If you have an Instagram account for your business or online store, on more than one occasion you will have considered hiring an influencer to advertise.
Working with an influencer has advantages over traditional advertising:
✅ You improve the reputation of your brand by collaborating with influencers in your sector.
✅ You increase the number of followers of your profile if you choose the right influencer and your brand is attractive to users.
✅ You increase traffic to your website by promoting your products and, with it, the number of sales or registrations of your business.
Despite these advantages, one of the fears you may have is overpaying for a job with influencers.
In this post we want to assist you with regards to how much a collaboration could cost, what factors influence the price and what results may interest you to know if you have chosen well.
How much it costs to hire an influencer
Instagram continues to grow in number of users, according to Statista it has 1 billion active users, something that is reflected in the cost of hiring influencers. The greater the possibility of recipients, the more money that contract costs.
➡️According to data published by IZEA, the average price of a post promoted on Instagram has gone from $134 in 2014 to $1,643 in 2019
Now, this is just a study that reflects the increase in cost, but how much does an influencer cost exactly?
Price for working with an influencer
As a general rule, a price of $ 10 has been set for every 1,000 followers. A price that increases in the same proportion:
- $ 100 for every 10,000 followers.
- $ 1,000 for every 100,000 followers.
- $ 10,000 per 1,000,000 followers.
These prices are indicative because then there are certain variables that can increase the price and that we will tell you here.
- The number of followers.
The main factor that determines the price of a contract with an influencer is the number of followers.
It’s, to be fair, the first thing you notice when you want an influencer who is in your industry.
It also determines the possibilities of the promotion.
For example, if you look at the image, the nano influencers cannot add a link to their story until they have 10,000 followers, so it limits the scope of traffic.
And therefore, the cost of the contract for each publication.
Source: Influencer Marketing Hub.
▶️ Nano influencers
Nano influencers have followers in their community between 1,000 and 10,000. They are the most affordable in economic terms
They charge between $ 10 and $ 100 for each post. In these cases, when they do not yet have an extensive community, you can negotiate the delivery of products from your store to give it visibility without having an extra expense.
▶️ Micro influencers
With a profile that has 10,000 to 50,000 followers, these influencers already have an established community on Instagram.
The price of each publication ranges from $ 100 to $ 500 per publication.
▶️ Mid-Tier influencers
Settled with a community between 50,000 and 250,000 followers, mid-tier influencers are already capable of influencing the opinion of their followers.
For each post the price ranges between 500 and 5000 dollars.
▶️ Macro influencers
Macro influencers host a community of followers between 250,000 and 1 million followers. They can already be considered opinion leaders with a high cost to work with.
The price they charge for each publication ranges from $ 5,000 to $ 10,000. With such a high cost, it is recommended that you study the investment well to see if you will get results before launching.
▶️ Top influencers
These influencers live by and for their Instagram community, where their followers count from 1 million onwards.
Working with these types of influencers is only reserved for large brands, which can afford to assume the cost they entail, starting at $ 10,000.
▶️ The actors who participate in the contract with an influencer
One of the aspects that ends up determining the price of influencers is the number of people who end up participating in the contract. Similar to an athlete.
✅ Many influencers work alone and you just have to contact them directly. You establish the premises, if there is going to be an extra payment for the publication or only for the provision of the product, etc.
✅ Other influencers, who are usually at least mid-tier influencers, have representation agencies that bring them sponsorships and collaborations. In these cases, the price per post may increase, as the agencies take a commission for this agreement.
It is important that you keep this in mind when negotiating with an influencer, so that the investment does not exceed your expectations.
The product you are going to promote.
The product or service that the influencer is going to promote is also decisive for the final price of the deal.
If it is an expensive product, the influencer may ask you for a higher income and you will target an audience with high purchasing power.
The commitment to collaboration.
A long-term agreement can lower the cost of the influencer. For example, if you reach a multi-month agreement in which you give him the products you sell.
On the contrary, a single promotion can increase the price of the influencer.
These are aspects that directly affect the final price of your agreement with the influencer. Although the rule that we have left you above “followers – price” is true, with these variants everything can change.
How to know if your investment in an influencer has worked
Have you already run your campaign with an influencer? What should you look for to know if it has gone well?
These data will help you understand whether your campaign succeeded or not:
- The engagement that the publication or publications has obtained:
The likes obtained, comments, the number of times the post has been shared or saved with your product or service.
- Traffic to your website:
If you have linked to your website or a product, analyzing the amount of traffic received during the days of the campaign is great to see how it has worked.
- The number of sales:
If your goal was to promote a product to increase the number of sales, check how many orders there have been since the collaboration to see the results. Another option is to put a unique discount code for the influencer and so you know if they come from this collaboration.
Now you have all the information about how much an influencer costs on Instagram.
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