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You may have seen those social media influencers with thousands of followers hawking products or services and wondered how much they make. The influencer cost varies according to the type of your business influencers themself.
Their niche and the size of their following. This post will outline what to expect when negotiating rates with an influencer, plus some helpful tips. Take a seat, relax, and learn about paying your favorite social media stars!
Are You Paying An Influencer Too Much?
The influencer cost varies according to the type of your business and the influencers themself. Their niche and the size of their following. Following are some factors that influencers with big audiences charge more since their reach is wider.
Social Media Platform:
An influencer with bigger audiences on Facebook or YouTube will charge more than those with same-sized followings on less popular platforms like Snapchat or Pinterest.
An influencer with a million followers has more reach than one with only 100,000 followers. Therefore, they will charge more for their services. Following are the types of influencers:
Macro influencers: With a reach of over 1 million followers, these are the superstars of the influencer world.
Micro-influencers: These influencers have between 10,000 and 1 million followers.
Nano influencers: With a following of 1,000 to 10,000 people, these influencers are still growing their audiences.
An influencer with high follower engagement (lots of likes, comments, and shares) is more valuable than one with low concentration. It is because their posts are more likely to be seen and interacted with by their followers.
Industry Or Specialization:
An influencer focusing on a specific niche (fashion, beauty, travel, etc.) will typically charge more than a generalist influencer. It is because they have more knowledge and expertise in their niche, which makes them more valuable to brands.
For example, if an influencer is a beauty blogger, they will likely charge more for a makeup campaign than an influencer who posts about anything and everything.
Additionally, if your product is fitness related would be an influencer who is a certified personal trainer. It is because they have more authority and credibility in the fitness world, which makes them more valuable to brands.
Type Of Content:
An influencer who creates high-quality original content (videos, photos, blog posts, etc.) will charge more than one who reposts others’ content or uses low-quality stock photos.
It is because original content takes more time and effort to create, and it’s more likely to resonate with followers. For example, if you demand an influencer to create only videos, the price will be higher than if the influencer began with only photos.
An influencer in high demand (i.e., a lot of brands wanting to work with them) will naturally charge more than an influencer who isn’t as popular. As a result, they can select the brands they work with and command a higher price. For instance, if an influencer has worked with Nike in the past, their rate will increase because of their industry authority.
An influencer who grants exclusive usage rights to a brand (i.e., the influencer agrees not to promote any competing brands during the agreement) will charge more than one who doesn’t offer exclusivity.
The influencer is essentially giving up the opportunity to earn money from other brands, so they must be compensated accordingly. If you are a traveling company, it would be beneficial to have an influencer who promotes your company as their main and only focus.
An influencer who agrees to be the only influencer promoting a particular brand will charge more than one who doesn’t have that restriction. The influencer is essentially giving up the opportunity to earn money from other brands, so they must be compensated accordingly. Supposedly, if Coca-Cola were the only drink an influencer promoted, they would have a higher rate.
Where Do You Start When You’re Negotiating Influencer Rates?
So, now that you know all the factors that influencers with big audiences charge more about since their reach is wider let’s take a look at some helpful tips for negotiating rates with influencers.
Do Your Research:
When contacting an influencer, you should do your research. It means finding out how many followers they have, what their engagement levels are like, what their niche is, etc. Knowing more about an influencer means you’ll be to negotiate a fair rate.
Make A Realistic Offer:
Don’t lowball an influencer just because you think they’re overpriced. It is rude and likely to result in the influencer rejecting your offer outright. Instead, make a realistic offer that considers all the factors mentioned above.
Be prepared to negotiate terms such as usage rights, exclusivity, and agreement length. Influencers are often willing to be flexible on these things if it means getting a higher rate.
Offer Additional Compensation:
In addition to offering a fair rate, you can also sweeten the deal by offering additional compensation such as bonus payments, free products, or exclusive access to events. It will show the influencer that you’re serious about working with them and make them more likely to accept your offer.
Have A Backup Plan:
Backup plans are always a good idea if your first choice of influencer isn’t available or is unwilling to work at your desired rate. This way, you won’t be left scrambling to find someone at the last minute.
What Is The Average Amount That Influencers Earn Per Post?
Influencers with a small audience can charge anywhere from $50 to $500 per post, while influencers with a large audience can charge upwards of $5,000 per post. Of course, these rates vary depending on the influencer’s niche, engagement levels, and other factors.
In general, influencers with a large following and high engagement levels (i.e., they get a lot of likes, comments, and shares on their posts) can charge more than influencers with a smaller following and lower engagement levels. Their posts are more likely to reach a wider audience and increase sales for their promoting brands.
Influencer Marketing’s Top Five Social Media Platforms Are:
YouTube: according to a study by influencer marketing platform TapInfluence, YouTube influencers earn an average of $187.50 per post.
Instagram: another study by TapInfluence found that influencers on Instagram earn an average of $471.75 per post. They are the highest-paid influencers on social media.
Facebook: influencers on Facebook earn an average of $174.75 per post, according to TapInfluence.
Snapchat: a study by influencer marketing platform influence co found that Snapchat influencers earn an average of $325 per post.
Twitter: influencers on Twitter earn an average of $138.75 per post, according to TapInfluence.
These rates are just averages; influencers with a larger following can often charge much more than these amounts. For example, Kim Kardashian reportedly charges upwards of $500,000 per Instagram post, while Selena Gomez is said to have earned $550,000 for a single sponsored Instagram post.
Of course, not all influencers will disclose how much they charge per post. Suppose you’re working with an influencer who isn’t comfortable telling their rate. In that case, you can ask them for their rate range or use a tool like Influencer Marketing Hub’s influencer rate calculator to create an estimated rate.
Q: How Can I Find Influencers?
A: You can find influencers in various ways. You can use social media platforms like Instagram and Twitter to search for influencers in your industry, or you can use influencer marketing platforms like influencer co and Upfluence. You can also contact influencer marketing agencies like Mavrck and Mediakix, which connect brands with influencers.
Q: How Do I Know If An Influencer Is Right For My Brand?
A: When choosing an influencer for your brand, it’s important to consider their niche, audience size, engagement levels, and overall fit with your brand. Additionally, ensure the influencer is willing to disclose their rates and is comfortable working with your budget.
Q: What’s The Best Way To Contact An Influencer?
A: The best way to contact an influencer is through their social media platform or website. You can also use influencer marketing platforms like an influencer.co and Upfluence to reach out to influencers.
Paying influencers can be a great way to promote your brand, but it’s important to research potential influencers and choose the right one. Be sure to ask about their rates and consider their niche, audience size, engagement levels, and overall fit with your brand before you commit to working with them. We hope this article helps you with influencer rates.
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