Probably the most prominent attribute when looking for an influencer to work with is their follower count. Although it is an important consideration, follower count can be quite misleading sometimes.
For instance, an influencer with a 10,000 generic following isn’t better than an influencer with 5,000 niche-related followers.
As a general rule, you would want to work with influencers that have followers that are related to your brand and industry. Only then you’ll be able to attract them to your brand.
However, the number of followers still affects the pricing. Typically, the higher the follower count an influencer has, the more you will have to pay.
Another criteria that determines how much you should pay to an influencer is the engagement rate. Principally, the higher the engagement rate an influencer has, the better it is when it comes to promoting your product.
Engagement rate is extremely important as not all of the followers will react and respond to what influencers present on their social media.
Influencer A has a following of 10,000 with an engagement rate of 2%: Here only 200 people will engage
Influencer B has a following of 10,000 with an engagement rate of 10%: Here, there will be 1,000 people engaging
All in all, a higher engagement rate means you will be reaching more people to your business.
In this case, the word “skills” is referring to an influencer’s capabilities in content creation.
Getting influencers who can create meaningful content that attracts audiences attention is preferable. This is to make sure the product message can successfully be delivered to the audiences.
Hence, it also usually costs more to get a skilful influencer who creates great content than someone who doesn’t have such skills.
Exclusivity agreements legally bound the influencers to only promote your brand for a specific period.
Without one, there is no restriction on what they can promote on their social media account. Thus, they can promote any products from any brands, including brands from your industry.
Having the influencer you’re working with promoting the competitor’s product is not an ideal situation. This is because it reduces the effectiveness of your marketing strategy.
Therefore, in order to bind them working exclusively for you, and also because you’re depriving them from more work, you have to compensate by paying them more.
Single-post promotions are pretty straightforward and influencers charge a standard fee for them. However, the pricing will be different if you’re looking for a longer partnership.
Ideally, it is recommended to work with an influencer for an extended period. Because only then you could collect data insights on every stage and improve your strategy along the way.
The lifespan of Content
Unfortunately, not all influencers will keep the publication on sponsored posts forever. The duration of how long the sponsored posts stay published is all depending on the collaboration agreement.
Of course, this also affects the pricing. How much you should pay to an influencer will be proportional to the agreed length of time.
The Type Of Influencer
The type of influencer also determines how much you should pay an influencer for a campaign. For instance, influencers who are just starting out and have small audiences won’t be as costly as celebrity influencers.
Usually, a new influencer is willing to accept average payments as the main goal is to build their portfolio.
On the flip side, a celebrity influencer can be pretty expensive due to them having a large and loyal followers base.
Now that you know what factors determine the price of an influencer, let’s see what payment method you can use to pay them.
Ways to Pay an Influencer
You might be surprised to know that cash is not the only way to pay influencers. There are other methods you can use to compensate an influencer.
Cash is the most common payment method that is used by everyone, and it’s also the most attractive form of payment.
Usually, if you are able to pay in cash, you will notice that many influencers are willing to work with you. As mentioned earlier, how much you should pay for an influencer is all depending on the above listed factors.
Let’s give you an approximate figure for Instagram. If an influencer has 1,000 followers, you should expect to pay around $10/post. Depending on the engagement rate, you might have to pay from $250 to $750 for 1000 engagements.
You can also pay a predetermined commission on every sales they generate for your brand. The commission structure benefits your brand in two ways:
Your doesn’t have to pay anything to your influencer until they start producing the required results
Influencers get a commission on every sale, which will motivate them to sell more
However, as there is no upfront payment, experienced influencers might reject the partnership proposal.
Another form of payment is giveaway free products to the influencer. It is specifically ideal if you don’t have a huge marketing budget.
Furthermore, giving free products allows influencers to showcase the products to their audiences, which refine the marketing strategy to be more effective.
Think about how much you would have to pay a professional photographer for a single product photoshoot. By giving away your product, you can let the influencer handle that matter.
Of course, you will need to consider the cost price of your product. If the cost price is too expensive, it is not worth proceeding with this strategy.
You can also approach aspiring influencers that are looking for some exposure to market your brand.
In addition to exposure, you can make the offer more lucrative by offering short training or relevant experience that will benefit them professionally.
With such an offer, you can create a win-win situation for both you and the influencer.
ScoreBoardSocial.com domain has been moved to Inselly.com
The content and services provided by ScoreBoardSocial.com are not part of the integration with Inselly.com. The “merge” is only in regards to their domain.
What did Score Board Social do?
Score Board Social was the domain of an online platform that provided social media analytics and reporting businesses.
They used to provide reports on their clients and competitors social media performance from Facebook, Twitter and Instagram.
What does Inselly do?
Since July 2021, Inselly has operated as one of the main resources for influencers and brands looking to grow and optimize their Instagram reach.
Instagram analytics a powerful tool for understanding how your account is performing. By understanding which posts are resonating with your audience and which ones aren’t, you can fine-tune your content strategy to make sure you’re delivering what your followers want.
Instagram analytics also give you insights into who your followers are, where they’re from, and when they’re most active. This information can be invaluable for understanding your audience and tailoring your content to them.
How much should I pay an influencer?
As a brand that thinking incorporate influencer marketing, one of the first questions you need to address is “How much should I pay an influencer?”.
Unfortunately, there is no straightforward answer to this question. This is mainly because there are many factors that need to be considered.
There is lots to evaluate in selecting the right influencer and paying them appropriately. Here is a quick recap of the factors that affect an influencer’s rate:
The follower count
The engagement rate
Content quality (Skills)
Duration of the campaign
Type of influencer
The nature of your campaign
In summary, the rate of an influencer varies according to the above factors. Thus, it is recommended to keep these factors in mind while searching for the influencer to work with.
Want to know more about how to charge more if you are an influencer? or, how to optimize the results of your campaign when working with them? or just how to grow and monetize your Instagram account?