Influencer Marketing industry is becoming huge day by day. In fact, influencers marketing is the booming and the hot industry of 2018. Everyone wants to be an Influencer and earn money just by having a huge follower base online. But if you are brand, how will you decide what price to pay to an influencer for a campaign promoting your brand to get awareness of your product. Well if you don’t know the answer yet, then keep reading because in this post I’ll share with you some of the factors that will help you decide the rate of an Influencer. So let’s dive right in!
#1. Social Media Platform
It depends a lot on what the social media platform is on which you are planning to run the campaign. Most importantly, Instagram is considered one of the best social platforms when it comes to Influencer Marketing next comes YouTube and Snapchat.
Facebook, Twitter, and Linkedin are not meant to be considered as social influencer platforms. So all and all if you do an influencer campaign on Instagram chances are you might get a huge ROI benefit out of it.
It’s the second most crucial factor after finalizing your social platform. Most of the brands check the following of any influencer whom they are going to do the campaign with. However, there is a dark side to this that people buy followers on Instagram. But the brands also check the engagement of the account to judge whether the account is legit or is the influencer just faking.
No matter how big your following is, if you are getting zero to no engagement on your social accounts brand will never approach you. Engagement plays a vital role in deciding how much reach the following brand will get after promoting and running their campaign with you. Make sure you are having a sharp eye on your engagement factor some of them use services such as Befollowers to boost their likes and followers. The more the reach of the account the higher the influencer can charge from you.
Your product will decide how costly your campaign will be eventually. You cannot expect your campaign to be cheaper if you are promoting a sports car. However, you can expect a less price if you are promoting a hair gel or a face cream (just for example).
The more expensive the product the more expensive the campaign.
#5. Direct Partnership or Agency
It depends if you are doing the campaign with the help of an Agency or are you directly contacting the influencer. If you are doing it with an agency then chances are they might charge you more as they have other expenses included in the campaign. However, if you are doing the campaign directly with the influencer then you can expect a lower price compared to the agency. So, if you have tight budget or want to save some money then directly contact the influencer instead of reaching them through an external medium.
Finally, it depends on what type of campaign you want to run for your brand/product. Are you planning to post multiple pictures and videos?
Will the campaign cross promote other products? Are you promoting more than 1 product in a campaign? All the above question will decide the final price of your campaign.
So what is the price the Influencer charge?
Basically, after all this if the influencer has a good reach and great engagement on his account and has a follower base of 500k to 1m then they’ll charge somewhere between $250 – $5000 if you run a whole week long campaign.
I hope that clears all your doubts regarding how much influencers are charging for social media promotion of your products or brands.