Maybe you’re a small business looking to build brand awareness by getting an influencer to post. Or maybe you’re one of these experts yourself trying to figure out your influencer marketing budget.
Either way, you understand the importance of influencer marketing pricing. Especially when you’re putting together some numbers that you want to use per post.
This blog will cover what you need to know, and it includes tools an influencer promotes with.
How Much Does Influencer Marketing Cost?
Influencer marketing isn’t cheap because influencer rates can depend on several things. For example, most influencers aren’t Dwayne “The Rock” Johnson. He charges $1.5 million for a post. Chances are you won’t spend those numbers for your influencer marketing campaign. But you should be aware the global market is worth $13.8 billion.
Read on to find out what goes into this kind of social media marketing.
6 Things That Influence Earnings Per Post in Influencer Marketing Campaigns
Influencer marketing pricing has some moving parts. Popular social media platforms play a big role and other factors go into how much influencers decide to charge.
1. Influencer Marketing ROI
Remember that where you host a campaign is just as important as how many followers you have. Different social media channels have different engagement rates.
A good influencer marketing strategy can contain videos. But tallying up views to decide on engagement might include repeat views from one person. You need more input on any social media network.
2. Nano Influencers and Micro-Influencers
The main difference between these two categories is the number of followers. For the most part, a nano influencer has under 10,000 followers. A micro-influencer is the next step up and they can have up to 200,00 followers.
Micro-influencers who post consistently stand a better chance of asking for more money. High-quality images on social media channels make a difference too.
3. Influencer Marketing Tools
There are different social platforms to work with and tools that Instagram influencers and others can use, like Grin. They offer tools like branded content to increase your follower count.
4. The Kind of Content
If you want to be one of the highest-paid influencer types, you need to decide on your content. Written content, videos, or other posts take different amounts of effort and time.
5. The Industry
The Influencer marketing industry is big and there are many influencers in every corner. They include wellness, travel, fashion, and beauty segments to name just a few. If you pick an industry that isn’t too crowded, your engagement rate goes up and you can charge more.
This is a big factor in influencer rates. It’s not always true that the average influencer earnings go up with the number of followers. Connecting with the audience is the big goal in this type of digital marketing. Follower engagement matters greatly. Measure this using likes, shares, and reposts.