Influencer Marketing Pricing: Complete Guide for 2024

Influencer marketing is a sure way to grow your business and increase your sales. 

But before taking any giant strides in that direction, you may wonder: 

• What’s the real cost of partnering with influencers in 2023? A few dollars? A thousand dollars? 
• Do the costs differ for different social media platforms?

Having the hang of what you’ll spend on your influencer marketing campaign will help you make the right decision for your business. 

That’s why we’re going to give you a breakdown of all you need to know about influencer pricing on different social media platforms. 

With this information, you can make an educated decision and get the best value for your money. 

Here’s what you’ll be learning: 

• Influencer rates for popular social media platforms
• Factors that impact influencer pricing 
• Common types of influencer partnerships
• How to measure influencer marketing

And then the interesting part? Answers to frequently asked questions about influencer marketing budget. 

Let’s get into it!

Instagram Influencer Rates

Before we go to the actual prices, you should understand what factors influence the rates of influencers.

The most important one is the follower count of an influencer. There are different classes of influencers classified according to their number of followers. 

• Nano-influencers: 1K – 5K followers 
• Micro-influencers: 5K – 20K followers 
• Mid-tier influencers: 20K – 100K followers 
• Macro-influencers: 100K – 1M followers 
• Mega-influencers: >1M followers

Instagram has a thriving influencer network. In 2021, 68% of marketers used Instagram for influencer marketing, making it the most used platform. 

Instagram influencer marketing is visual, appealing, and provides lots of collaboration opportunities.

Here’s an example of an influencer collaborating with a skincare brand on Instagram. 

Influencers can use their Instagram Stories, or Reels, or post photos on their feed for the collaboration. The goal is to get a high level of engagement and to achieve the purpose of the campaign. 

Here’s an average of how much these influencers charge per Instagram post. These prices are according to a HypeAuditor 2022 survey.

● Nano-influencers (1K – 5K): $10 – $50

● Micro-influencers (5K – 20K): $15 – $110

● Mid-tier influencers (20K – 100K): $35 – $350

● Macro-influencers (100K – 1M): $185 – $2,500

● Mega-influencers (>1M): average min. $1,200

These costs are determined by their follower count and engagement rates.

While Instagram tops the list, let’s see the cost of influencer marketing on TikTok, a great platform for authentic social commerce. 

Keep scrolling.

TikTok Influencer Rates

TikTok is a cost-effective marketing platform because it is cheaper than Instagram but very effective—especially if you have a GenZ target audience. 

This is because younger audiences have embraced TikTok as one of their favorite social media platforms. 

They spend a significant amount of time on the app, creating and consuming content. 

This high engagement presents an opportunity for marketers to capture their audience’s attention and promote the products or services effectively.

TikTok also values authentic videos rather than professionally shot content, so influencers don’t really have to go out of their way when creating videos. 

Here are the average prices for Influencer marketing on TikTok.

● Nano-influencers (1K – 5K): $4 – $25

● Micro-influencers (5K – 20K): $14 – $50

● Mid-tier influencers (20K – 100K): $30 – $145

● Macro-influencers (100K – 1M): $151 – $793

● Mega-influencers (>1M): average min. $1,034

These prices are negotiable depending on the influencer and the type of content you require. However, this is a benchmark for your budgeting. 

YouTube Influencer Rates

YouTube influencers charge an average cost per YouTube video. They are classified according to their subscribers or average number of viewers. 

YouTube requires more work for professional filming, video editing and SEO, so the rates are slightly higher than other social networks due to the production costs. 

The influencer pricing list for YouTube can be seen below:

● Nano-influencers (1K – 5K): $20 – $200

● Micro-influencers (5K – 20K): $200 – $1,000

● Mid-tier influencers (20K – 100K): $1,000 – $10,000

● Macro-influencers (100K – 1M): $10,000 – $20,000

● Mega-influencers (>1M): $20,000+

Some YouTubers already have price tags or rate cards that show their prices for various kinds of advertising. 

Some of them allow video sponsorships where a brand sponsors a whole video and the deliverables become branded content. Just like in the image below.

Let’s see what it's like for Twitter. Are the rates different from YouTube?

Twitter Influencer Rates

Twitter is a very opinionated platform, so influencer marketing can be really effective if done well. What’s more, production costs are minimal since it’s mostly a text platform. 

It’s not a popular influencer marketing platform, so the costs are relatively cheap compared to other social media channels. 

Twitter Influencer Pricing:

● Nano-influencers (1K – 5K): $2 – $20

● Micro-influencers (5K – 20K): $20 – $100

● Mid-tier influencers (20K – 100K): $100 – $1,000

● Macro-influencers (100K – 1M): $1,000 – $2,000

● Mega-influencers (>1M): $2,000+

To get the best bang for your buck when collaborating with Twitter influencers, you can retweet your influencers’ content using your brand’s Twitter page.

The amazing thing about Twitter is that when other people retweet these posts, it reaches a wider network of people, beyond just the influencer’s audience. 

And that’s the goal—increased reach. 

Let’s take a look at the pricing rates for Snapchat—in comparison, they are more expensive than Twitter.

Snapchat Influencer Rates

There are not a lot of Snapchat influencers and this makes the platform somewhat more expensive than others. 

However, choosing an influencer with lots of Snapchat views is a great way to increase your brand awareness and drive sales. 

The influencer pricing for Snapchat can be seen below:

● Nano-influencers (1K – 5K): $500

● Micro-influencers (5K – 20K): $1,000 – $3,000

● Mid-tier influencers (20K – 100K): $3,000 – $5,000

● Macro-influencers (100K – 1M): $5,000 – $10,000

● Mega-influencers (>1M): $10,000 – $30,000

Influencers in higher tiers, such as macro-influencers or mega-influencers, charge higher rates due to their wider reach on Snapchat.

But do these factors remain the same for Facebook? Let’s explore.

Facebook Influencer Rates

While Facebook is mostly populated by older age groups, it’s still an effective platform for influencer marketing. 

Facebook is a great place if your target audience are millennials and older professionals. 

The typical influencer marketing pricing on this platform is:

● Nano-influencers (1K – 5K): $25 – $100

● Micro-influencers (5K – 20K): $100 – $800

● Mid-tier influencers (20K – 100K): $800 – $2,500

● Macro-influencers (100K – 1M): $2,500 – $10,000

● Mega-influencers (>1M): $10,000+

Now that we’ve seen the average cost of influencers for the most popular social media platforms, let's see other factors that affect these rates.

Factors That Impact Influencer Pricing

Influencer pricing is influenced by several key factors. 

Understanding these factors is essential for both influencers and brands to establish fair and effective collaborations.

Let's explore the elements that impact influencer pricing.

Social media platform

Content creation on each social media platform requires a different workload, and this affects pricing.

For instance, the work required to create Instagram Reels may not be equal to the work required to create a Twitter thread or tweet. 

Because Instagram would require a lot more work and editing, influencers on Instagram typically charge more for video content. 

Also, the number of influencers on a platform affects the price. Snapchat has a smaller number of influencers compared to TikTok or Instagram. So, the prices are higher on Snapchat. 

Follower size (influencer reach)

Influencers with a higher number of followers charge more than influencers with a lesser number of followers. The reason is that a higher number of followers means a wider reach.

If you’re looking to increase your brand awareness through your influencer marketing, then you should choose influencers with a higher reach and plan to pay more. 

Also, influencers with a higher audience size usually have more years of experience creating content and consider that when they charge. 

Many influencers build their brand from scratch, investing in valuable content and personal sponsored posts. So, their pricing reflects this.

Follower engagement

Asides from follower count, you should also pay attention to follower engagement.

A lot of influencers who have many followers don’t get as high an engagement rate as influencers who have fewer followers. 

Engagement is calculated by looking at the average metrics of their posts in relation to the number of followers they have. 

Some of these metrics include: number of likes, number of comments, number of saves and shares, and click-through rates.

When people engage, it means that the content piqued their interest or that they really liked it. 

One great way to check for engagement rate is by checking the number of comments, shares, and saves. It’s not always good to check the number of likes because liking a post can be done mindlessly.

When you’re sure that the engagement rate on the follower’s posts is optimal for your business, you can go ahead and partner with them. However, their prices may be higher than their counterparts with a similar number of followers and a lower engagement rate.

Type of industry

Because influencer content is supposed to be relevant and natural, you should consider the industry the influencer is in. 

For instance, an influencer whose personal brand is about fitness wouldn’t be the right fit for a partnership if you’re a travel brand. It wouldn’t seem as natural as it would be if you partner with a travel blogger.

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Also, the industry determines the pricing. Influencers in industries that require harder work, such as fitness, bodybuilding, and the like would require higher pay.

Travel influencers may also cost more because they may include their travel expenses in their rates. 

Type of content

The type of content you want an influencer to post or create determines the pricing. 

Professionally shot and edited videos would require more pay compared to regular photo posts. 

Also, Story or caption mentions wouldn’t require a lot of creative work compared to carousels or infographics.

Influencer demand

The number of influencers in an industry determines the average price. If there are a lot of influencers in an industry, the prices would be lower compared to industries that have fewer influencers. 

Usage rights

Your influencer marketing strategy should include information on the usage rights of the content your influencers create. 

If you want the content they create to be solely assets for your brand, then you may need to pay more than if they had rights to the content. 

Exclusivity

If you hire an influencer and have terms and conditions that require them not to work with a competitor or only promote your products in your industry, the pricing would definitely be higher. 

You’re limiting their chances so you must be ready to pay well to ensure they’re happy and loyal to you.

Common Types of Influencer Partnerships

There are different ways that brands can work with influencers. These partnerships benefit both the brand and the influencer.

Affiliate marketing

This partnership type is usually a win-win strategy where influencers receive a payment or a certain percentage when people purchase from the brand through them. 

Most times, it works with a referral code or link. These influencers have to tell their audience to purchase from the brand using their custom code or link.

They get paid per purchase and it’s a fixed or agreed amount no matter how many people use their code or link. 

This is perfect for brands who are just starting out and need to make sales as soon as possible. It’s two-tiered because it doesn’t only bring sales, it also increases brand awareness. 

However, some influencers may not be willing to put in so much work if they’re not certain of their pay, especially if it’s dependent on other people purchasing. 

In this case, brands need the reliability of a trusted influencer platform like Insense. 

Insense serves as a trusted third party connecting you with vetted influencers and helping you manage the campaign process. 

That way, you’re sure to get the best value for your money. 

Affiliate marketing is a good kind of partnership for brands who want to be sure of their return on investment(ROI). 

Brand ambassador

In this kind of partnership, a brand chooses an influencer who they feel can represent them in a positive way and they make the influencer their brand ambassador. 

Most often, this comes with the exclusivity of not promoting a competitor brand. The influencer uses their personal brand to vouch for the brand. 

This is usually more expensive than other methods of collaboration because beyond the payment, brands have to also provide these ambassadors with branded merchandise, free products for UGC, and have to create promotional materials with the influencer’s pictures. 

However, the results are sustainable and the collaboration can span for a very long time. 

For many brands, finding the right influencers can be quite challenging. Fortunately, there’s a solution. 

Creator marketplaces like Insense help you choose from a list of vetted influencers. You are matched with influencers who suit your brand image. 

When you see those matches, you can choose one to be your brand ambassador based on their previous reviews and ratings on Insense. 

You can also choose influencers within your budget on the Insense platform. This feature helps you to choose the most cost-effective option. 

Sponsored content

For this type of partnership, influencers create posts or share branded content that have been paid for by the brand on their pages. It’s an easy way to share a brand’s content with the influencer’s audience.

Contests or giveaways

These can be UGC contests or giveaways where users have to create content about a brand or their products to win a prize or giveaway. This is mostly using nano- or micro-influencers as macro-influencers and celebrity influencers may not be willing to participate in a contest they’re not sure of winning. 

Influencers can also run giveaways using the brand’s products requiring users to follow their business’ social media account or engage with them. The influencer eventually decides on a winner. 

The results are mind-blowing because they can generate lots of social media buzz for the brand. 

However, it may not be effective when the people who follow or engage with the brand aren’t their target audience but just want to win the giveaway. This can be prevented by choosing an influencer whose followers are the target audience of the brand. 

Asides from paying the influencer, the brand also provides the products for the giveaway. 

Gifting or product seeding

This partnership is usually really easy and may not be so expensive depending on the influencer. Everyone likes gifts and most influencers talk about it when they receive gifts. 

So, brands can send gift boxes of their branded merchandise or products to influencers who in turn create unboxing videos, shout-outs, or photos with these packages. This increases brand awareness and can drive sales. 

Also, brands who give branded merchandise can have additional results from these gifts when the influencers use those products while producing other personal content. 

Caption mention

This typically happens with clothing and accessories brands. Influencers who put on items from these brands or use their products in their videos give caption mentions to these brands. 

This is usually not expensive, especially when it’s just for one post. 

It may be more expensive if you want your brand to be the only one mentioned in the captions or the only one used in the post or video.

Brand takeover

This partnership requires influencers to take over the brand’s page and post videos and pictures on their feed. 

This is usually interesting because the influencer’s fans go to the brand’s page to view their content. 

The increased engagement on the brand’s page results in even more reach as the algorithm works in their favor.

Each type of influencer partnership yields different results, but how can these results be measured? Let’s find out.

How to Measure Influencer Marketing

Want to know if your influencer partnership was worth it? 

You have to measure the progress or results. Here are some key performance indicators to measure your influencer marketing results: 

• Increased brand awareness: You can measure this using the number of new followers, post impressions, branded or campaign hashtags, and campaign search volume. 

• Increased conversions: You can measure this by creating trackable links, using affiliate links, and analyzing the campaign landing page traffic.

• Increased community engagement: You can analyze the total engagement and post engagement rates using metrics such as likes, comments, saves, and shares.

Want to know more?

Here’s a detailed guide on how to measure your influencer marketing results. Read here

Now that you’ve seen how much influencer marketing costs and the kinds of partnerships you can have, let’s help you find the right influencer. 

Read on.

Find the Right Influencer for You

Influencer marketing shouldn’t be tough since you now know how much to budget. 

With a great budget, you can have effective influencer campaigns, and collaborations and execute your influencer marketing strategies.

Not sure how to find the right Instagram or TikTok influencer for your brand? 

We have over 20k vetted influencers and content creators for you to choose from. Click here to sign up and check them out!

Frequently Asked Questions (FAQs)

Here are some common questions on budgeting for influencer marketing. 

How do you determine your influencer campaign budget?

You determine your influencer campaign budget by considering the class of influencer you want to use for the campaign, the kind of partnership you want to have, and the social media platform you intend to use. 

This would give you a rough estimate of what the influencers would charge. 

How do you know what type of influencer you should approach for your business?

You have to choose an influencer that is in your industry and that can be a good representative for your brand. 

You also have to choose an influencer that aligns with your campaign strategy or marketing goals. 

What additional benefits will you get with a successful influencer partnership?

There are a lot of benefits of a successful influencer partnership, such as increased conversion, increased brand awareness and credibility as well as an increased engagement rate. 

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