Influencer Marketing is a big deal right now. It can work for a ton of industries, and not just B2C. But, like any good marketer, if you want to do influencer marketing, you gotta know how much it costs so that you can budget for it.
So. How much does it cost?
$5,000.
Kidding. It’s not that simple. That’s just the number you can expect to pay for an influencer who has 500,000 followers.
How much your campaign will actually cost depends on a few things:
- Social media platform. The cost for your campaign varies based on the platform you choose. Instagram is the top choice, but YouTube and Snapchat can be good too (depending on your audience.
- Following. More followers = higher cost. Pretty simple formula there.
- Engagement. Followers are easy to fake, but engagement isn’t as easy. Typically, influencers with higher engagement per post will charge higher rates.
- Product. General rule of thumb: the more your product costs, the more you’re going to pay for influencer marketing.
- Campaign. The extent of the campaign is going to affect the cost. Some questions to ask yourself: How many posts do you want from the influencer? Who creates the content? Do you want the influencer to keep the post on their profile permanently?
So what are the “market” rates for an average campaign?
- $10 per 1,000 followers
- $250 to $750 per 1,000 engagement/post
- Instagram Money Calculator is a great tool to help you price your Instagram campaigns
YouTube
- $20 per 1,000 subscribers
- $50 – $100 per 1,000 video views
Snapchat
- $100 per 1,000 views
- Don’t bother. With organic reach lower than ever, don’t even waste your money, unless you’re going to give the influencer ad-spend to run their own advertising campaign.
- Skip this one too, unless you’re willing to shell out some money for an ad campaign with your influencer.
Anyone have an Influencer Marketing success story? Hit that reply button, and let us know! If you’re lucky, we might just feature you in an upcoming Daily Carnage.
