How Much To Pay an Influencer?
You might know your favorite Instagram influencer’s preferred brand of dog food, the precise details of their last breakup, or what’s on their kitchen shelf. But one piece of information rarely makes it into an Instagram story: How much that influencer is being paid.
The worldwide influencer market is a $13.8 billion global industry. But what amount does your average, newbie influencer get per post? Creating branded content demands time, work, skill, and production expenses.
Read till the end to discover the best formula for calculating rates, the ballpark cost of different types of posts, and other factors that might affect influencer pricing for your next influencer marketing campaign.
How much does an Instagram post cost from an influencer?
Usually, influencers will have a press kit defining their rates and the types of partnerships available. Depending on the campaign, special rates can also be worked out to decrease labor and costs.
Instagram post (video)
Influencers keep rising over the platform, and Instagram is no different, following an 80 percent year-over-year growth.
Most content creators admit that a video implicates more significant production costs than a picture, but the added investment can constantly translate into more than just added engagement.
Many influencers apply this formula when figuring out what to charge for Instagram video posts:
Every Influencer has a different price menu. But here’s an example:
Rate per IG video = Current average engagement x $0.16.
Instagram post (picture)
A standard sponsored Instagram post typically consists of a photo and caption. In some cases, the product is featured in the picture. The caption is more critical in other cases, like when a service is promoted.
Applying the formulas, you might expect a picture post to cost under $2,000 for accounts with under 100,000 followers. You might wish to pay in the $5,000 to $10,000 range for macro-influencers.
A famous formula multiple influencers use is:
Average price per IG post = Recent Average Engagements x $0.14.
Instagram contests are a fantastic way to increase followers and brand awareness. Usually, a contest involves asking a user to do something for an opportunity to win a prize, whether it’s tagging a friend, following your account, or sharing a post.
The content that is needed for executing a contest would be unique to each brand and influencer, the most helpful way to calculate what it would cost is by examining the individual elements and adding those up: for example, do you want five picture posts and a Story to boost your frozen-yogurt-for-life giveaway? Crunch the digits, and you’ve got a ballpark formation to start with.
Price per Instagram contest = (# of posts*0.14) + (# of videos*0.16) + (# of Stories*price per Story).
An Instagram story is a picture or video that disappears after 24 hours. Production quality can range from off-the-cuff smartphone footage to polished uploaded content, and costs will vary.
One formula you could apply to calculate the cost of Instagram stories is*:
Price per Instagram Story = The latest average view x $0.06.
Instagram Story with swipe up
The swipe-up feature on Instagram is a seamless path to earn in-app conversions and website visits. And since links in Instagram’s ecosystem are hard to come by, story swipe-ups have added value. So Instagram Stories with swipe-up will cost more than the average for a Story post itself.
We advise setting your average price for a Story, plus a cost per “swipe” or website visit or conversion. Deciding what that swipe up or conversion is worth will range depending on the product sold.
Test this formula when estimating the cost of an Instagram Story with a swipe up:
Price per Instagram story with swipe up = price per Instagram story + price per swipe up
Mention that if you’re operating with a micro-influencer with fewer than 10,000 followers or are not verified, they may not have the permission to this segment.
Instagram Story with poll
Adding a poll to an Instagram Story is a low-cost way to know more about the influencer’s followers. There may be extra charges based on how time or labor-intensive preparing or monitoring this is for the influencer — so predict this to cost more than a typical story.
Price per Instagram story with poll = price per Instagram story + price per poll.
When it comes to paying influencers, the path to payment comes from understanding all the aspects: audience size, content type, social media platform type, the quality of the media you want, and the engagement rates for the influencers you’d like to partner with. Once you know those aspects, you can create fair and acceptable pricing for all your influencer partnerships.
That’s all for today. Stay tuned for more power-packed content.
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