To become known on the web, it’s often necessary to combine several marketing methods and different channels for your business’s communication campaign. In this respect, influencer marketing has become a formidable strategic lever.
The weight of influencers on social media platforms is growing. They therefore have significant recommendation power.
Influencer profiles and content creators allow brands to gain visibility and image. Nevertheless, their services often come at a high price. This type of marketing campaign has a cost, which can vary from a few dollars to several hundred thousand dollars. The amount of money you’ll need to pay influencers is therefore an important factor that must be taken into account in your business plan...
Don’t have any idea how much an influencer will charge for the sponsored posts that they share? In that case, this article is made for you and may enlighten you about the cost, the money that your business will need to pay influencers, but also the different marketing strategies to consider for a successful campaign!
Why work with an influencer?
To place your brand or your products on a platform like YouTube, Facebook, Twitter or Instagram, nothing is more effective than using the services of an influencer. Read on to learn more information about this specific profession and the interest of working with an influencer for your ecommerce business.
What is an influencer?
An influencer is a person who is present and exposed on platforms, with a large community of internet users.
People follow them and listen to their recommendations because they have given them their trust. In other words, influencers have real power and play a role in the purchasing decisions of hundreds of people.
In fact, influencers are like relays or intermediaries between a product (or a brand) and potential customers.
Why establish partnerships on social networks?
When an influencer or a content creator has a large community of followers on a platform, it represents a real opportunity for a brand.
By creating a relationship of trust with the people who follow them on social media networks, in your country or abroad, the influencer has the power to recommend a product and literally propel it to the forefront.
An influencer’s followers trust them and tend to follow their recommendations. It’s therefore, in a way, word-of-mouth on a large scale, via the web and the creation of digital content. Internet users’ trust toward an influencer has a name: the “Best Friend Effect.” In other words, people who follow an influencer have absolute trust in them, as if they were their best friend.
When an influencer is persuasive about a brand and creates posts touting their products on a social media platform, it’s great publicity.
What are the criteria that justify influencers’ fees?
At this point, you probably understand why influencer marketing is so popular with brands today and may be ready to try this approach for your own business to potentially reach more people and earn more sales. However, before getting started, it’s best to consider the cost of this paid marketing strategy and what factors can determine an influencer’s fees.
You’ll find that an influencer’s services are rarely free. When brands solicit influencers, they make a contract with them. This contract determines the conditions to be respected by the business and the influencers as well as the amount of money to be paid.
In this matter, several elements can justify what influencers charge and how much money they can make per post.
The targeted social network
To date, there are several platforms and apps on which it’s possible to do influencer marketing. The main ones are Instagram, Facebook, Snapchat, TikTok, YouTube, and Twitter.
However, not all platforms share the same target audience or the same number of visitors every day.
How much money an influencer will charge also depends on the social media networks on which they’re present.
For example, Instagram has a higher payout than Twitter. Logically, the influencers on it charge higher amounts than those using the blue bird...
Also, depending on the network, the publication work isn’t the same.
Publishing content on YouTube requires much more investment than a simple post on Facebook. The amount that your business will need to pay influencers for in-depth sponsored user-generated content is therefore going to be higher.
Finally, the growth of each social network is also taken into account. For example, Instagram statistics show that in the last few years, traffic on the social media platform has exploded. As a result, its average prices have also grown very significantly.
The size of their community
It makes sense that the more followers an influencer has on social networks, the higher their rate is. They have an even greater chance of making the product known...
Note, however, that you’ll find that quantity is not necessarily synonymous with quality when it comes to followers that influencers have on a social media platform. In other words, it’s best to choose an influencer with a smaller community but a high engagement rate than the opposite.
Thus, the number of followers and interactions are data that must be cross-referenced before establishing a contract.
On the quantity side, the size of the influencer community is split into different parts:
- nano-influencers, with less than 10,000 subscribers;
- micro-influencers, with 10,000 to 100,000 followers;
- macro-influencers, with between 100,000 and 1 million followers; and
- mega-influencers, with more than 1 million followers. Most often, they are celebrities, such as movie stars, actors, top athletes or singers.
Their engagement rate
Engagement rate is another criterion that is very much studied by brands. It’s the most representative sign of success, of interactions between the influencer and their community, and of the virality of each post.
More concretely, it’s an indicator that measures the number of interactions between a social media network’s users and an influencer. It’s about measuring this data in relation to a campaign. The higher the number of interactions, the more effective the publication is.
On average, here are the different data according to the media:
- On Facebook: a publication reaches 10.71% of its total audience. If it includes a video, the average figure is 6.09%, compared to 4.42% for a simple image and 1.44% for text alone;
- On Twitter: tweets with images receive 18% more clicks and +150% more retweets. The engagement of a tweet with a video is multiplied by 10;
- On Instagram: posts have an average engagement level of 1.1%. Images showing faces get 38% more likes, and videos get less engagement than photos.
Their image and their other partnerships
Obviously, the more positive the image of the influencer is in a field, the more the partnership pays off. For example, a top athlete will be paid better to sell a sports product than an actress would, even if she has a large community of fans.
If the influencer is very selective, their promotional posts are less numerous but have more impact. You’re therefore likely to find that these people have more expensive pricing and charge more for their posts.
Influencer rates in 2023
Now that you know what the salaries of influencers depend on, let’s move on to the more concrete elements: the figures currently applied in 2023.
Indicative figures according to Influencer Marketing Hub
Influencer Marketing Hub is a platform that connects brands and influencers.
It lists the average amounts that you can expect to pay influencers, depending on their platforms:
- On Instagram, the amount of money that influencers can earn for a post goes from $100 for an influencer with 10,000 fans to $5,000 for communities of 500,000 fans.
- On YouTube, the amount is higher: from $200 to $10,000.
- On Facebook, prices were found to be quite high too: from $250 to $12,500.
- Twitter remains the cheapest: from $20 to $2,000.
Kolculator: the Instagram income generator from Kolsquare
Kolculator, on the other hand, is an online tool that estimates an influencer’s earnings on Instagram. It allows you to get an estimate of the value of posts shared by a specific Instagram influencer.
To get this data, all you have to do is enter the username of the relevant influencer.
Kolculator shows you the engagement rate of the influencer, as well as the minimum and maximum amount of a post, or the minimum and maximum price of a story.
Favikon: the directory 2.0 of influencers with their rates
Favikon is another very complete tool. It has several features:
- Search for an influencer based on several criteria, such as the number of subscribers, their country, etc.
- Try out influencers to know their engagement rate, saturation rate, quality of their audience for their accounts, evolution of their number of subscribers, their target according to countries, etc.
- Create lists to organize your searches.
Ergonomic and very intuitive, it’s an easy-to-use tool that is updated in real time. Moreover, Favikon also allows you to reach out to influencers.
Keep in mind that while it will cost you money to implement an effective, influencer marketing strategy, on average, an influencer campaign costs between 2 and 10 times less than a classic ad on Instagram or a commercial on YouTube. It’s therefore best not to neglect this commercial lever.
Influencer marketing offers excellent results and a very good engagement rate. In the long run, the best strategy is to create a long-term partnership with certain influencers to share in the benefits.
This way, a real synergy is created between the products, the influencer, and their audience, which is all the more rewarding for your business and your customers!