The cost of working with an influencer can vary widely, depending on factors such as the influencer’s reach, engagement, and niche. Each content creator is different in terms of the types of content they produce and who they’re producing it for. So it shouldn’t surprise you that each can have their own pricing model.
Read on to learn how much it costs to do Instagram influencer marketing based on trends and statistics.
What Is The Average Influencer Cost?
In general, the cost of working with an influencer can range from a few hundred dollars for a single sponsored post to tens of thousands of dollars for a long-term partnership or campaign. Some influencers may charge a flat rate per post, while others may charge on a per-engagement or per-impression basis.
Here is a breakdown of Instagram influencer pricing per post in 2022 based on influencer tier, according to Influencer Marketing Hub:
Pictured: How Much Do Influencers Earn Per Post on Instagram? (Source: Influencer Marketing Hub)
How Much Do Influencers Charge Per Post On Instagram?
One way to estimate the cost of an Instagram influencer campaign is to look at a creator’s engagement rate, which is the percentage of their followers who engage with their posts (e.g. through likes, comments, and shares). Influencers with high engagement rates are considered more valuable to brands, and as a result, they can charge more for sponsored posts.
Another factor that can affect Instagram influencer pricing is the influencer’s reach, or the number of followers they have. Generally, influencers with larger followings can charge more for sponsored posts, since they have the potential to reach more people.
The niche of the influencer also plays a big role in determining the cost of a campaign. Influencers who specialize in a particular niche, such as fashion or travel, may be able to charge more for sponsored posts related to that niche.
A 2023 Hootsuite guide provides the following formulas to calculate how much Instagram influencers charge per post based on type of post, on average:
- Instagram post: Average price per IG post (CPE) = Recent Average Engagements x $.14.
- Instagram reel: Average price per IG video (CPE) = Recent average engagement x $0.16.
- Instagram story: Average price per Instagram Story = Recent average view x $0.06
- Instagram story with swipe up: Average price per Instagram story with swipe up = price per Instagram story + price per swipe up. (Note that the “swipe up” feature is reserved for those with 10,000 or more followers.)
- Instagram giveaway: Average price per Instagram contest = (# of posts*0.14) + (# of videos*0.16) + (# of Stories*price per Story).
Alternatively, Shopify recommends using the formula: $100 per 10,000 followers + number of posts + additional factors (i.e. expenses for shoot, usage, exclusivity) = total rate to get an estimate of how much to pay for a sponsored post.
You can also use tools like an Instagram Influencer Pricing Calculator to get a rough estimate of how much you’ll be charged.
Is Influencer Marketing Expensive?
Today’s influencers have realized how valuable they can be to brand campaigns, and thus, typically charge accordingly for their sponsored posts. However, as previously stated, influencer marketing is a relatively cost-effective strategy compared to more traditional advertising methods.
Recent statistics further underline the potential value of influencer marketing:
- A study by Influencer.co found that influencer marketing can generate an average ROI of $5.20 for every $1 spent.
- A study by influencer marketing platform Klear found that the average cost per engagement (CPE) for influencer marketing campaigns is $1.01, which is significantly lower than the CPE for other digital marketing channels such as social media ads ($3.56) and search ads ($3.75).
- A study by the marketing platform, Linqia, found that influencer marketing campaigns generate an 11 times higher ROI than traditional forms of digital marketing.
When it comes to influencer pricing, it’s important to remember that there is no one-size-fits-all approach. The cost of a campaign will depend on a variety of factors, including the influencer’s reach, engagement, and niche, as well as the specific goals and budget of the brand.
Ultimately, the key to a successful influencer campaign is to find the right influencer who can reach and engage your target audience, and whose cost fits your budget.
How Lionize Can Help With Influencer Marketing
Finding the right influencer whose pricing model works within your budget and who can effectively reach and engage with your target audience is crucial for a successful campaign.
At Lionize, we are influencer marketing experts, and we can help you tackle influencer marketing in an effective and efficient way. Book a Discovery Call today to learn how our influencer marketing platform can help you.
