Instagram influencer marketing is a key part of social media marketing today. Just think about how many times you see “#ad” while scrolling through your Instagram feed!
And let’s face it, Instagram influencer marketing has blown up because it works.
But what does it cost – and is it worth it?
Why you need Instagram influencer marketing for your company’s social media strategy
In the past, it was more common for influencers to be willing to post something for free in exchange for use of your product or service, but that’s not the case anymore! Influencers who have fewer than 3,000 followers might be willing to do a trade, but even they may expect to get paid!
It’s only fair – the influencer is creating content for you (photos, videos and a caption, as well as managing comments on the post about your brand), so they should be compensated for their work.
The bigger the influencer’s following, the more they usually charge. Aside from that, there isn’t much consistency at all! We see influencers charging anywhere from $100 to $1,000 for an Instagram Feed post and a Instagram Story or two.
But while there may not be a standard Instagram influencer marketing rate, you can calculate a fair price. Follow these few simple steps to find the Instagram influencer marketing price that’s right for you!
The steps to establish Instagram influencer marketing rates and costs
One: Decide what your budget is for your influencer campaign
It’s easy to get swept away by influencers with big audiences and flashy posts. That’s why it’s so important to have a clear budget going into your campaign. It can be hard to negotiate if there’s no wiggle room. That’s why we always suggest having a low and high number for the total budget of the campaign.
Two: Contact a social media agency or create your own list of influencers
This is where having a social media agency can be very important. While you can put together your own list of influencers, how will you know if their followers are real? Will your post be shown to the right audience? Will the influencer act professionally when responding to comments? Does the influencer represent your brand in the right light? Will they post about your competitors in the near future? Most social media agencies maintain lists of influencers they know and trust – and that would be right for your campaign. By working with a professional, you can get your campaign up and running fast. Plus, you can save yourself hours of work!
Three: Vet the influencers or have them vetted
Again, a professional can really help at this point. They know how to vet influencers – and will have already vetted anyone on their influencer lists. If you are handling your Instagram influencer marketing alone, make sure you look at the influencer and their past engagement. Any vetting should include reading old posts, ensuring there’s no content that is going to be an issue for your company.
Four: Keep in mind how many followers your company’s account has
The larger your following and the more recognition your brand has, the more bargaining power you have. That’s because, if you have a large following, you can also help the influencer get more attention and followers, which translates to more success down the road.
Five: Approach your desired influencers
Now you’re at the first contact point. Make sure that when you get in touch, you explain what you want from the influencer. Let them know why you want to partner with them. The more personal you make this pitch, the more likely an influencer is to sign on! Finally, ask the influencer their rate.
Be careful with this one! You want to negotiate, but within reason. If an influencer says their rate is $1,000, for example, don’t come back offering $250. Not only is that not going to happen, but it’ll probably be seen as insulting! So be cautious and respectful. If the price ends up being too high for you, let the influencer know and move on.
Seven: Confirm your influencers
It’s decision time! Decide who fits within your campaign budget. Pick which influencers are the best fit for your product or service, as well as your company as a whole.
Hoping to check out some Instagram influencer marketing in action? Check out this recent influencer campaign we ran for our client GOeVisit!