Influencer marketing is becoming one of the hottest trends of the past year, and everyone is clamouring to gain a better understanding of it and how to use it. On the other hand, many find that micro-influencer marketing – which is increasingly showing its powers – works best for them. Yet, this new field is largely undefined – and there doesn’t seem to be a clear consensus as to how much it costs.
New York-based influencer platform Bloglovin published a report analysing the cost of micro-influencer marketing to help marketers in their efforts. After surveying 2,500 influencers, it’s clear that Instagram is the most popular in terms of how effective it is in engaging audiences. 60 percent of respondents prefer Instagram, 18 percent prefer Facebook, and only 1 percent prefer Snapchat – despite huge interest in the platform. However, most say that Snapchat is on their radar as their potential favourite platform.
With regards to the cost of micro-influencer marketing, the study finds that
[quote]only 25% of micro-influencers believe that brands have a realistic understanding of how much influencer marketing programs cost[/quote]
So, How Much DOES Influencer Marketing Cost?
Well, it depends by platform – that is clear.
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On Instagram, 84% of micro-influencers charge less than $250 per branded post. 97 percent of them charge less than $500 for a branded post.
Branded blog posts are a slightly different story. 87% of micro-influencers charge less than $500 per post. 96 percent of them charge less than $1000 per post.
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On Facebook, 90% of micro-influencers charge less than $250 per branded Facebook post. 97 percent charge less than $100 per branded post.
Most micro-influencers charge less than $150 per Tweet… 96% charge less than $100.
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So, what should marketers expect? Results are “based on weighted average number of followers and the 25-75% range of price ranges quoted” Bloglovin’s report explains that for $5,000 marketers could expect roughly 35-100 Instagram posts that reach 200K followers ($10-30 CPM), some 60-200 Twitter posts that reach 315K followers ($8-20 CPM), around 35-100 Facebook posts that reach 125K followers ($15-40 CPM), and an estimated 10-35 Blog posts that reach 145K UMV ($20-50 CPM).
It’s also worth remembering that the number of followers should NOT be the only consideration when one chooses an influencer. Every micro-influencer is different, and “building relationships with [them] is the best way to assure accurate expectations for ROI over time.” Also, the reach quoted above
[quote]does not factor in the high level engagement of micro-influencer audiences, which typically results in exponential additional organic impressions through re-posts and shares[/quote]
and,
[quote]the above ranges are only meant to show the range of options marketers have when working with micro-influencers, and do not take into account execution costs,[/quote]
Finally, Bloglovin explains that CPM for influencer content is usually much higher than paid social media ads. Influencers act as a production team who produce original content “that encompasses photography, copy, on-camera talent and editing”. In short, influencers are valuable to create relationships with.
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