When it comes to influencers, bigger does not equal better. Sure, celebrities and mega-influencers can reach millions of people, but on average, their engagement rate goes down as their number of followers goes up.
At Masthead Media, we've found a real sweet spot with microinfluencers--social media influencers with 10,000 to 100,000 total followers--and also love their hyper-targeted audiences and positive, can-do attitudes when working with brands they love.
But how much do these mid-range social influencers cost?
While there's plenty of inconsistency across the wild wild west of influencer engagement, there are general ranges that most will fall in.
The survey found that on social media, the costs tend to fall below $250 per post. On Instagram, for example, 84 percent of those surveyed charged less than $250 per branded post, while 97 percent charged less than $500.
With Facebook, 90 percent of those surveyed charged less than $250, while 96 percent charged less than $500.
Twitter was the least inexpensive platform, with 90 percent of microinfluencers charging less than $150 per branded post and 96 percent charging less than $200. The price for blog content is more expensive, with 87 percent charging less than $500 and 96 percent charging less than $1,000 per branded blog post.
There are plenty of factors that can make these costs fluctuate (typically up).
Adding video to a campaign typically doubles the above-listed costs, as does running a post on multiple platforms. The longer you contract a post to stay up can also impact price (and yes, you really should outline the earliest a post can be taken down--assume nothing until it is in writing).
Also, consider the time and actual engagement an influencer is required to have with your product. Taking a photo holding a product is one cost, while a fully immersive experience and personal endorsement is quite another. Add these factors to the pure mathematics that microinfluencers' audiences are smaller than their mega-counterparts, meaning you need to engage more to hit the same size audience (I'd start with three to five for a campaign), and this isn't exactly a three-figure engagement.
So, while these costs are helpful, don't expect to throw down $1,000 for an influencer marketing campaign and experience instant success. Instead, map out a robust engagement before you begin outreach--or hire a content marketing agency to create and execute a strategy that meets your marketing goals.