How much does influencer marketing cost?
In 2020, influencer marketing costs $1000 to $1 million per post. It’s a massive price range that challenges companies because a variety of factors impact influencer marketing prices. So, what’s a fair price for an influencer in your market?
Find out in this handy guide, which covers everything you need to know about influencer marketing pricing.
Keep reading to learn more about the costs behind influencer marketing. Or, if you want to partner with an influencer without the hassle, contact our award-winning team to discuss our influencer marketing services. You can contact us online or give us a ring at 888-601-5359!
What is influencer marketing?
Influencer marketing is a newer type of marketing. It’s when a company partners with an influential person in their industry to shape consumer behavior. This individual, trusted by the company’s target market, can often influence shoppers to consider, engage, and use a business’ product or service.
Today, there are two types of influencers:
- Micro-influencers: According to researchers, a micro-influencer has between 1000 to 100,000 followers on a specific platform. For example, a person with 50,000 followers on Snapchat would count as a micro-influencer. In most cases, businesses partner with micro-influencers.
- Macro-influencers: A macro-influencer has more than 100,000 followers. In most cases, influencers tend to include Internet and Hollywood celebrities. Due to their mass following, influencers tend to charge high prices for their services, which is why small-to-midsize businesses (SMBs) stick to micro-influencers.
No matter which type of influencer you choose to partner with, they can have an impact on your bottom line.
How much should you pay influencers?
In today’s market, influencers range from well-known celebrities to everyday users. That’s why prices for influencer marketing range from $1000 to $1 million per post. It’s also why companies often ask what a fair price for hiring an influencer is.
Learn what you should pay an influencer by platform and post number in the pricing guide below:
1. FACEBOOK ($25 / 1000 FOLLOWERS)
With more than 1 billion daily active users, Facebook provides influencers and companies unprecedented access to consumers. That’s why influencers on the platform charge an average of $25 per post, per 1000 followers.
For perspective, here are some potential influencer marketing prices on Facebook:
- An influencer with 10,000 followers could charge $250 per post
- An influencer with 100,000 followers could charge $2500 per post
- An influencer with 1,000,000 followers could charge $25,000 per post
In some cases, an influencer may exceed that average rate. For example, if you want an influencer to create a post with video content, they may charge an additional fee for creating the video. Or, if you invite an influencer to visit your location, they may ask you to cover their travel costs.
For a streamlined influencer marketing experience, Facebook offers Brand Collabs Manager.
On this platform, your business can find and connect with relevant influencers quickly. You can also discuss your desired price and deliverables before you sign an agreement. This feature ensures your company receives the services you want, as well as understands what an influencer can do for you.
Brand Collabs Manager only includes influencers with 25,000 to eight million followers. With that range, your business can connect with micro- and macro-influencers. You can compare their costs, too, which can help your team make a decision.
The platform is free to use.
2. INSTAGRAM ($10 / 1000 FOLLOWERS)
With more than 1 billion users — 80 percent of which follow a business — Instagram is a go-to influencer hub. It’s also a cost-effective channel when it comes to influencer marketing, maintaining an average price of $10 a post, per 1000 followers.
For a bit of perspective, here are some potential prices for an influencer with more than 1000 followers:
- An influencer with 10,000 followers could charge $100 per post
- An influencer with 100,000 followers could charge $1000 per post
- An influencer with 1,000,000 followers could charge $10,000 per post
In some instances, this price point can vary.
Celebrities, for example, can often increase their prices because of their reputation outside of Instagram. Some, however, accept lower price points than this average. Professional soccer player Cristiano Ronaldo, for example, has more than 140 million followers and earns $750,000 per post.
Based on the above average, however, he should earn more than $1 million per post.
While a celebrity partnership can gain your brand a lot of exposure, it’s often more beneficial to partner with an influencer in a niche part of your market. These are influencers that can speak directly to your audience, plus they tend to adhere more to the $10 a post, per 1000 followers price point.
For example, if you’re a manufacturer of running sneakers, you have a ton of niche markets, including:
- Marathon runners
- Casual joggers
- Trail runners
As a part of your digital marketing strategy, you can approach influencers in each of these markets. With this approach, your team can connect with every segment of your audience. In comparison, if you partnered with a well-known Olympic runner, you would reach a broad audience that may not even have an interest in running.
If your company prefers a more performance-driven approach, you can also partner with followers that base their prices on engagement, versus follower counts. This strategy is smart because you’re paying for the results of that post, from a like to a comment to a share — which can support additional actions, like a purchase.
Influencers that follow this pricing model charge $250 to $750 per 1000 engagement, on average. That means, on average, 1000 users engage with that person’s posts. On Instagram, engagement can range from liking to commenting.
If you want to experiment with influencer marketing prices for Instagram, try this cost calculator.
3. TWITTER ($2 / 1000 FOLLOWERS)
With 330 million users, Twitter features a smaller audience than Facebook and Instagram. Companies, however, still use the platform to reach their target audience, and they don’t pay much to do it. At $2 per post, per 1000 followers, Twitter offers the lowest influencer marketing prices.
For perspective, here are some potential influencer marketing prices for Twitter:
- An influencer with 10,000 followers could charge $20 per post
- An influencer with 100,000 followers could charge $200 per post
- An influencer with 1,000,000 followers could charge $2000 per post
In most cases, an influencer with more than one million followers will break away from this price average. If they have that many followers, they’re probably well-known outside of social media. That allows them to reach more people, which can provide your company with additional exposure.
Remember, however, that you want exposure in order to build brand awareness with your target audience.
Influencers with a mass following often have followers with a wide range of interests as well as reasons for following that person. That can result in a partnership that doesn’t deliver any long-term value to your company. It’s a case where you’re targeting too many people, versus focusing on a specific segment of your audience.
4. YOUTUBE ($20 / 1000 SUBSCRIBERS)
With more than 1 billion users, YouTube offers businesses access to a whole new set of influencers. On average, influencers on YouTube charge $20 a video, per 1000 subscribers. YouTubers with audiences of more than one million subscribers tend to veer away from this price point.
For perspective, here are some potential prices for influencer marketing on YouTube:
- A YouTuber with 10,000 subscribers could charge $200 per video
- A YouTuber with 100,000 subscribers could charge $2000 per video
- A YouTuber with 1,000,000 subscribers could charge $20,000 per video
Keep in mind, however, that after an influencer reaches more than one million subscribers, they have more freedom over their rates. According to analysts, YouTubers with that big of a reach can charge up to $50,000 per video.
Like Facebook, YouTube offers a platform for connecting with influencers, but it comes with a price.
The platform FameBit matches influencers and companies. It uses several factors, like your budget, target audience, and goals, to connect you with an influencer. While it doesn’t cost anything to join FameBit and find an influencer, the minimum project cost is $100.
FameBit also charges a 10 percent service fee once you’ve matched and approved an influencer’s content.
If you prefer a performance-driven approach, you can also base your influencer marketing prices on video views. Influencers charge around $50 to $100 per 1000 views. This price range often depends on the influencer’s number of subscribers, as well as their most recent stats when it comes to video views.
For example, if an influencer’s newest videos earn around 10,000 views, versus 5000 views like their earlier videos, you can expect to pay more. In the opposite scenario, the influencer would charge less for their services due to their decreased reach.
A YouTuber with fewer video views can still make an impact, though. If the influencer is connected with your target audience, or even a difficult-to-reach niche of your market, they can help achieve your marketing goals. Those goals can include everything from visiting your website, subscribing to your YouTube channel, or purchasing your product.
5. SNAPCHAT ($10 / 1000 FOLLOWERS)
With an average of 188 million daily users, Snapchat provides companies access to a range of influencers. On average, influencers on Snapchat charge $10 per post, per 1000 followers. Influencers with more than one million followers can abandon that price point easily.
For perspective, here are some potential costs for an influencer with more than 1000 followers on Snapchat:
- An influencer with 10,000 followers could charge $100 per post
- An influencer with 100,000 followers could charge $1000 per post
- An influencer with 1,000,000 followers could charge $10,000 per post
If you’re familiar with Snapchat, you may have spotted a problem with this pricing model.
On Snapchat, you can’t see how many followers someone has because it’s private. You can, however, see a user’s Snapchat Story view count. While some companies use that view number to estimate an influencer’s follower count, others use it for a different pricing model.
Instead of paying $10 per post, per 1000 followers, businesses pay $10 per post, per 1000 views.
Like YouTube, Snapchat also offers a matchmaking program for companies and influencers.
With Snapchat Storytellers, influencers provide your business with their services, as well as recommendations for improving your presence on Snapchat. This program, however, is limited to a select number of influencers and brands. The advantage is that Snapchat Storytellers doesn’t charge a finder’s fee, unlike FameBit.
6. BLOG ($60 / 1000 VISITORS)
While influencers are well-known for their social media presence, many also maintain personal blogs. Using their blog, influencers can reach, connect, and chat with your target audience in new ways. Influencers charge around $60 per post, per 1000 unique visitors for this service.
A few factors can shift this price point, including:
- Industry: If you’re in a technical industry, it’s essential to partner with an influencer that understands your market and target audience. Due to their expertise, however, they can often charge more than $60 per post.
- Topic: Your proposed blog topic can also increase your influencer marketing prices. For example, if you’re a luxury resort and want the influencer to write a post about their experience, you need to cover their costs of traveling and staying at your location.
- Length: For the best experience, your company should specify the desired word count for an influencer’s blog post. That way, you aren’t disappointed when your influencer forwards their draft. Depending on the preferred length, influencers may increase their rates.
While more expensive than other platforms, blogs can deliver the best results. In a recent study, analysis discovered that blogs were 37 percent more effective for influencer marketing than other social media platforms, like Facebook and YouTube.
Need a quick summary of influencer marketing pricing? Check out this handy table:
Influencer Marketing Pricing
$25 / 1000 followers
$10 / 1000 followers
$2 / 1000 followers
$20 / 1000 subscribers
$10 / 1000 followers or views
$60 / 1000 views
One Size Does Not Fit All
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What determines influencer marketing pricing?
A variety of factors determine influencer marketing pricing in 2020, including:
The most impactful pricing factor is the pricing model. Common pricing models for influencers include:
- Pay-per-post: A go-to pricing model, pay-per-post scales off the number of posts requested. No matter the content type, from text to video, your business pays a flat rate. In some instances, influencers may set specific amounts, based on the post type.
- Pay-per-click: A performance-driven pricing model, pay-per-click depends on the number of clicks driven by a post. That means that users follow an influencer’s calls-to-action (CTAs) to visit your website, for example. While businesses like this pricing model, it’s uncommon for influencers to offer it.
- Pay-per-acquisition: A more aggressive results-driven pricing model, pay-per-acquisition scales off a post’s conversion rate. A conversion can range from someone purchasing your product to joining your email list. As influencers tend to help with brand awareness, it’s rare to see this pricing model.
- Pay-per-subscribers: Another common pricing model, pay-per-subscribers relies on an influencer’s subscriber or follower number. While a convenient pricing model, pay-per-subscribers is a vanity metric. In most cases, only some of an influencer’s followers see and interact with their content.
- Pay-per-view: A results-driven pricing model, page-per-view scales off the average number of views earned by an influencer’s content. This pricing model is more accurate than pay-per-subscribers, which is why it’s becoming popular among companies and even influencers.
For a cost-effective influencer marketing campaign, choose influencers that offer one of these price models:
The best part is that these are the most common pricing models for influencers.
Your preferred platform can also affect your influencer marketing costs. An influencer marketing campaign on YouTube, for instance, will cost more than an influencer marketing campaign on Twitter. In some cases, however, these price differences are minimal.
Instagram and Snapchat, for example, have the same average costs.
No matter which platform you choose to target, it’s critical to select one that your audience uses. If you’re focusing on Snapchat, but your target audience resides on Facebook, that campaign isn’t going to perform. Maximize your campaign’s success by researching your target audience beforehand.
Based on your preferred platform, you can hire influencers to create a variety of posts. Facebook, for example, allows users to post text, video, and images. In comparison, Snapchat focuses on video and text with bite-sized captions.
A post that requires more work costs more.
For instance, if you’re partnering with an influencer on Instagram and want them to create a video post for their Instagram Story, they may charge a higher rate, especially if they follow the pay-per-post pricing model. In comparison, they may offer a lower price for uploading a photo to their Instagram Story.
PRODUCT OR SERVICE
The price and target audience of your product or service can also impact your influencer marketing pricing. If your company sells luxury watches with an average price of $1000, for example, you need to partner with an influencer that your target audience likes and trusts for those kinds of purchases.
Smart influencers recognize this too. That’s why influencers that can reach high-earning audiences tend to charge more for their services.
It’s also why companies with higher-priced products or services tend to pay more for influencer marketing. If your business sells a low- to mid-priced item, however, that’s good news.
POINT OF CONTACT
While many influencers have careers outside social media, others have begun to make influencer marketing their full-time job. As a result, many have partnered with talent agencies, which means your point-of-contact for pricing isn’t the influencer, but their agent.
In most cases, influencers with agents tend to cost more than influencers without them.
This price increase can result from a few factors. In most cases, these influencers often have a large following and higher engagement rate among their audiences. Influencers also must pay their agent commission, so their rates increase to cover that additional cost.
From a business perspective, it’s more cost-effective to partner with an unrepresented influencer. For many companies, it’s also unnecessary to use an influencer that requires an agent. A micro-influencer can deliver the same quality of content, as well as reach your target audience.
For many businesses, influencer marketing encompasses more than a single post. With additional posts, you can reach your target audience multiple times and build brand awareness, which can motivate them to visit your website, explore your products, and more.
That’s why companies create influencer marketing campaigns.
If you’re developing a campaign, you can expect higher influencer marketing costs. A campaign generally includes multiple posts, as well as different kinds of posts to provide users with variety. While some influencers may charge a flat-rate for campaigns, others may continue to charge per post.
Influencers often have a presence across platforms, from Facebook to Instagram to Snapchat. If your audience uses more than one social media network, it makes sense for your influencer marketing strategy to include more than one platform.
With cross-promotion, however, there are additional costs.
For example, let’s say that you want an influencer to create a post for Instagram and then share that post on Facebook. They may view those as two separate posts, which means two separate charges. Depending on their number of followers and post engagement, your company may even pay different rates for these posts.
Depending on your business, industry, and competitors, you may want an influencer to promote your content exclusively. While an exclusive agreement offers value, it also comes with a higher cost. That’s because by partnering with only your company, an influencer turns down other sources of revenue.
Exclusivity, however, is not a long-term agreement.
In most cases, the contract between your business and the influencer specifies when an influencer can begin promoting other brands again. That’s why your team needs to consider if exclusivity is worth the additional cost — and if it is, how long should it last.
With influencer marketing, as well as its pricing, encompassing so many factors, a lot of businesses partner with influencer marketing agencies, like WebFX. These agencies streamline the process of finding and connecting with influencers, but what do they cost?
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How much do influencer marketing agencies cost?
On average, influencer marketing agency prices range from $1000 to $18,000 per month.
While every agency varies, this fee tends to include the following:
- Creating an influencer marketing strategy
- Researching and compiling a list of potential influencers
- Hiring and contracting approved influencers
- Developing creative content with influencers
- Tracking influencer marketing campaign performance
In some cases, an agency will base their price on the number of posts you want.
For example, we price our influencer marketing services, which range from $1800 to $5400, by the number of posts and average views. If you’re looking for an influencer whose posts receive 30,000 to 100,000 views, for example, our rate is $1800 per post.
If you’re thinking about partnering with an influencer marketing agency, make sure you review their pricing model. That way, you ensure your company receives the exact services and exposure you’re looking for, which helps you work towards your digital marketing goals.
5 factors that determine influencer marketing agency pricing
Five factors affect an influencer marketing company’s pricing, including:
In almost all cases, an agency scales its influencer marketing pricing by the number of posts requested. If you want five posts from an influencer, versus one post, you can expect a higher cost. That’s because influencers often charge on a per-post basis.
Depending on your influencer marketing company, their pricing may also rely on an influencer’s followers. If you want an influencer with 50,000 followers, versus 5000 followers, it will cost more. That’s because an influencer with more followers tends to earn more views. This isn’t always the case, though.
Agencies can also use an influencer’s average number of views as a pricing factor. If you work with an influencer that earns an average of 30,000 views, versus 3000 views, you would have a higher cost. This pricing model tends to make more sense because it’s performance-driven, focusing on how your post will perform.
Your influencer marketing company’s background can also impact your influencer marketing pricing. Agencies with fewer years of experience tend to charge less than ones with decades of it. An agency’s expertise, however, can have a sizeable impact on your campaign’s performance and return on investment (ROI).
The resources available to your influencer marketing agency can affect pricing too. Resources can range from marketing tech, like our artificial intelligence and machine learning software, MarketingCloudFX, to industry veterans. While these features can increase your prices, they can also improve your campaign’s performance.
Whenever you research digital marketing prices, whether for influencer or social media marketing, remember that you get what you pay for with these services. If you go for “cheap” influencer marketing services, don’t expect any worthwhile results.
Due to the prevalence of agencies that promote “low-cost” or “cheap” influencer marketing prices, it’s critical to educate your team and company decision-makers about their non-existent value. For a business to get results from influencer marketing, they need to invest in an established and trusted agency.
Influencer marketing pricing from WebFX
With more than 20 years of experience and more than 200 award-winning team members, WebFX is a trusted partner for influencer marketing. Our expertise, plus history of increasing client revenue, make us a competitive choice for businesses worldwide.
Curious about our influencer marketing services and prices? View our pricing table!
|Features||$1,800/sponsored post||$3,000/sponsored post||$4,200/sponsored post||$5,400/sponsored post||Custom Pricing|
|Pageview Range (average monthly)||30k - 100k||100k - 200k||200k - 500k||500k - 1M||1 million +|
|Target Audience Research||✓||✓||✓||✓||✓|
|Demographic and Interest Research||✓||✓||✓||✓||✓|
|Influencer Strategy Development||✓||✓||✓||✓||✓|
|Hiring and Contracting Influencers||✓||✓||✓||✓||✓|
|Communicating with Influencers||✓||✓||✓||✓||✓|
|Dedicated Outreach Specialist to Ensure Brand Standards and Key Messages are Upheld||✓||✓||✓||✓||✓|
|Fact Checking Before Publication for Factual Inaccuracies and Brand Misrepresentation||✓||✓||✓||✓||✓|
|Development of Creative Brief with Key Messages||✓||✓||✓||✓||✓|
|Influencer Matching Report (Pick Your Publishers)||✓||✓||✓||✓||✓|
|Unique Tracking Code Development||✓||✓||✓||✓||✓|
|Google Analytics Setup w/ Conversion Tracking||✓||✓||✓||✓||✓|
|Competitor Intelligence Report||✓||✓||✓||✓|
|Targeted Keyword Research||✓||✓||✓||✓|
|Keyword Rank Checking||✓||✓||✓||✓|
|Ongoing Monthly Traffic with Pixel Tracking & Goal Reporting||✓||✓|
|Personal Consultation with Influencer SME||✓||✓|
|Influencer Content Recycling||✓||✓|
Like all our digital marketing services, our influencer marketing services begin with a customized strategy. Your dedicated account manager and outreach specialist invest the time to learn your business and industry, as well as your target audience and goals, to create an innovative strategy and find the perfect influencer.
Ready to partner with an influencer that drives results?
Call 888-601-5359 or contact an expert to learn more about award-winning influencer marketing services from WebFX.Talk to an expert