TikTok, YouTube, and Instagram are the top-most active social media websites. Thus, along with fame, users with large audiences earn significantly from Brand Endorsements.
Now, being a business owner, if you are wondering how much do influencers really cost in 2024, keep reading! This article will provide detailed insights on different types of Influencers. It will also discuss their prices on various social media platforms.
I would also mention some factors that affect the Influencer price and provide tips for choosing a suitable ambassador for your product. Lastly, you will get detailed insights into different types of partnerships, too. So, let’s get started!
How Much Do Influencers Really Cost In 2024: Key Takeaway
The rates of each influencer vary due to the difference in the engagement rate, follower count, their specific niche, geographic locations, and the platform they are posting on.
For example, an influencer targeting a global audience will charge more than one speaking an uncommon language. So, check out the detailed payment breakdown for Influencers:-
| Influencer Type | Follower Count | TikTok Rate | Instagram Rates | YouTube Rates | Facebook Rates |
|---|---|---|---|---|---|
| Nano Influencer | 500 to 10K | $5 to $25 | $10 to $100 | $20 to $200 | $25 to $250 |
| Micro and Mid-Tier Influencer | 10K to 100K | $25 to $1,250 | $100 to $5000 | $200 to $10K | $250 to $1,250 |
| Macro Influencer | 100K to 1 Million | $1,250 to $2.5K | $5000 to $10K | $10K to $20K | Over $20K |
| Mega Influencer | Over 1 Million | Over $2.5K | Over $10K | Over $20K | Over 250K |
Unlike the above-mentioned platforms, Snapchat Influencers do not charge based on their follower count. Instead, they charge per view. Check out the charge breakdown below:-
- 1K to 5K Views: $500
- 5K to 10K Views: $2K to $3K
- 10K to 20K Views: $3K to $5K
- 30K to 50K Views: $5K to $10K
- 50K to 1 Million Views: $10K to $30K
Understanding Influencer Tiers And Pricing Structures
While looking for a perfect Influencer for your brand, you must think about certain factors:
- Are you restricting them from posting a competitor brand?
- How high-quality is the promotion of the content?
- What platform would they promote the service on?
- Niche, Engagement rate, and followers count, of course.
Nano Influencers – 500 To 10K Followers
Influencers with fewer followers are generally deemed as more relatable.
Not only do they create niche-based content, but it’s also engaging! So, if you are looking for an Influencer to promote your local product, then Nano-Influencers is best for you! This is more so because these Influencers give in-depth details about your brand.
Additionally, they would also help in more community-focused marketing campaigns!
Micro-Influencers – 10K To 50K Followers
If you want to target a specific audience, then Micro-Influencers are best!
Considering their personal way of content creation, these Influencers have better engagement rates with their followers. So, if your product requires personalized promotion and high-engagement campaigns, you know who to contact.
Mid-Tier Influencers – 50K To 500K Followers
If your brand is known on a regional level but not outside that, you can reach out to Mid-Tier Influencers. These influencers have a comparatively wider demographic and receive good clicks. In fact, unlike the other Influencer types, these are much more professional.
Macro Influencers – 500k To 1 Million Followers
If your brand requires broader awareness and national campaigns, Macro Influencers are ideal for you! You will observe that the medium of promotion is a lot more professional. Many creators prefer promoting in a creative way, which intrigues their viewers and thus upscales sales.
Mega Influencers – Over 1 Million Followers
These are generally celebrities with a wider audience range. They participate in events and campaigns that operate on a larger scale, and good feedback or even mention of the product results in mass sales.
So, famous brands like Cartier, Dior, Samsung, etc., prefer Influencers with a larger audience to promote their service.
Influencers Cost Based On Platform
According to Melt Water’s Marketing Report, 53% of brands prefer Instagram for promotional campaigns. 32% prefer YouTube, and 13% prefer TikTok.
In the list below, I have mentioned the price breakdown for the platforms mentioned above.
Along with that, I will also discuss the payment for Facebook and Snapchat. So, let’s go through each section and see on what basis Influencers charge you:-
Instagram Influencer Pricing
According to InfluencerMarketingHub, the rates for Instagram promotions differ from nano influencers to popular ones. So, regarding feed posts, you should pay between $10 (Nano Influencers) and $10k (Mega Influencers/ Celebrities).
Meanwhile, the charges for Instagram stories are between $53 and $1,205.
Most campaigns occur from one Instagram story and up to 4 feed posts. Hence, the average pay for nano-influencers and micro-influencers would be around $313 and $750, respectively. You can check out the revenue per campaign below:-
| Influencer Type | Price – Per Campaign Post |
|---|---|
| Nano | $10 to $100 |
| Micro and Mid-Tier | $100 to $5000 |
| Macro | $5000 to $10K |
| Mega and Celebrity | Over $10K |
TikTok Influencer Pricing
The craze for TikTok has increased tremendously in the last few years.
Creators and brands prefer TikTok. They like its comprehensive niches, personalized algorithm, and large traffic. So, depending on the Influencer’s audience, their fees vary:-
| Influencer Type | Price – Per Post |
|---|---|
| Nano | $5 to $25 |
| Micro and Mid-Tier | $25 to $1,250 |
| Macro | $1,250 to $2.5K |
| Mega and Celebrity | Over $2.5K |
YouTube Influencer Pricing
Creating longer YouTube videos takes a lot of effort and creativity. As a result, the platform is considered the most expensive marketing platform for influencers.
Although new creators are more inclined towards Shorts, considering gaining views on it comparatively easier. Promotions that need more product details are often featured in longer videos. That’s what Marketers prefer, too.
Check out the detailed Influencer payment data below:-
| Influencer Type | Price – Per Sponsorship |
|---|---|
| Nano | $20 to $200 |
| Micro and Mid-Tier | $200 to $10K |
| Macro | $10K to $20K |
| Mega and Celebrity | Over $20K |
Snapchat Influencer Pricing
Back then, the calculations of Snapchat’s traffic depended on the number of views. However, now that the follower count is public, tracking accounts with more influence is easier – but remember, there is no update on the payment mode.
Therefore, the influencers with the most views demand more fees. You can check the detailed breakdown below:-
| Snapchat Story Views | Price |
|---|---|
| 1K to 5K | $500 |
| 5K to 10K | $1K to $3K |
| 10K to 20K | $3K to $5K |
| 30K to 50K | $5K to $10K |
| 50K to 1 Million | $10K to $30K |
Facebook Influencer Pricing
The cost of how much an Influencer would charge you also depends on their category. For example, if they are Lifestyle Influencers, they would likely have more followers, which will raise their prices. Check out the respective details below!
| Influencer Type | Price – Per Sponsorship |
|---|---|
| Nano | $25 to $250 |
| Micro | $250 to $1,250 |
| Mid-Tier | $1,250 to $12,500 |
| Macro | $12,500 to $25K |
| Mega | Over $25K |
Average Cost Breakdown By Industry
According to a survey done by Hubspot, 47% of 1,000 marketers admitted that their budget would increase. Meanwhile, the remaining percentage of marketers mentioned that the cost of their investment would stay the same.
For example, 52% of the small business owners said they are investing about $5 to $15K monthly on Marketing. Till last year, 18% of marketers preferred promoting on Facebook. 16% are on TikTok and YouTube each, 14% are on Instagram, and 8% are on LinkedIn.
Check out the company’s average marketing cost breakdown is as follows:
| Industry/ Niche | Marketing Percentage Spend From The Total Company Revenue |
|---|---|
| Consumer Services | 6% |
| Real Estate, Finance, and Banking | 8% |
| Health Care | 18% |
| Media and Communication | 10% |
| Education | 3% |
| Energy | 1% |
| Consumer Package Goods | 9% |
| Manufacturing | 13% |
| Retail Whole | 14% |
| Tech and Service Consulting | 21% each |
| Transportation | 6% |
| Mining and Construction | 3% |
Different Types Of Influencer Partnerships
Check out the different Influencer Partnerships below:-
1. Brand Ambassador
Brand ambassadors tie themselves entirely to your service, unlike one-time promotions. That’s why, just like any full-time job, you can pay the Influencers monthly. They also attend events and spread the word about your product through various mediums.
For example, Jungkook from BTS is Calvin Klien’s global face. Jungkook generally promotes the brand by wearing the apparel. Yet, by folding his Calvin Klien laundry on the Weverse Live – Jungkook made history! That particular live session received about 37.2 Million likes.
The two campaigns Jungkook did for Calvin Klien single-handedly saved the brand from bankruptcy. Read about the 1.25 Billion gross profit here.
2. Giveaways
Brands share their service/ products with the Influencer for free. All they need to do is use these products in their giveaway. For those unaware, a Giveaway is an Influencer’s way of showing appreciation for their support.
So, they give valuable/ sentimental items to their subscribers or followers.
As a service provider, you can ask the Influencer to share your product instead.
This will not only raise brand awareness among ordinary people, but they will have genuine feedback. That, in return, will benefit your brand more, considering word-of-mouth marketing. (That too for free.)
3. Sponsored Content – (Post/ Video Integration)
Regardless of whether a brand/influencer is popular, everyone uses sponsorship marketing! A while back, Jennie from Blackpink posted about the Coco Channel. She posted four images and was flaunting gold/platinum studded earrings, rings, and bracelets in them.
On the other hand, Haley Kalil promoted the NFL Sunday Ticket in her YouTube video.
While Jennie mentioned the brand in her caption with just “Coco,” Haley said benefits multiple times in a video. She even mentioned it in the description and gave you the necessary links.
So, remember that as much as the influencer rate depends on their high authority, the time and effort spent curating a creative promotion defines the charges, too.
4. Affiliate Marketing
Affiliate Marketing gets the Influencer to promote your brand or product.
In fact, with every sale, they receive a part of the commission. Most marketers prefer Affiliate Marketing as a medium of promotion, as they only pay for the generated sales. This also pushes the Influencer to promote the service more vigorously as they want commission.
5. Shoutouts
As a service holder, you pay the Influencer to give your product a shoutout on your channel.
The intent is to get more sales, traffic, or followers on your website. For example, you are an essential oil seller, and some customers love the product. You can ask them to shout out your service. In return, your product will get new followers or even more sales.
6. Product Seeding/ Gifts
This partnership is purely based on brands sending valuable items to Influencers. In return, the influencer tries to review the product for their audience. The motive of product seeding is simple: Getting the positive word out for their service.
More prominent creators benefit significantly from these partnerships, receiving abundant gifts. I remember watching Jake Sitlani a couple of years back. Frequently, he would talk about Mama Earth’s products, and hearing such positive feedback so often made me want to purchase the lip-cheek tint, too.
7. Platform Takeover
This marketing generally happens on platforms like Instagram, Snapchat, and TikTok. Brands give their official account to Influencers. They create “exclusive content” and ask their followers to check it out! It helps in building the engagement rate.
Also, 3 out of 7 people buy the product, so it’s a win-win situation.
Factors That Affect Influencer Rates
Several factors define how much the Influencer would charge you. So, let’s go through each of those factors one by one. Note that if the Influencer has a contract with an agency or label, you will also need to pay additional fees to that label.
1. Amount of Followers
The number of followers is often the defining point of how much reach the Influencer holds. Depending on 500, 10K, and 1 Million+ followers, the brands gauge how much exposure their product would get. It decides the price negotiation.
If you are a small brand looking to promote your business locally, you might pay a reasonable amount to moderate Influencers. However, if you are a global brand, then it is obvious you will target celebrities.
Depending on their individual authority, more so, the fandom power, the higher the charges.
2. Engagement Rate
Engagement rate doesn’t equate to the number of followers an Influencer has. As you know, most well-known figures buy followers in order to look “superior.” Or at least to get better revenue on their brand collaborations.
Either way, if you track their engagement rate, you will understand which influencer has organic followers and which don’t. In that case, a micro-influencer might beat a celebrity influencer, so be careful with whom you invest your money!
3. Content Type and Niche
The Influencers with the most charges typically belong to lifestyle, entertainment, and fitness niches. If your brand is completely opposite, there is no point in hiring these Influencers.
They would need to learn about what your business represents. Also, your target audience would not connect with their brand faces. So, aligning your brand with the correct Influencer is important.
Additionally, that would be cost-effective!
4. Social Media Platform
Most influencers operate on multiple platforms. Because of this, they often sought a deal that, although expensive, was better than promoting on one platform.
In fact, it has a better conversion ratio. This also saves a lot of your money, rather than hiring different influencers for different platform promotions.
5. Non-Compete Agreement – Exclusivity
It’s normal for brands to sign an exclusive contract for Influencers not to promote their competitor’s brand. However, if the competitor brand is equally popular and eager to get your desired Influencer as their ambassador, you must pay some extra cash to win the bid.
6. Using The Influencer’s Content
You pay the Influencer to promote your brand. In the case of smaller creators, more often than not, they use creativity to put your Brand’s name out there. So, if you want to use their production for further marketing, be ready to pay a hefty amount to purchase the rights.
Things To Look For When Pricing An Influencer
Before negotiating a price with a suitable Influencer, you must be careful about three factors:
- Return on investment: As per traditional Influencer Marketing, there is a 5:1 ratio. For example, when you invest $1 into an Influencer, they must generate at least $5.
- Past performance: You can gauge the previous point by tracking how much sales the influencer has generated for their other brand. You can see how well they promoted other services from their past performance. You can also observe how they market the product or service.
- Their way of promoting your brand: Lastly, you can tell what kind of marketing you expect. For example, posting one story by wearing Addidas sneakers is way too simple to receive $1 million for that promotion.
Ensure the Influencer is using the latest tools, be it reels or TikTok, and promoting your product in a super appealing way to their followers. Keep in mind, more than someone’s followers, the engagement rate and creativity in intriguing the viewer are essential.
Tips To Find The Right Influencer
Check out factors that you should think about while finding the correct Influencer for you:-
1. Know Your Target Audience & Goals
Before seeking an Influencer for your brand, it’s crucial to have a clear idea of what you expect from them. Are you looking for brand awareness? Do you want the influencer’s audience to purchase your product?
If so, you must evaluate whether the followers fit your target audience. Let’s say you are trying to sell an Android smartphone, but your Influencer is an iPhone user. Likewise, most of their followers are biased toward Apple. In this case, you will not get the profit.
2. The Influencer Must Belong To Similar Niche
It will not be impactful if you are trying to sell a makeup line but are approaching a fitness Influencer. Not only is the audience looking for more fit content, but it would sway them away from your FitMe product. (Pun intended!)
I am not saying that Fitness influencers do not wear makeup. All I am saying is not all do.
If you are targeting a group of individuals and an influencer for a makeup brand, ensure you are reaching out to someone already creating beauty and skincare content.
3. How Is Their Engagement Rate?
You can approach a Million-dollar-worth celebrity thinking they have massive followers. However, not all Influencers’ followers are organic. If you observe, a celebrity has 260 Million followers, but the like and comment ratio is just 20%.
Likewise, if you observe a micro Influencer, their followers could be way fewer than that of a celebrity. However, each follower is actively engaged with their page. They do this through comments, likes, and even purchasing suggested products.
This way, you will invest less money in the Influencer and yet receive at least an 80% return.
4. Transparency & Long-Term Partnership
The more honest relationships the Influencer shares with their audience, the more their audience has faith in them. And the more the audience trusts the influencer, the more sales your brand will make.
This way, you do not need to look for more Influencers and sustain a long-term bond with the existing ones.
Successful Influencer Marketing Campaign Case Studies
I have covered the marketing case studies of two influencers in the list below. However, check out my article for the most insights on the highest-paid influencers.
1. Mr Beast
The richest YouTuber’s way of promoting brands is through displaying their advertisements on his channel. For each campaign, Jimmy earns up to $431K – all thanks to his 112 Million Subscribers on YouTube, who rarely skip the ads.
In January 2022, Mr Beast launched a new Brand, Feesatable – It shares the new chocolate called MrBeast Bars. Within the opening of the first few months, the brand generated $10 Million worth of sales.
Source: Roaring Bengals.
2. Logan Paul
Logan Paul is best known among fitness lovers. Currently, he is endorsing Prime Hydration, and each sponsored upload on YouTube earns him between $75K and $150K.
The energy drink brand is considered the fastest-growing company in 2023, as it generated about 41.2 Billion sales.
Source: Dexerto.
Paul also endorses a few other brands on his Instagram account, which are Honey, DraftKings, and Fanduels.
Conclusion: Influencer costs $5 to $20k+ vary by followers & platform
An Influencer’s fees depend on their followers, niche, exclusivity contract, and engagement rate. In addition, the platform that they are promoting your product also plays a huge role.
So, to sum it up, the following is the average cost of Influencers:-
- Nano Influencers earn between $5 to $250.
- Micro and Mid-Tier Influencers earn between $25 to $5K.
- Macro Influencers earn between $1.2K to $20K.
- Celebrity Influencers earn over 250K to Millions of Dollars.
The only tip I would give before selecting an Influencer for your brand is to check their engagement rates. It does matter if they have 500K followers or 500 Million, having at least a 50% conversion ratio.
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FAQs
Influencers are worth the money as they have a larger set of audiences. These followers can purchase your service in a heartbeat just because their Idol mentioned it. One of the best examples of strong influence is BTS’ fandom, ARMY.
Influencers are expensive due to the strong chokehold they have on their supporters. One good or bad review about your service will make or break your business.
It is a tool that would help you estimate the average cost of an Influencer. These calculations are based on follower count, niche, geographical location, engagement rate, and platform. HypeAuditor and Inzpire Me are top tools that you can try out.
Using the Instagram Influencer pricing calculator is fairly simple. All you need to do is open the calculator and fill in the required information – the rest is handled by the tool.
