Collaborating with an influencer is a popular way to boost your digital marketing strategy. For quick success, you will need to set a good deal with a best-fitting influencer! Everything there is to know about Instagram influencer pricing: how to determine influencer rates in 2022?
The global influencer market is full of great influencers that can help you reach your goals. Keep in mind that creating branded content takes a lot of time – but determining the influencer rates does not, thanks to simple social media metrics.
Continue reading to find out everything there is on influencer pricing in 2022!
What Should The Influencer Rates Be Based On?
First of all, and most importantly, the pricing and rates should be based on the goals your organization hopes to achieve. The goals are, commonly, boosting the social media metrics like the conversion rate, brand awareness, or the influencer’s engagement rates on Instagram.
Running a post engagement campaign can be difficult, but it will be highly successful if you do it by the books.
The number of shares per post, cost per acquisition (CPA) and ROI data, impressions, the share of voice and volume, and reach of each post are all part of the social media metrics and content promotion success. These social media metrics are the elements the influencer rates should be based on because that’s what makes these influencers successful at their job.
Also, some non-quantitative factors can affect influencer rates. Things like access to a niche audience, star power, and the influencer’s talent can affect pricing significantly – especially when running a traffic campaign.
The pricing also depends a lot on the industry and the size of the influencers’ reach.
What Do You Need To Look Out For Regarding Influencer Pricing?
A collaboration with an Instagram celebrity can be the ideal way to reach your target audience and complete that conversion campaign. On the other hand, there are many things you will need to be on the lookout for – and we will discuss them below:
Usage
When saying usage, we are talking about usage rights and whether you can use the marketing influencer’s content for your brand. If you wish to use their content, you will have to let them know in advance and include that clause in the contract. Influencers often up the prices when a certain business wants to repurpose their content.
Exclusivity
The exclusivity clause or a non-compete agreement should be included in the contract when trying to beat your competition. This will prohibit the influencer from collaborating with your competition for a certain period – but this can also increase the price of the collaboration.
Niche Demographics
Niche audience and niche demographics are the things that make a specific influencer desirable. Popular categories are fitness and beauty, and influencers in these categories are usually cheaper. On the other hand, niches and specific areas of expertise can cut you back a lot of money.
Good Graphic Templates & Product Photos
To be fair, if you do need graphic templates and product photos, you should do your best to make sure they are of high quality. Do keep in mind that this is not required for an influencer for Instagram.
Agency Fees
Agency fees can rack up the costs of hiring an influencer for your digital marketing purposes. However, not all influencers work through an agency – but check this out before deciding on a particular influencer.
Since we’re talking agency fees, we’d like to add that our tool – Boosterberg – can do both:
Save plenty of time for bigger agencies that are up to their necks in marketing campaigns, and spare smaller teams the unnecessary costs of hiring an agency to do their ads management.
Campaign Length
How long the campaign lasts can also affect the price for micro-influencers and macro-influencers on social media. Longer campaigns require more posts and more dedication from an influencer and therefore cost quite a bit more.
Timing
Timing is also something you will need to consider when discussing influencer rates. Asking for collaboration around Christmas is one of the most expensive moments to hire an influencer.
Brand Fit
Brand fit is a term used to describe how close the influencer’s brand is to your own brand’s image. If your brands have a similar vision, the influencer can certainly endorse your products and boost your sales with their target audience.
Content Type
The format of the content paid for takes a different time to make, and therefore – requires a different price. If the influencer needs lots of time to make reels for you, it will be more expensive than a simple feed post or a story campaign.
Link In Bio
If you wish for the influencer to post the link of your business in their bio, prepare to get your checkbook out. This is one of the most expensive – and the most efficient things you can pay for to boost your conversion rate!
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