HOW MUCH WILL INFLUENCERS CHARGE IN 2024?

HOW MUCH WILL INFLUENCERS CHARGE IN 2024?

Even some of the top 25 Australians on Instagram or the world’s top 25 most popular TikTok celebrities need to calculate their Influencer rate cards to be able to make successful deals with global brands. You can also use the below insights to calculate your Influencer rate card or price per post.

If you are a marketer, advertiser or business owner, the below influencer prices can be used as an indication of how much you need to budget when paying an influencer for a social media post.

Sponsored post on Instagram. Brand: American Tourister luggage suitcases – Influencer: Toni Watson, one of the top 25 most-followed Australian women on Youtube. 

CALCULATE THE RIGHT PRICE TO PAY TO AN INFLUENCER

It may be ok to get quotes from different influencers, however, you should be calculating the right price to hit your target ROIMS.

I know what you are saying: “What the hell is ROIMS?”

ROIMS means the Return on Influencer Marketing Spend.

Experienced marketers developing successful Influencer Marketing campaigns calculate the price per post they are willing to pay to hit their target Return of Influencer Marketing Spend (ROIMS).

Do not allow an influencer to distract you with their followers’ numbers, prices and average engagement rates.

If you want to actually know what you should be paying to an influencer for a post, you must calculate your Initial investment (price per post) to hit your desired ROIMS.

There is no point in knowing how much the World’s most-followed celebrity on Instagram: Cristiano Ronaldo charges for an Instagram post if you have not calculated your ROIMS.

The same will apply to the small local influencer who may be as happy with products in exchange for publishing a post about your brand.

INFLUENCERS’ PRICES PER POST

Recently, I was on a holiday, driving the epic Brisbane to Cairns road trip best stops along the coast and meeting a few influencers who shared with me some interesting insights regarding prices.

Influencer pricing is not a one-size-fits-all.

There is no such thing as a standard rate card for an influencer.

Each influencer will be able to set a value, based on several criteria, including:

• Average Engagement rate: average number of engagements per post divided by the number of followers.
• Real followers. Are most of their followers real and vetted?
• Follower growth. Is the number of new followers growing naturally? or is the account using an Instagram automation bot?
• Industry. Prices can vary between industries. A luxury high fashion influencer may cost more than a top female fitness influencer. Some of the top 25 Australians on YouTube may be cheaper than some of the world’s top 25 most-followed TikTok celebrities. There are even computer-generated virtual influencers (no real humans) you can pay to promote your brand.
• Content quality. Some of the world’s most popular people on Instagram may charge a premium fee as their videos are of high quality and reach millions of fans.

Some other things are harder to quantify, including how influential you believe them to be in your marketplace – especially if you’re within a niche market.

The work you have done to identify your perfect influencer(s) will help to determine how valuable they will be to your brand.

Although micro-influencers have fewer followers, they see a 10x increase in engagement: you may get more value for money using a micro-influencer.

A Bloglovin survey on Influencer pricing found that:

• Instagram influencers charge 2-3x more for an Instagram post than a blog post
• A general rule of thumb is to charge $100 per 10K followers
• Agency rates and content production quality may increase the above rate
• Exclusivity often costs more. For example, an influencer who focuses on luxury high-fashion marketing campaigns may cost more than a general fashion influencer.
• Brand affinity can cost more. Following the same example above, a fashion marketing campaign should only partner with an influencer who shares the same brand values.

Some influencers are paid partly in gifts or samples. Influencers within the lower end of the follower count may accept gifts while influencers with celebrity status (millions of followers) will not be interested in gift payments.

Rates vary greatly depending on:

• The size of the influencer’s audience
• Average engagement rates
• The industry they specialise in
• Demonstrable expertise.
• Brand fit.

WORKING WITH INFLUENCERS – TOP OPTIONS

Before you learn how to work with influencers you need to have a clear indication of how much you are willing to pay them.

How much money will influencers charge in 2024 for sponsored posts and product placements?

With influencers, you’re not just paying for the hours that it takes them to put together your post.  You’re paying them for the years that they’ve spent cultivating, nurturing, and growing their targeted audience. Be reminded that smaller bloggers are great for certain types of campaigns, while larger-scale goals might require you to bring a bigger budget as prices per post can be higher. Need help with your influencer marketing campaigns? Contact us

There are three common ways you can collaborate, work and reward your influencers:

• Pay per post
• Product as payment
• Commission payments (aka affiliate payments)

PAY PER POST

The most popular Influencer payment arrangement is known as a “pay-per-post” deal. With these deals, you pay the influencer a specific amount of money (depending on the size of their audience) for a certain number of posts. The pricing for these deals can fluctuate based on a few factors, with the biggest one being the size of the influencer’s audience.

Here are some average figures to help you budget your influencer campaigns:

• Instagram: Instagram Influencers generally charge $50 per 5,000 followers for a sponsored Instagram post, but there is typically a minimum price tag of $150 per Instagram post, even for influencers with less than 50,000 followers.
• Snapchat: Snapchat campaigns are a bit different as follower counts aren’t made public on Snapchat. You will pay Snapchat influencers based on the number of views in 24 hours. Rates typically begin at $500 for 5,000 unique views but can go as high as $10,000 or 50k+ unique views.
• YouTube: The starting price is about $100 per 5,000 subscribers. Making a video about a brand or product is much more labour-intensive than an Instagram post, and if an influencer’s audience is willing to watch an in-depth video, they’re more likely to follow through on the influencer’s recommendation. So while the price may be higher, the value often is as well.

The cost per post can also vary depending on what kind of post the influencer is creating. For example, a travel blogger with 108,000 followers might charge $1,000 per “static” (no video, no slideshow) post on Instagram, but only charges $200 for an Instagram Story post. If you’re not sure whether you can afford a traditional pay-per-post deal, a temporary post can be a cost-effective option. But you get what you pay for—since Instagram Stories only last for 24 hours, odds are your campaign will have less visibility with your influencer’s audience.

On the flip side, you can also pay an influencer more for extra visibility, with what’s known as a “link-in-bio” deal. With link-in-bio deals, the influencer includes a link to your brand’s site in their social media bio, which stays pinned to the top of their account page, or on their profile, and can drive direct traffic to your site. The pricing for these can be difficult to predict, but since a link in an influencer’s bio increases the visibility of your campaign even further, most influencers charge up to 40% more for that add-on.

If you’re targeting an influencer with a large following on multiple social media platforms, you should also consider a multi-platform campaign, where the influencer shares one post on all their social media accounts. This can increase your visibility, and many influencers offer bundled pricing for a multi-platform campaign.

It’s extremely common for Influencers to charge for sponsored work, especially if they’ve built up a solid following.

It is important to realise top celebrities will charge a premium. People like Kim Kardashian with 140+ million Instagram followers can charge around $200k-$300k per post.

PRODUCT AS PAYMENT

If an influencer likes your brand, you may be able to strike up a deal where they’re paid with a product range rather than cash. This arrangement typically takes more effort to set up because not only do you have to find an influencer that you think is a good fit for your brand, but you also have to find one who genuinely likes your products. But if you’re confident in your products (and you should be), supplying an influencer with a product range can be a good cost-saving option. If you want to go this route, you’ll need to reach out and introduce yourself and your brand. The goal should be to position your brand as a good fit for that particular influencer, so be sure to note the specific post, video, or article that made you think they might want to try your product.

COMMISSION PAYMENTS

Another option is to pay the influencer a commission, which usually comes in the form of pay-per-sale, pay-per-lead, or pay-per-engagement. So instead of paying a flat fee for access to their entire audience, you only pay if their endorsement leads directly to a sale, a new referral, or engagement—whatever metric you’ve decided to use to measure success. The commission structure helps ensure that you’re only paying for results, but most influencers prefer not to be paid on a commission basis. The way they see it, why put in the effort to endorse a brand without a guarantee that they’ll be compensated for their work?

INFLUENCERS’ AVERAGE PRICE PER SPONSORED POST IN 2024

Some of our best Instagram virtual assistants have analysed data and insights from Influencer platforms including Digi Day, Adweek, Sprout Social, Later, Marketing Magazine, DigitalMarketing.org, Influencers Marketing Hub, Business Insider, Adage, Social Media Marketing Mag and others and came up with the below average prices per post.

AVERAGE PRICE – AUDIENCE SIZE

• Top celebrities: 15+ million followers. Average price per post: USD$10k
• Mega influencers: 1.5 to 15 million followers. Average price per post: USD$5k
• Macro influencers: 650 thousand to 1.5 million followers. Average price per post: USD$1000
• Mid-tier influencers: 250 thousand to 650 thousand followers. Average price per post: USD$500
• Micro influencers: 25 thousand to 250 thousand followers. Average price per post: USD$250
• Nano influencers: Up to 25 thousand followers. Average price per post: USD$100

The best influencer types tiers levels pyramid graph.

The worst you can do is to follow the above rates. Instead, what you should do is calculate your ROIMS (return of Influencer Marketing Spend so you have a better idea of how much you should be paying to an Influencer.