Instagram is one of the most popular and effective platforms for influencer marketing, regardless of industry. This is due to the fact that around 90% of users follow at least one business on the site, with influencers amplifying exposure of brands even further.
If your organisation is considering influencer marketing to boost awareness and increase leads from social, you may be wondering how much Instagram influencers actually cost. While this varies depending on what you’re looking for, in this blog post we’ve put together a helpful guide covering the average rates and key factors to take into consideration when hiring. Read on to learn more.
How much do brands pay influencers?
With so much conflicting information out there, it can be hard to figure out exactly what to pay your influencers for their content. The truth is that Instagram influencer rates depend on a number of different factors, and there is no one-size-fits-all rate.
Some brands pay influencers upfront, working on a set price for a specific number of followers. For example, Later revealed that many marketers work off the $1 (72p) per follower or $100 (£72) per 10K followers rule as a base figure and then extras are added on.
Other brands prefer to work on a commission basis – with influencers earning a cut of any sales generated by links from their Instagram page (or Linktree). However, we feel that your brand will gain the best results when you set a fixed rate. Of course, you can always offer commission too, but clearly outlining your objectives and paying your influencer upfront gives them an incentive to put the effort in from the start for best results.
Factors affecting Instagram influencer prices
Before you decide whether someone is worth the price they state on their Instagram influencer rate card, you should consider the following factors…
Engagement rate
While a high follower count will give you a good amount of exposure, a great engagement rate is arguably more important, whatever your objective.
Engagement rates measure metrics like likes, comments and shares, showing how committed an audience is and how much attention they’re paying to the content. The more users interact with an influencer’s posts, the more likely they are to take note and act on what the influencer is recommending.
For this reason, nano and micro influencers could be the best choice for you. Their great engagement rates and lower prices often mean better return on investment. Plus, over half of consumers trust influencers with fewer than 50,000 followers more due to concerns over fake accounts. This means that small influencers have good credibility in their communities, so it’s easier for them to persuade their viewers to take action.
Content format
The type of content you want your influencers to share will also affect the price you pay for their services. As Instagram Stories are temporary and relatively quick to put together, they’re usually the cheapest format. Feed posts featuring tagged images of your products and relatable captions are the most common mid-range option.
Meanwhile, influencers who offer video content can charge anywhere between 25-50% more due to increased production costs and the time it takes to create the content. Plus, video content (such as Reels) is increasingly popular on the platform and the algorithm is pushing it, so it could get your brand in front of viewers faster.
Length of campaign
Obviously, the more posts you want an influencer to produce, the more it’s going to cost. However, single post campaigns are rarely effective, so it’s worth considering how long you’d like the influencer to work with you and continue sharing promotional content.
At FYI, we offer a Brand Ambassador programme for longer collaborations. This is where an influencer promotes your brand on an ongoing basis, sharing experiences of using your products or services day to day. As the face of your brand, your influencer will need to have a genuine interest in your product and share your values.
Exclusivity
Finally, you’ll need to consider whether you want exclusivity. In other words, if you don’t want your influencer to also promote another brand who sells similar products or services to you, you’ll have to state that in your contract and pay for the benefit.
How much do influencers get paid per post?
According to the UK Influencer Survey 2020, just over a third of influencers surveyed (34%) said they were paid an average of £1-100 for their social media content, making it the most common range for fees. While this may not sound very much, micro-influencers posted around 84% of the sponsored posts on Instagram last year, so this figure does make sense.
However, it’s worth bearing in mind that many influencers also offer package deals too. This can work out cheaper than per-post pricing and will ensure you receive multiple, cohesive posts for a more effective campaign.
FYI influencer rate card
As mentioned earlier, we feel paying your influencers a fixed rate upfront is the best way to ensure quality results. To keep things simple, we recommend the following Instagram influencer rates per campaign based on a follower count model:
|
INFLUENCER TIER |
FOLLOWERS |
FEES |
|
Gifted Influencers |
Various |
£0 - £125 |
|
Nano Influencers |
1k - 10k |
£125 - £250 |
|
Micro Influencers |
10k - 50k |
£250 - £600 |
|
Mid-tier Influencers |
50k - 100k |
£600 - £1000 |
|
Macro Influencers |
100k - 500k |
£1,000 - £1,750 |
|
Mega Influencers |
500k - 1m |
£1,750 - £3,000 |
|
Elite Influencers |
Over 1m |
£3,000 - £5,000 |
However, this is only a starting point. Prices vary per campaign and you’ll also need to consider the factors we outlined earlier when deciding how much you’re willing to pay a prospective influencer. You should also take a look at their feed and decide how well their previous content fits your brand’s tone and feel, to ensure the best fit.
Get an Instagram influencer price estimate
As a specialist influencer marketing agency, FYI can use our vast database to help you find the most relevant and best performing influencers in your niche. We can also negotiate rates, manage campaigns and report on metrics, to take the hassle out of your influencer marketing and make sure that everything is going to plan.
Ready to get started? Contact us today to arrange a discovery call and we’ll provide an accurate quote for your next influencer marketing campaign.