It’s a buyer’s world. Your customers have access to thousands of competitors at the click of a button, making it that much more important to capture their interest.
The question is—how?
The average person sees roughly 5,000 ads per day Businesses can’t just put up an ad and expect customers to come knocking anymore. Instead, they need to find a way to cut through the everyday noise.
That’s where influencer marketing comes in.
When you think of influencer marketing, you might be thinking of celeb endorsements like Terry Crews in the Old Spice commercials.
Luckily, influencer marketing isn’t limited to million-dollar endorsement deals anymore. In fact, micro influencers make up roughly 90% of successful influencer marketing, making this a lucrative marketing channel for businesses of all sizes.
Are you interested in hiring an influencer, but not sure how much it will cost you? Let’s take a look at influencer rates in 2019.
What is an influencer?
In this day and age of social media, it’s possible for the average person to grow a dedicated base of fans. Technically, as long as they have a following that they can promote products to, they can be considered an influencer.
However, there are different levels of promotion. These fall under Micro, Power Middle, and Macro tiers.
Micro influencers have the smallest following out of the three tiers, usually at 10,000 followers or less, but that doesn’t mean they don’t still pack a punch. Micro influencers tend to have a very specific audience niche. While this means that their following is small, it also means that they are more highly engaged than other influencer levels.
Power middle influencers are influencers with 10,000-250,000 followers. These types of accounts are usually career influencers and likely make a living through promoting brands and products. As a result, they usually already have experience working professionally with brands and are likely to charge more for their services than a micro influencer.
Macro influencers are the type of promoters most of us are already familiar with. With a follower count that ranges anywhere from 250,000 to over a million, they include big names like Cristiano Ronaldo, Pewdiepie, and Kim Kardashian.
Macro influencers give you a larger reach than micro and power middle accounts, but that reach will come at the price of lower engagement rates and higher costs.
What factors influence influencer rates?
When figuring out how much an influencer costs, many brands go by the one cent per follower rule. This means that at a minimum, you’re looking at $100 per 10,000 followers.
This is just a rough estimate, however—there are several other factors to consider that can raise or lower costs such as:
- Engagement rate
- Ad relevancy
- The type of creative
- The scope of the campaign
- The effort required from the influencer
- Where the ads will be posted
How to find price cost estimates
Another way to figure out price cost estimates is to use a social media influencer platform like Social Media Famous. Before, it used to take brands weeks to find influencers, reach out to them, and work out the specifics of a campaign. Now, platforms like these develop curated lists of influencer social media accounts and compile that information into easy-to-use reports.
Let’s take a look at how easy it is with Social Media Famous…
Once you’ve signed up for a free account, you’ll be taken to your dashboard. Clicking on the “Find Influencers” bar takes you to a search bar where you can type in keywords related to the influencer you’re looking for or narrow down your search using filters.
For the purpose of this guide, I’ve created a search for fashion models with an engagement rate of .5-7% and between 25-500,000 followers. I’ve left the post cost estimate open.
From here, you’ll be directed to a search page showcasing influencers that fit your filter range. You can see their Instagram handles, posts, follower count, and engagement rate.
And… voila! Clicking on an influencer will open a separate page with more detailed information, including their average amount of likes, comments, and estimated post price.
In conclusion: key takeaways
Unfortunately, influencer rates are tricky to figure out. When planning your next campaign, keep these key factors in mind:
- Micro influencers are a good way for businesses to get their feet wet in influencer marketing. Low follower counts are offset by higher engagement rates.
- A good starting point for influencer rates is to factor in a cost of one cent per follower.
- Make sure you know the scope of a project before reaching out to influencers.
- Social media influencer platforms can make your life easier by compiling all this information in one place.
Ready to build relationships with high-quality influencers? Sign up for a free account.