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Influencer marketing is the future of the marketing industry. As more consumers turn away from traditional advertisements and towards social media sponsorships and promotions, brands must follow suit. It is important that brands establish a dedicated influencer marketing budget in order to account for all of the associated costs with a campaign. Today, we will be specifically focusing on Instagram influencer pricing.
Based on 2020 data, Instagram is the most popular social media platform for influencer marketing. On average, the platform is used by 82% of brands that utilize influencer marketing. This is compared to the 41% using YouTube, 23% using TikTok, 23% using Twitter, and 5% using Facebook. This is because the platform continuously proves to be extremely effective for marketing campaigns, as it contains hundreds of thousands of influencers and nearly one billion monthly users.
The platform continues to pave the way for the influencer marketing industry. Let’s breakdown the cost of influencer marketing on Instagram by taking a closer look at some of the best practices and average Instagram influencer pricing.
How Should You Use Instagram for Influencer Marketing
There are multiple different ways to utilize influencer marketing on Instagram. By hiring influencers, there are endless possibilities when it comes to how they can promote your brand on the platform. These are the most common posting strategies for Instagram influencer marketing:
1. Sponsored Feed Posts
These are the most common type of posts in influencer marketing on Instagram. They are typically photos promoting a brand, product, or service posted on an influencer’s feed within their regular content. Sponsored posts can also be presented in video form through Reels and IGTV videos as well.
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Are you an influencer new to brand partnerships? Check out this blog for tips on posting sponsored content.
2. Sponsored Story Posts
These can be photos, short videos, or reviews of a brand, product, or service posted on an influencer’s Instagram story. Influencers with more than 10k followers are able to use the “swipe-up” option, allowing their followers to access a link directly from their story.
3. Brand Takeovers
These are a little different than traditional posts. Brand takeovers are when an influencer posts on a brand’s Instagram account for a certain amount of time. This can help drive traffic to your brand’s Instagram page through that influencer’s followers.
Influencers can promote giveaways of a product or service by posting about it on their page. In these posts, their followers typically enter the giveaways by engaging with the post in a variety of ways. This can include commenting, tagging friends, reposting it on their story, and following the brand.
Need more information? Read our full breakdown of the types of influencer marketing ads to run on social media here.
Instagram Influencer Pricing Breakdown
There are some costs associated with influencer marketing campaigns that brands may not immediately take into consideration. They must create their strategy, choose their platform(s), figure out who their intended audience is, hire influencers, and carry out the campaign in full. This can cost brands anywhere from $1,000 to $1M (or more) depending on the influencers, type of post, and platform.
1. Follower Count
Follower count is the most influential factor when it comes to Instagram influencer pricing. Although the price varies for each individual creator, assessing different following ranges can help us determine the price difference between different influencers overall. According to Influencer Marketing Hub, this is how an influencer’s following range factors into Instagram influencer pricing:
|Influencer Level||Follower Count||Pricing Per Post|
|Macro-Influencer||500k - 1M||$10,000+|
|Mid-Tier influencer||50k – 500k||$500 – $5,000|
|Micro-Influencer||10k - 50k||$100 - $500|
It is commonly understood that a higher follower count will correlate to a higher price. Mega-Influencers and Macro-Influencers will cost the most, especially those that are hitting the following range fitting for a celebrity. But, their large followings make them a very attractive option for brands.
Although Mid-Tier and Micro-Influencers do not have as many followers as those in the macro and mega ranges, they typically have an established niche and dedicated followers that make them very suitable for brand partnerships. Nano-Influencers are perfect for brands who want to work with an influencer with a substantial following, but don’t want to spend a large amount of money on influencer marketing campaigns.
2. Type of Post
Earlier, we went over the most common types of posts through Instagram influencer marketing. It is important to note that influencers may charge more or less depending on how much time they dedicate to your brand. More work and time spent typically equate to a higher price. Therefore, the type of post is an important factor in Instagram influencer pricing.
For example, a sponsored story post will cost less than a feed post. While story posts only last for 24 hours, feed posts can remain indefinitely and take more time to curate. And although story posts can be saved to a highlight on their page, feed posts are much more accessible and influential. Similarly, influencers will probably charge more for an IGTV or Reels video because they take more time to film and post than a feed video.
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3. Instagram Compared to Other Platforms
The price of an influencer marketing campaign will vary depending on the platform. Although these price differences are not extreme, they should be taken into consideration when forming a budget. These are the main platforms influencer marketers consider:
YouTube is typically the most expensive platform. This is because writing, filming, and editing a video take time. Out of all the popular social media platforms, influencers will typically post on YouTube the least due to the amount of time that must be spent formulating a post. But, these posts typically resonate the most with viewers.
Instagram, Facebook, and TikTok cost less than YouTube, but their prices do not vary much between each other. A sponsored promotion on any of these platforms would likely hold the same weight as one another. Still, prices will vary depending on the type of post.
Twitter posts typically cost the least out of all the social media platforms. They are the easiest to post on and require the least amount of time. This is especially because the platform has a word limit and there are not too many options outside of a traditional tweet.
Although we are specifically discussing Instagram today, each of these platforms presents a great way to get people involved and should not be overlooked when considering a campaign strategy. But, there is no doubt that Instagram is a great platform for influencer marketing that heeds amazing results.