Everything You Need To Know About Influencer Pricing
In the world of influencer marketing, understanding pricing is crucial to maximizing the return on your investment (ROI). From boosting brand awareness to driving sales, influencer marketing can deliver amazing results. However, reaping these benefits requires an investment in influencer marketing, which begs the question: how much do influencers charge for partnerships?
In this post, we’ll explore the ins and outs of influencer pricing to help you make an informed decision for your brand. We’ll also stress the importance of setting a realistic budget so you can make the most out of your influencer marketing efforts.
The average cost of influencer marketing
The cost of influencer marketing varies significantly based on the type of influencer, platform, and partnership. On average, brands can expect to pay between $1,000 to $500,000 for influencer marketing, depending on the size and scope of the campaigns. Influencer’s reach and engagement can also create a varying cost for posts, with average posts ranging between $20 to $10,000 as the size of influencers’ followings increase.
While the financial cost is a key factor, it’s essential to remember that time is also an investment. Planning campaigns, finding the right influencers, and managing the content creation process all add to the overall cost of influencer marketing.
6 Factors that impact the cost of influencer marketing
Influencer marketing is not a one-size-fits-all solution, and the cost of partnering with influencers can vary significantly depending on a range of factors. Understanding these factors is essential for your brand to create an effective influencer marketing budget to maximize your ROI. From the size of an influencer’s audience to the social media platform they use, each element plays a critical role in determining the final price.
1. Audience size and engagement levels
An influencer’s audience size and engagement levels directly impact pricing. The more number of followers and higher engagement an influencer has, the more they can charge for a post with the opposite being true for those with a small following. Here’s a breakdown of how influencer tiers affect pricing:
Large influencer pricing
Celebrity, mega, and macro influencers, who have hundreds of thousands to millions of followers, command the highest rates. For example, partnering with a celebrity influencer such as Kylie Jenner can cost upwards of $10,000 per post.
Mid-tier influencer pricing
Mid-tier influencers, with follower counts ranging from 50,000 to 500,000 are often compensated for some of their posts which typically charge between $500 and $5,000 per post. Their content is often more affordable than that of larger influencers while still reaching a substantial audience because they focus their content on a subject, like eating healthy.
Smaller influencer pricing
Micro influencers (10,000 to 50,000 followers) and nano influencers (fewer than 10,000 followers) offer more budget-friendly options, charging anywhere from $100 to $450 per post. These influencers boast higher engagement rates and niche audiences, making them valuable partners for brands looking to target specific demographics.
UGC and local creator pricing
User-generated content (UGC) creators and local influencers, like Hummingbirds, often have more flexible pricing structures. Instead of financial compensation like traditional influencers, these local content creators may accept perks or free products in exchange for content. This approach allows brands to build relationships with creators while keeping costs low, so on average, their price ranges on perk or around $20 to $100 per post.
2. Social media platform
The platform where the content is shared can also influence pricing. Instagram, TikTok, YouTube, Facebook, and X all offer different engagement levels and audiences, which impacts the cost and the ROI your brand is looking for.
Instagram is one of the most popular social media platforms for influencer marketing. The cost of influencer content here is often on the higher end due to its visual focus and strong engagement rates, and that is why the price average discussed at the beginning of this post is reflectant most on Instagram.
On average, Instagram posts can range from $1,200+ for mega influencers to $20 for nano influencers like creators at Hummingbirds, which is why deciding the most effective influencer for your brand is so important. Reels also vary on engagement and following with macro influencers getting paid upwards of $5,000 to $7,000 per reel and local influencers getting $100 to $200 per reel.
The level of effort required to create the content, the engagement rate, and the brand awareness are all factors that come into play when figuring out pricing for your influencer marketing efforts. Consider how impactful influencers are on Instagram and how they fit into your influencer marketing strategies to find the best influencers for your target audience.
TikTok
TikTok has rapidly become a go-to platform for influencer marketing, especially among younger audiences. Influencers on TikTok may charge less per post than on Instagram, but the short-form, viral nature of the platform can lead to significant reach that isn’t on any other social media platform.
The average cost of TikTok influencer posts range from $20 to $150 for nano influencers and $1,200 + for mega influencers. Although the price is very similar to Instagram posts, the differences in engagement and reach on TikTok versus other social media platforms stands out, and should be factored into your marketing strategies if it fits within your targeted demographic.
X (formerly Twitter)
Influencers on X tend to charge less compared to other platforms, given the nature of the content - short posts and tweets. However, X influencers with a strong following can still command notable fees. The platform’s average price is around $2 per post per 1,000 followers. Therefore, this text-based platform can be a great place to invest in influencer marketing at a less expensive price.
While Facebook influencers may charge less than those on Instagram or TikTok, the platform remains valuable for reaching a broader, more diverse audience. With their average price per post around $25 to $250 for a nano influencer and $25,000 + for a mega influencer, Facebook still remains a large marketing platform for brand partnership deals.
YouTube
YouTube influencers often charge premium rates due to the time and effort required to produce video content. A single sponsored video can cost thousands of dollars because these creators spend a large amount of time editing and perfecting their content for their YouTube fee. Therefore, the average price for a nano influencer is between $60 and $850 and the price for a macro influencer ranges from $1,100 to $20,000, with mega influencers much higher.
When considering if YouTube influencer marketing is right for your brand, consider the time and quality of content you will be receiving as they spend a lengthy amount on campaign scopes.
3. Partnership type
The type of partnership between a brand and an influencer also affects the cost. Here’s a breakdown of different partnership types:
Brand affiliate
In a brand affiliate partnership, influencers promote products in exchange for a commission on sales. It’s a great way to drive sales online or in specific regional locations compared to other forms of influencer partnerships. The cost for this type of partnership can vary depending on the agreed commission rate and sales generated. For example, these marketers can get paid per sale, per lead, per click, or per install. It is all cost-effective for your brand as you are finding those excited about your product or service enough to promote it to others in affiliate marketing.
Brand ambassador
Brand ambassadors have a long-term relationship with a brand, often involving multiple posts over time. The costs for these influencer partnerships tends to be higher due to the ongoing nature of the collaboration. What you put into the relationship financially is what you will get out. Ambassadors only look for a relationship with a brand, so the more investment your brand focuses on building a community with these ambassadors, the more ROI you will get to reach your marketing goals.
Sponsored content
Sponsored content involves influencers creating posts specifically for a brand. It is realistically an ad that feels like it fits into the social media feed on a platform. Pricing for this type of content varies based on the complexity and the influencer’s reach, similar to the costs of the influencer tiers above. The higher the reach, the more expensive the content.
Platform takeover
A platform takeover allows influencers to manage a brand’s social media account for a day or event. It's a new, fun way for brands to creatively reach out to their demographic through the view of an influencer. This type of partnership often comes with a higher price tag due to the level of involvement required. It is planned weeks/months in advance to get the best results out of the campaign, unlike all the other partnership types.
4. Content ownership
One often overlooked factor that can significantly impact influencer marketing costs is content ownership. When influencers create content for your brand, the ownership of that content usually remains with the influencer unless otherwise agreed. If you want the right to repurpose and share this content for future use, such as in advertisements, websites, social media posts, and other marketing materials, your brand will need to pay additional fees for these usage rights.
The cost of these fees are between $1,000 to $5,000, depending on the duration of the content and the platforms where it will be featured. So, when your brand is looking into content ownership, make sure to weigh this against your influencer marketing budget to avoid unexpected expenses down the road.
5. Engagement duration
The length of your partnership with an influencer can also impact the overall cost. A single post or Instagram story will naturally cost less than a long-term engagement involving multiple pieces of content. However, long-term influencer partnerships can offer more value by fostering a deeper connection between the influencer and your brand, leading to more authentic and impactful content.
For example, a long-term campaign may cost between $1,000 to $500,000, while a one image post may be $20 and up. The upfront cost of a longer engagement is higher, but the potential ROI can be more substantial than a single post, so considering your brand’s budget and marketing goals, the duration of engagement will be different.
6. Campaign size
The scale of your campaign is another crucial factor that can drive up costs. The more influencers you involve and the more detailed your campaign, the higher the price will be. For brands looking to create widespread impact, working with multiple influencers across different social media platforms can be effective, but it also requires a larger investment.
So, when it comes to planning your next campaign, it’s essential to consider the types of influencers you want to work with. A mix of macro and micro influencers , for example, may give you both reach and engagement as they will target niche and broad demographics. Understanding your marketing goals and expenses will help lead you to the right type of influencer.
7. Campaign support
Finally, the level of support you receive during your campaign can also affect costs. Influencer marketing campaigns can be complex, requiring tools and resources for everything from finding the right influencers to managing content creation and tracking results. Brands can choose to handle this internally, but many opt for external support, such as agencies or platforms that specialize in influencer marketing.
These services often come with additional costs, though, whether through subscription fees, agency retainers, or percentage-based commissions. However, the added support can streamline your campaign and reduce risks, such as Hummingbirds. Hummingbirds simplifies this process with its credit-based pricing, offering a more transparent and budget-friendly solution for managing influencer marketing campaigns.
How to budget for an influencer campaign
Creating a realistic budget for your influencer campaign is crucial to its success. Here’s how to get started:
Set Goals: Define your objectives and the results you want to achieve with your campaign to reach certain benchmarks.
Choose Influencers: Decide on the type of and number of influencers to partner with based on your marketing goals.
Calculate Costs: Estimate your campaign costs using the factors outlined above, such as influencer type, platform, and engagement duration.
Hummingbirds eliminates budget complexity
Hummingbirds is a marketing platform that connects brands with local people in their target locations who have already expressed interest in creating content for the brand. We offer a credit-based pricing structure that simplifies budgeting for influencer campaigns.
Your brand can manage your marketing spend more effectively with Hummingbirds by using their hyperlocal influencers to match your brand’s values and marketing goals. These influencers, also known as hummingbirds, don’t expect financial compensation, but rather perks or free products that allow them to experience your brand and share all the amazing things about it.
Plan your next influencer campaign with Hummingbirds
Ready to launch your next influencer campaign? Hummingbirds is here to help. Our platform simplifies the process, from finding the right influencers to managing costs. Brands like Lola’s Fine Hot Sauce have successfully partnered with Hummingbirds to achieve their marketing goals.
“Hummingbirds has delivered consistent results period-over-period - the Hummingbirds network grew our average weekly turns by 3X in markets - and in some locations, up to 16X! Not only did our business experience short-term growth during active campaigns, but we also sustained by nearly 80% for three months post-campaign,” Kayla Brown, Lola’s Fine Hot Sauce Marketing Director.
Take the next step and plan your campaign with Hummingbirds today - book a call!