and compiling a list of potential influencers
- Hiring and contracting approved influencers
- Developing creative content with influencers
- Tracking influencer marketing campaign performance
- In some cases, agencies will base their price on the number of posts you want.
Below are the pricing guide by platform:
Facebook ( $25/1000 followers )
– With a billion daily active users of Facebook, this platform provides unparalleled access to consumers from all walks of life.
Potential prices:
- 10,000 followers – $250/post
- 100,000 followers – $2500/post
- 1M followers – $25,000/post
Instagram ( $10/1000 followers )
– Instagram is said to be the go-to influencer hub as it is the most cost-effective channel when it comes to influencer marketing.
Potential prices:
- 10,000 followers – $100/post
- 100,000 followers – $1000/post
- 1M followers – $10,000/post
Note: Celebrities can sometimes increase their prices because of their reputation outside the platform.
Youtube ( $20/1000 followers)
– Following Facebook with a billion users, this platform offers businesses access to a whole new set of influencers and viewers. Average pricing is $20/video but Youtubers with more than a million subscribers tend to stay away from this price range.
Potential prices:
- 10,000 followers – $200/video
- 100,000 followers – $2000/video
- 1M followers – $20,000/video
Note: Influencers with more than a million subscribers have more freedom over their rates. Some say that they can charge up to $50,000 per video.
Twitter ( $2/1000 followers )
– Twitter has 330 million users and if you’re looking for a smaller audience than Facebook and Instagram, this is your answer. There are some companies that still use Twitter for their targeted audience and they don’t have to pay that much for it. This platform offers the lowest influencer marketing price point.
Potential price:
- 10,000 followers – $20/post
- 100,000 followers – $200/post
- 1M followers – $2000/ post
So if you would like to increase your brand recognition, establish authority in your line of business, tell your brand story, provide excellent customer service, drive traffic to your website and promote your content, consider hiring a Social Media Marketer who can do all these things and more.
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