How Much Should/Do Influencers Charge?
Influencer marketing is a $10 billion USD market now and it’s expected to grow to $23 billion by 2024. It is fast becoming one of the most effective ways to reach your target audience on social media platforms like Facebook, Instagram, and more.
In 2020, influencer marketing costs $10 to $1 million per post. It’s a massive price range that challenges companies because a variety of factors impact influencer marketing prices. So, what’s a fair price for an influencer in your market?
- Nano influencer: 1000 followers to 10,000 followers, supported in rockstars.media, click here to view our nano influencers.
- Micro Influencer: 10,000 followers to 100,000 followers, supported in rockstars.media, click here to view our micro influencers.
- Macro influencer: 100,000 followers to 500,000, supported in rockstars.media, click here to view our macro influencers.
- Mega influencer: 500,000 followers and more.
Influencers marketing price and cost
Cost of influencer marketing depends on a lot of factors, such as:
- Type of influencer: nano, micro, macro, Mega
- Are you dealing with influencer directly or through agency?
- The industry
- The effort, production cost, editing cost, type of content or review need to be produced and other costs such as traveling etc…
- The social media platform
Things to consider when selecting or evaluating an influencer
You should not only look at the number of followers as the main criteria to evaluate working with that influencer and how much you are going to pay them but also you need to look at other factors such as:
- Engagement rate
- Content they produce
- Their engagement with your competitors
Cost of engaging an influencer
As a rule of thumb you can use the number of the followers to calculate the cost in addition to the previous factors we mention earlier as engagement rate, audience demographic, etc..
So we can say the cost is on average is $10USD, RM40 or S$14 per 1,000 followers.
So for an influencer with 50k followers you can expect to pay $500USD per post as a starting price.