When brands first talk to us about influencer marketing, the first few questions that come up: “How much will this all cost?”, “Aren’t influencer paid absurd fees to take selfies?”, “Why not just pay to promote my own content on social media at lower CPMs”?
Sure, it’s no secret that top tier influencers can be expensive. But oftentimes, brands aren’t factoring in all that you get with engaging an influencer. The influencer commission is paying for a writer, a model, a photographer, and built-in blog and social distribution — as well as the long term value from evergreen, SEO-friendly content that continues to drive traffic long after the campaign has concluded. It’s no wonder that only 25% of influencers believe that brands have a realistic understanding of how much influencer marketing programs cost (2016 Bloglovin’ Global Influencer Survey Report).
With the advent of platforms that allow you to scale influencer marketing campaigns to more niche, up-and-coming influencers, brands are starting to steer their attention to the more cost-effective micro-influencers that can create beautiful content and achieve the same aggregate reach as a mega influencer, but with a much smaller price-tag.
How much can you expect to pay a micro-influencer to participate in your campaign? We asked 2,500 influencers how much they charge by platform, and analyzed the results based on the influencers’ reach — check out the results below:
Of course, it is important to remember that:
- The cost to activate a micro-influencer is based on more than just reach, higher engagement rates, better quality content, and more relevant audiences are all factors that warrant higher rates. Number of followers should NOT be the only consideration in choosing an influencer — especially with micro-influencers.
- The rates above do not take into account the full cost of managing the campaigns: from campaign ideation to identification/vetting of influencers to content review/approval to tracking and reporting.
Many thanks to Samone Wheeler for her contributions to this article.
All metrics referenced in the above article can be found in greater detail in the 2016 Bloglovin’ Global Influencer Survey “We Asked, They Answered: How Micro-Influencers Really Want To Work With Brands”, where we spoke with 2,500 influencers globally, across six key industries.