Influencer Rates: How To Maximize Your Budget in 2024
Creating branded content involves time, labor, skill, and production costs. And those things aren’t paid for with products and freebies.
And paying the right price pays off. But what is the right price? How much do influencers make per post?
Read on to find average influencer costs on the most popular platforms, factors that might affect influencer pricing, and the best formulas for calculating rates for your next influencer marketing campaign.
Bonus: Download a free checklist that reveals the exact steps a fitness influencer used to grow from 0 to 600,000+ followers on Instagram with no budget and no expensive gear.
How much does influencer marketing cost?
Instagram, TikTok, and YouTube are the most popular social media platforms for influencers. Let’s examine the amounts influencers make on each platform and the different types of content that could be available to you.
But first, a quick vocab check. At Hootsuite, we organize influencer types by the following sizes:
* 1,000–10,000 followers = Nano-influencer
* 10,000–50,000 followers = Micro-influencer
* 50,000–500,000 followers = Mid-tier influencer
* 500,000–1,000,000 followers = Macro-influencer
* 1,000,000+ followers = Mega-influencers
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Instagram influencer pricing
According to Statista, mega-influencers charge a minimum average price of $1,200 per Instagram post. But you may not need an audience of 1,000,000+ followers to reach your marketing goals.
Nano-influencers on Instagram can charge between $25 and $150 per post.
Once you reach mid-tier influencers, you’re looking at anywhere from $160 to $1,800 per post.
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A post shared by The Blessed One (@_theblessedone)
Types of Instagram influencer content
* Collab posts. Collaborative posts with other influencers or brands to amplify reach and engagement.
* Story takeovers. Influencers temporarily take over another account’s Instagram Stories to share content with their audience.
* Sponsored posts. Influencers create content featuring a brand or product.
* Sponsored videos. Similar to sponsored posts, but in video format. These can include product reviews, tutorials, or lifestyle content.
* Instagram Live. Real-time video broadcasts where influencers interact with their audience in the moment. They can show behind-the-scenes glimpses or host Q&A sessions.
* Instagram AMA (Ask Me Anything). This is Instagram content with an additional interactive element to it. It can be an Instagram Live or a series of posts inspired by the Questions sticker. This will likely cost more than standard content.
TikTok influencer rates
According to Statista, TikTok influencer rates vary from $20 per post for a nano-influencer to $1,200 and up for a mega-influencer.
Source: Statista
@modern.day.classic
Because @kanjizu2 asked for a slower version. This is my “CiCis Forest” wrap and I still have a few left linked on my site in my bio #headwraptutorial #headwraps ♬ Le contrat – Dadju & Tayc
Types of TikTok influencer content
* Collab posts. Collaborative videos with other TikTok influencers, creators or brands, often featuring duets or reaction videos.
* Takeovers. Similar to Instagram, where influencers temporarily control another account to create and share content.
* Sponsored videos. Influencers create content centered around a brand or product, integrating it into their unique TikTok style and format.
YouTube influencer cost
According to Insider Intelligence, the going rate for YouTube videos blows other social content out of the water.
The average cost of a YouTube video by an influencer is $2,102.
Nano-influencers earn an average of $315 per video. Power middle influencers (between 30,000 and 500,000 followers) can make an average of $782 per video.
Not bad, not bad!
Types of YouTube influencer content
* Collab posts. Collaborative videos with other YouTubers or brands, which can range from joint challenges to interviews.
* Takeovers. Occasional instances where one YouTuber hosts content on another’s channel, providing fresh perspectives and engaging content for subscribers.
* Sponsored videos. These often take the form of product reviews, unboxing videos, or sponsored content integrations within longer-form videos.
* Live. Live streaming sessions where influencers interact with their audience in real time. These might cover various topics or activities such as gaming, Q&A sessions, or live events.
How much to pay influencers on X (formerly known as Twitter)
Influencer rates on X can vary, but most sources cite an average cost of $2 per post per 1,000 followers.
That means that a nano-influencer may charge $20 per post, while a mega-influencer could command up to $2,000 per post.
Types of X influencer content
* Post threads. Influencers can create threads to share longer-form content, insights, or storytelling. By breaking up content into multiple posts, influencers can maintain engagement and encourage interaction from their followers.
* Sponsored posts. Similar to sponsored posts on other platforms, influencers can tweet featuring a brand or product. These might include endorsements, product mentions, or promotional messages tailored to fit into the influencer’s Twitter feed.
* Reposting. Reposting a brand’s content is an easy way for X influencers to endorse a product or organization.
Facebook influencer marketing rates
Facebook influencer rates start in roughly the same ballpark as X, but can rise quickly.
Nano-influencers charge between $25 and $250 per Facebook post, while micro-influencers command between $250 and $1,250 per post.
If you want to work with a mega-influencer on Facebook, you’re looking at $25,000 per post (or more).
Source: Gordon Ramsay on Facebook
Types of Facebook influencer content
* Facebook Live. Just like on Instagram, influencers can broadcast live videos on Facebook to connect with their audience in real time. Whether it’s hosting Q&A sessions, sharing behind-the-scenes glimpses, or showcasing product demonstrations, Facebook Live lets people engage.
* Sponsored posts. Influencers can create sponsored posts on Facebook featuring a brand or product. These posts can include endorsements, reviews, or promotional content tailored to resonate with the influencer’s audience.
* Collaborative content. Collaborating with other influencers or brands on Facebook can amplify reach and engagement. Whether it’s co-hosting events, running joint campaigns, or participating in collaborative content series, Facebook influencer partnerships can benefit all parties.
* Facebook Stories. With Facebook Stories, influencers can share day-in-the-life snippets to exclusive behind-the-scenes footage.
Influencer marketing pricing on Twitch
Livestreaming is Twitch’s heart and soul, allowing influencers to broadcast live gameplay, creative content, or interactive shows.
Sponsored Twitch videos by well-known influencers are very popular — and, it appears, pretty lucrative!
In fact, Statista puts the average sponsored Twitch video at a more-than-respectable $4,373.
Types of Twitch influencer content
* Livestreams. Twitch Livestreams can include sponsored content like:
* Product placements
* Endorsements
* Sponsored gameplay
* Paid product unboxings
* Channel sponsorships
* Branded channel panels
* Brand logo stream overlays
* Product links on profile. You can also link to products on Twitch profiles.
How to calculate fair influencer rates
Long story short: Prices in this industry vary greatly and there’s no standard rate card. However, there are a few formulas you can use to calculate influencer rates.
Below, we’ve created a few calculations based on the metrics most brands find valuable.
Brand awareness
To calculate a rate based on increasing your brand awareness, you need to consider a few factors.
This formula establishes a baseline rate based on the influencer’s follower count. We’re going to use the base rate of $100 per 10,000 followers, but you and your influencer will have to determine the actual base rate.
This formula considers the factor extras for the type of post. Depending on the type of post (e.g., Instagram Story, TikTok feed video, YouTube video), additional fees may be added.
For example, a YouTube video might cost more than a single Instagram post due to its potentially higher engagement, longevity and production costs.
Additional factors to consider include:
* the influencer’s engagement rate,
* audience demographics,
* production costs,
* content quality, and
* the duration and scope of the partnership.
These additional factors help adjust the base rate to reflect the value the influencer brings to the brand.
Calculation: Base rate ($100 x 10,000 followers) + extras for type of post (x the number of posts) + additional factors = total rate
Conversions
Calculating a rate based on conversions can be tricky because a user can convert indirectly from the post. Consider giving the influencer a special code you can track at the point of conversion. A discount code like INFLUENCER10 for 10% off can further conversion incentives and give you valuable campaign data.
Similar to the brand awareness formula, the type of post can impact the rate. Different types of content may require more effort from the influencer or have a higher potential for conversions, justifying a higher fee.
There are a few extra factors to consider, like:
* the influencer’s track record of driving conversions,
* the specific call-to-action included in the post, and
* the audience’s receptiveness to sponsored content.
Calculation: Conversion rate per post + extras for type of post (x the number of posts) + extra factors = total rate
Engagement
Engagement rates are the currency of social media. This metric shows the level of interaction and connection the influencer’s audience has with their content. Brands value high engagement rates as they indicate an active and responsive audience, which can lead to better results for sponsored campaigns.
So it makes sense that you might calculate influencer rates based on Engagement Rate per Post (ERpost).
Engagement Rate per Post (ERpost) is determined by dividing the total engagements (likes, comments, shares) by the influencer’s number of followers, then multiplying by 100 to express it as a percentage.
Calculation: ERpost = Total engagements/followers * 100
14 variables that inform influencer rates
While the numbers above are estimated averages, there’s no one-size-fits-all when it comes to the cost of influencer marketing. Here are some variables that can impact influencer rates.
Platform
Different platforms have different audiences, content types, influencer landscapes, and much more. The platform your target influencer is popular on will play a huge role in the rate they charge.
Audience size
When you engage an influencer, you’re paying to reach their followers. The bigger their following, the more reach and exposure your paid post will get.
Just be aware that bigger doesn’t always equal better.
Sometimes, an influencer with a niche following can have a more intimate relationship with their followers. You may be reaching fewer people, but if all of those followers are in your target audience, a nano-influencer could be your best bet.
Engagement
This one’s important: Pay attention to the amount of engagement an influencer has with their followers. It’ll have an impact on their pricing model.
A high engagement rate indicates an active and engaged audience, which is valuable. Influencers with higher engagement rates often have more influence over their audience and can drive better results for you. This also means they can command higher rates.
Type and amount of content
Video content may take longer to create than photos. A series of photos or videos will take more effort than a single shot. Anything that requires graphic design, editing, or added production costs (like a photography studio) will have a higher price tag.
The type of content and the amount of content will need to be factored into the influencer marketing costs.
Usage rights
Do you want to maintain ownership of the content you create with an influencer so that you can use it on other platforms down the line? Then you may end up paying more for the content, but keep in mind that reusing the content will save you money, so the increased price may be worth it.
Exclusivity
Some contracts include an exclusivity clause, in which the influencer agrees not to work with competitors for a determined length of time. Since this could cost influencers prospective deals, it’ll make the cost rise.
Demographic fit and specialization
Does the influencer have intimate access to a group that’s valuable to your brand? They may charge a premium. Supply and demand, baby!
Influencers who specialize in less popular interests can also charge a premium. Fashion, fitness, and financial pros will have more influencers available, and so the pricing will likely be lower. Influencers like those who clean hoarding situations for free, however, may be harder to come by and, therefore, can charge a higher price.
@nottheworstcleaner
Deep Cleaning a bathroom that hadn’t been cleaned in almost 30 years ♬ original sound – Not the Worst Cleaner
Timing
Depending on how much time a brand gives an influencer to create content, a rush fee may be applied. Or, if an influencer has an influx of offers at the same time, they could price their content accordingly.
Say, for example, a popular marriage counsellor is approached by tons of brands around Valentine’s Day. They may take the highest offer for an exclusive partnership.
Duration and scope of the partnership
The duration and scope of your partnership can also influence the rates you pay. Longer-term partnerships can come with some cost savings; the influencer may be more inclined to offer a premium rate to loyal clients, knowing there will be more work in the future.
Campaign length
The length of the campaign will have a direct effect on influencer pricing based on the added labor, content, and exclusivity requirements attached to it.
Link in bio
If the goal is to drive traffic, making sure there’s a link to your website somewhere is going to be key. It’s not uncommon for influencers to charge extra to include a link in bio.
Production costs
Various production-related costs, such as how long it takes to produce the content (labor), props, clothing, hair and makeup, photography, editing, and travel, can be factored into influencer rates. This can also include hiring photographers, videographers, studio time, and any kind of equipment needed.
Agency fees
Many influencers are represented by managers or agencies such as Crowdtap, Niche, Tapinfluencer, or Maker Studios. These companies will typically charge handling fees.
Social amplification
Chances are, influencers are making waves on other platforms, too. Brands can negotiate cross-posting deals to really maximize the reach of a paid influencer post.
Curious about other top influencers? Here’s the 2024 top influencer roundup.
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The post Influencer Rates: How To Maximize Your Budget in 2024 appeared first on Social Media Marketing & Management Dashboard.
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