Influencer marketing can be a great way to introduce your brand to consumers. Influencers are trusted resources and their communities on social media value what they have to say. So when an influencer touts a certain brand, product, or service, their followers are more inclined to want to try out what the influencer is showcasing for themselves. But, influencers are not free! Just like advertising, they cost money. So, just how much does it cost to hire an influencer?
Types of Influencers
Just like media outlets, there are different tiers of influencers. Mega-influencers have 1 million+ people following them. These people tend to be more famous – whether they’re professional athletes, reality TV stars, or just someone who has amassed a large and engaging following. Mega-influencers can be compared to a large media placement in a national outlet.
Macro-influencers still have a large following between 500,000 to 1 million. Mid-tier influencers have follower counts between 50,000 and 500,000.
Then there are micro-influencers. Micro-influencers typically have 10,000 to 50,000 followers. But, these micro-influencers have much more clout with their followers. Their followers feel like micro-influencers are their “friends” and as such, are more apt to try out their recommendations – much like you would be if your real-life friend suggested a product or service to you.
Below micro-influencers are nano-influencers. Their following is usually 1,000 to 10,000.
Cost to Hire an Influencer
So how much does it cost to hire an influencer?
There are a lot of factors besides follower size that can also impact costs. Things to consider:
- What platform your influencer is using – Is it Instagram, their blog, YouTube? The social channel can also help you determine the cost – i.e. will it take a lot of work like a YouTube video to create or is it more organic in feel like an Instagram Story?
- Follower engagement – Do your influencer’s followers engage with their content? You can see this by looking at their recent sponsored posts to get a better feeling for how much your potential influencer’s followers interact with them.
- Industry-specific – Does your influencer only talk about wine, fashion, or endurance sports, or do they offer opinions on a lot of things? Who is your target audience and how will you fit into their content?
- Seasonal demand – If you’re looking to hire an influencer during a busy season like the holidays, expect their prices to be higher. It may make sense to wait to retain an influencer when there is less demand and competition from other brands.
- Usage rights – Does your influencer release rights to their content so that you can repurpose it for other marketing initiatives? This is important to get in writing before engaging with an influencer.
- Exclusivity – Is your brand looking to be the exclusive brand type for your desired influencer? If so, costs will be higher.
With all of that taken into consideration, influencer pricing varies. And if you’re lucky, an influencer will love your product or service so much, they might make the exception and promote your brand free of charge. But this doesn’t happen often. If you’re looking to engage in influencer marketing, it’s best to come up with a budget and evaluate the ROI every quarter to ensure you’re spending your marketing dollars efficiently.
Need help with an influencer campaign for your brand? Reach out to us to get started.