Instagram influencer rates are one of the social media’s best-kept secrets.
Sure, there are rumors and whispers such as Kendall Jenner’s reported $250,000 haul for her Frye Festival endorsement on Instagram. However, what exactly are the calculations that go into making influencer marketing a $6.5 billion industry?
For most Instagram influencers, a sponsored post includes a lot more work than posting an orange square. (For those not in the know, Fyre Festival promoters made buzz by paying macro-influencers to publish an orange jpeg.)
Creating branded content material includes time, labor, skill, and production prices. And those things are not paid for with products and freebies.
And paying the suitable price pays off. However, what’s the right price?
Read on to find the perfect method for calculating rates, the benefits of different sponsorship plans, and other factors which may affect Instagram influencer rates.
The basic formula for calculating fair Instagram influencer rates
There are many things that decide the rate of influencer charges for their work. Most pricing begins with this baseline formula and goes up from there.
$100 x 10,000 followers + extras = total Instagram influencer rates
Typically, influencers will have a press kit describing their rates and the kinds of partnerships accessible. Relying on the marketing campaign, bundled content material or particular rates may also be worked out to reduce labor and prices.
What kind of influencer is right for your goals?
From personal finance to plant-based influencers, there are micro, macro, and energy middle influencers in every category. Relying on your Instagram marketing goals, certain influencers could also be a greater match for your brand.
If your goal is brand awareness
For brands looking to make a widespread buzz, macro-influencers with big follower accounts could also be the best bet. Macro-influencers usually have more than 200,000 followers, which provides them the power to reach a wider audience.
If your goal is conversions
An influencer’s engagement rate is one of the most reliable methods to predict conversions on Instagram.
Engagement rates could be calculated by adding up all engagements on a post (likes, comments, clicks, shares), dividing by follower count, and multiplying by 100.
The Instagram average engagement rate is 2.1 %.
In case your purpose is conversions, an influencer’s engagement rate might matter more than follower count. Here’s where power-middle influencers (25,000-200,000 followers) usually come in.
For example, a power-middle influencer with 179K followers and an excessive engagement rate will likely be a greater partner than a macro influencer with a lower engagement rate.
Some influencers might cost more than $100 per 10,000 followers if they have a higher than average engagement rate.
If your purpose is to reach a niche audience
Micro influencers have 25,000 followers or less and are fairly often popular in location or topic-specific communities. They specialize in a range of industries of classes, including anything from sports and gaming, to food and travel.
Audience sizes of niche influencers could range from micro to macro. For example, beauty influencer Hudda Kattan has a whopping 33 million followers.
In case your brand falls into a niche category, it is worthwhile to map out the micro influencers in your industry’s social community. A great brand fit is necessary to influencers and will result in a more authentic and profitable marketing campaign.
Niche influencers might charge more than the basic rate for the expertise they bring to their particular audience.
Kinds of Instagram posts and partnerships
There are a number of methods to collaborate with influencers on Instagram. Right here we break down the main items and formats Instagram influencers charge for. We also highlight each of their unique benefits.
A standard sponsored Instagram post typically includes a picture and a caption.
In some cases, the product is featured in the picture. In other cases, like when a service is being promoted, the caption is more essential.
Advantages of an Instagram picture:
- It’s simple to predict and track post-performance.
- Partnership disclaimers could be added clearly.
- Product and brand tagging could be added. Tagging could be reinforced in the caption as well.
- Super short links could be added to the caption.
- Allows for authentic storytelling.
- Can be further promoted in an Instagram story.
The important thing difference between an Instagram post and slideshow is slideshow permits an influencer to build more of a narrative, or showcase the sponsorship in multiple methods.
Nevertheless, added content material will involve added prices–particularly if multiple shots are required.
Advantages of an Instagram slideshow:
- Provides multiple methods for an audience to engage with content material.
- Features different products or use-cases for your brand.
- Makes more room for an influencer to add their authentic take.
- Allows for more complex or nuanced storytelling.
Video’s star continues to rise on social, and Instagram isn’t any different, tracking an 80 % year-over-year increase.
Most content material creators appreciate video includes better production prices than an image, however, the added investment could usually translate into more than just added engagement.
Advantages of Instagram video
- Provides the influencer a voice, literally. This usually shows the influencer’s audience a new side person they follow.
- Allows for compelling storytelling.
- Builds bundling potential. Think about behind-the-scenes posts or working teasers or Instagram Stories into a video shoot.
Instagram influencer @parisinfourmonths shared teasers while making the post, building excitement for its debut:
Instagram giveaway or contest
Instagram contests are a good way to develop followers and brand awareness. Sometimes a contest includes asking a user to do something for an opportunity to win a prize, whether it’s tagging a friend, liking your account, or sharing a post.
Advantages of an Instagram contest:
- Reaches a wider audience at a low cost-per-engagement.
- Earns audience info, particularly in case your contest includes a prompt like “comment with your dream destination and tag a friend.”
- Puts your services or products front and center.
An Instagram story is an image or video that vanishes after 24 hours. Production quality could range from off-the-cuff smartphone footage to polished uploaded content material, and costs will vary accordingly.
Advantages of an Instagram Story
- Often looks more casual and authentic.
- Allows the influencer to add personality via GIFs, markups, and sticks.
- Prominent tagging could be added more easily. Influencers could be precious about their feed’s aesthetic, however, tend to be more flexible with Story content material.
One drawback about Instagram Stories is that they are harder to track. Instagram’s API provides limited retrievable data. That and they disappear unless highlighted (you may pay extra to have your content material included in an influencers Story Highlights).
Instagram Story with swipe up
The swipe up function on Instagram is a seamless method to earn in-app conversions. And since links are exhausting to come by in Instagram’s ecosystem, story swipe ups have added value.
Relying on the influencer, swipe ups might cost more.
Advantages of an Instagram Story with swipe up:
- Gives a cost-effective method to earn conversions and quality leads.
- Allows your brand to add context with a particular or custom landing page.
- Provides a reliable means to gauge audience interest in your brand.
- Brings customers a step nearer to creating an order.
In case you are working with a micro-influencer that has fewer than 10,000 followers or isn’t verified, they could not have access to this function.
Instagram Story with poll
Adding a poll to an Instagram Story is a low-cost method to learn more about an influencer’s followers (and your prospective customers).
Advantages of an Instagram Story with a poll:
- Captures rapid feedback from the influencer’s audience in an enjoyable method.
- Posting poll outcomes is another low-cost method to enhance exposure by another 24 hours.
A brand takeover often includes hosting the influencer’s content on your brand’s feed for an agreed upon length of time. A takeover agreement might involve asks for the influencer to promote it a certain number of times from their account–in posts and/or Stories.
Advantages of a brand takeover:
- Brings the influencer’s followers to your account.
- Helps to grow brand awareness.
- Promotes influencer’s content material and perspective, which regularly comes across as more authentic.
- Opens the door for a bundle or particular rate agreements. Influencers should always be paid, but when your brand could offer particular tours or access, that may be factored in as well.
Having an influencer highlight branded stories extends the expiry date of that content material. This will also put your brand in prime real estate on their account’s profile.
Nevertheless, high visibility like it will come at a higher cost.
Advantages of Story Highlights
- Maximum exposure. On an Instagram profile, highlights are positioned above the feed, that means brand placement here’s a step above images or videos.
- Stories will not be highlighted forever, however, they live longer than 24 hours and improve the odds that they will reach more viewers.
- Increases conversions. If the highlighted story includes a swipe-up, it’s likely you will earn more visits and leads, for a longer time.
Link in Bio
Links are active on Instagram is only in a person’s account bio. In case you are planning to sponsor an influencer post, it might be worthwhile to invest more by asking them to advertise a link from their bio.
Advantages of Link in Bio:
- Prime visibility. Somebody might miss a post or story, but when they visit an influencer’s profile they will see your link. Think about asking the influencer to embody a call-to-action in their bio as well.
- Increases traffic. In case your brand is angling to drive visitors to a certain webpage, this is one of the greatest methods to do it on Instagram.
IGTV is the longer form video vertical on Instagram. It has pride of place on the platform, appearing at the top of the feed, in the discover tab and next to highlights on a user’s feed.
Because IGTV typically includes higher production and has high visibility, it’ll contain higher prices.
Advantages of IGTV:
- Boosts visibility of content in the app.
- If the influencer is verified and has enough followers, they could publish vertical videos up to 60 minutes in length, permitting for long-form storytelling.
- IGTV videos could embrace clickable links.