So you’ve decided to give influencer marketing a go — but what does influencer marketing cost? It’s not an easy answer.
Figuring out how much influencers get paid per post is both messy, and hard. And since influencer marketing is still in its infancy, there’s no real reference guide on how much influencers get paid. Plus, “influencer” is a really vague term that can describe anyone from Selena Gomez with 120 million followers, to a 16-year old high school football player with a loyal 3,000 followers from his hometown. Sure, Selena Gomez gets paid more than the football player — but how much more?
Forbes offered some insight in a recent report. It cites different fees ranging from $3,000 per post to several hundreds of thousands for an entire campaign. It also found that a follower on YouTube is almost twice as valuable as a follower on Snapchat or Instagram. In fact, an influencer with 1 million YouTube followers could expect $125,000 per sponsored video while someone with 7 million+ could expect over $300,000 per video. Meanwhile, an influencer with 7 million followers on Facebook or Instagram will earn between $150,000 to $187,000.
Of course, these numbers represent the individuals on the highest end of the follower spectrum, but Adweek has reported that the average sponsored Instagram post is a modest $300.
Instagram scheduler HopperHQ’s research sheds further light on these figures. Top celebrity influencers in the ranks of Selena Gomez, the Kardashian/Jenner clan, and Cristiano Ronaldo can expect to average up to 30x as much per post than the top “non-celebrity” influencers. Check out the following lists:
Do More Followers Equal More Influence?
While marketers may think that more followers means more influence, it doesn’t always work that way. In fact, micro-influencers provide much more value because of their niche content and loyal audiences. A micro-influencer with 50,000 followers may have a greater effect on a larger percentage of their followers than a celebrity who is known to receive payment for their endorsements. The effectiveness of an ad is not equal across industry, audience or product. A great brand strategy is not a one-size-fits-all; likewise, an advertisement from a highly paid influencer does not always equate to the highest influence.
What’s the Right Price to Pay?
There’s no standard. The bulk of research suggests that each partnership is unique in its offering and context, and thus, so is pricing. The best advice we can give you is to consider value beyond the easy-sell, followers. The initial appeal of influencer marketing over traditional advertising is that it’s intimate, authentic and personal. However, once an influencer is seen more as a brand than a person, those easy recommendations become hard sells.
As both Instagram and the Federal Trade Commission continue to calling out “sponsorships” as #ads, we expect more transparency in endorsement deals. Until then, it’s murky waters, but the payoffs can be huge.
Curalate helps more than 850 of the world’s leading brands sell online more effectively by creating compelling commerce experiences that adapt to how consumers discover products. On average, our clients achieve: 79% increases in time-on-site, 16% jumps in average order value and 31% increases in conversion rate.
What can Curalate do for your business? Contact us to find out.
What’s the best way to approach an influencer? How can you measure ROI? Our free guide can answer all your questions. Download How to Win Fans and Influence Purchases to get your influencer campaign started on the right foot.