Influencers have been collaborating with brands since their emergence alongside social media. This relationship has been strengthened and professionalized over the years, making influencer marketing a popular strategy among companies seeking to reach their target audience. But what is the price of working with influencers? How much does advertising with them cost?
Factors that affect the cost
The cost of advertising with influencers varies according to a number of factors:
Although the number of followers an influencer has is often a very impressive number, it is the least important factor to consider. Why? Because there are influencers who have high numbers of followers that have been obtained:
1) Organically over many years on social media, which does not necessarily mean that everyone sees and interacts with their posts.
2) Artificially through the purchase of followers - fake accounts or bots - on illicit pages, inflating and disguising their real community.
For this reason, special attention should be paid to the average number of impacts or views between their publications, as well as the engagement ratio. The higher the number of impressions and the % of engagement, the higher the price will be - in principle.
As with Google Ads campaigns, the value of the audience is not the same in different countries when advertising, due to their socio-economic situation.
If you want to carry out your influencer marketing campaign in Spain, for example, you must take into account that part of the followers of Spanish influencers are usually from Mexico, Argentina, Colombia, Peru, Chile, ... This can make an influencer who has a 70% Spanish audience have a higher cost than another in the same sector where Spain only represents 30% of their community.
Something similar happens with age range and gender. Having age ranges (or genders) in which each segment has a similar percentage can offer us great visibility, but perhaps in terms of target audience and engagement rate, it can give us worse results.
Topics and niches
Influencers usually focus their content on one or more topics. Therefore, we must highlight that there are certain categories and niches that can be more expensive than others. If we take YouTube's CPM as a reference (which can serve as a guide), marketing, finance, or education content usually have a higher remuneration than lifestyle, entertainment, or cooking.
There are influencers who are very selective when it comes to collaborations with brands, accepting only those campaigns that they believe can fit their audience, while others say yes to practically everything that comes their way, which can harm their credibility in the long run.
An influencer committed to their followers and selective with brands will always be a better option when promoting themselves than one who sells their image to any advertiser.
Type of promotion and number of posts
Finally, the budget for a campaign with an influencer will also depend on the type of promotion and the number of posts. A simple mention on Instagram Stories (which will be deleted after 24 hours) is not the same as a dedicated video on YouTube or a dedicated stream on Twitch or TikTok.
It is advisable to study which combination of publications is most suitable for our brand, according to the objectives we have established, and ask the influencer for a breakdown of prices for each social network, to see what to choose based on the budget we have.
What is the cost of a campaign with influencers?
After discussing all the factors that affect the cost of advertising with influencers, knowing how much a campaign with them is worth is very easy: you just have to ask them.
- Choose an influencer that is suitable for your brand..
- Identify several profiles that are similar on social media.
- Contact them by email, sending them your collaboration proposal and asking for a quote for the type of promotion you want to carry out.
Thanks to their responses, you can identify the figures (€) they are in, based on their statistics and demographics. It would be highly recommended to request this information to study the best option for your brand.
Most frequent payment methods
The most used payment method in influencer marketing is a fixed price per campaign. In exceptional cases, variables such as CPM (cost per thousand views) and CPI (cost per installation - linked to mobile games and apps), are also used as incentives, but this is not usually the case.
In conclusion, the price of advertising with influencers varies according to several factors such as the influencer's statistics, their audience demographics, the topic and niche of their content, their credibility, the type of promotion, and the number of posts. To find out how much it costs to carry out a campaign with them, the easiest way is to identify a content creator that we like, search for similar profiles, and contact them by email to see what prices they offer.
If you need help in this process, don't hesitate to contact us! L3tcraft has more than 10 years' experience as an specialized Influencer Marketing Agency. We are here to help you create strategies, select influencers and manage campaigns! 😉