In the current year, influencer marketing can cost from $1000 to $1 million per post. This price range is a challenge for organizations, as several factors impact the market price of influencer management. So, you might have a confusion about the fair price.
If you plan to use an influencer management tool, you will have to pay for the tools and the influencer fee. If you hire an agency, the cost will include the charge of the influencer, but you have to pay the agency commission. When it comes to influencer management people tend to think it’s expensive, but various options come with different prices. In this article, you can get an overview of the price of influencer marketing. Read on to know more.
Influencer management is a new type of marketing. With this company, partners engage with an influential individual to give shape to the sales. The company or the individuals’ target market can influence the customers to engage and shop with the business service or products.
There are two types of influencers:
- Macro influencers: These people or agencies have more than 100,000 followers. Mostly, these are Hollywood celebrities. Just because they have this mass fan following they charge high prices for ads. For this reason, small retailers stick to micro-influencers.
- Micro-influencers: These influencers have thousand to hundred thousand followers on a specific social media platform. For instance, if a person has 50,000 followers on Instagram, they can be a micro-influencer. Most businesses attach to micro-influencers.
How much should you pay for influencer management?
There are various social media platforms to choose the budget. Your organization might be popular on Facebook, but it needs recognition on the other platforms. Based on that you can calculate the cost.
- Facebook: This social media platform has billions of users each day. Facebook offers huge customer access to companies and influencers. This is the reason influencers on Facebook charges $25 per post and with thousands of followers. In some cases, you might have to pay more.
- Instagram: Instagram also has billions of active users, and 80% of them follow some businesses. This platform is a great marketplace, and it’s also cost-effective in the case of influencer management. For a post and a thousand followers, you will have to pay $10. Based on your business, you can choose different influencers.
- Twitter: This platform has 330 million active users, and it has a smaller audience than Instagram and Facebook. However, this is still a very effective place to get target customers. Also, Twitter is cost-effective, as you have to pay only $2 per post and 1000 followers. Mostly, an influencer on Twitter with more than 1 million followers will divide the average price.
- YouTube: YouTube is another influencer management platform. You must have seen the business ads on the videos. To hire this help you have to pay $20 per video and for 1000 subscribers. If the YouTuber has more than one million subscribers, they will not pay attention to the price. You have to keep in mind that, after an influencer gets millions of subscribers, they will offer better rates on their services.
There are also Snapchat and blogs to work with influencer management. Blogs may cost a bit more than popular social media platforms. But you have to choose based on your budget.