This is How Much Instagram Influencers Really Cost
Have you ever questioned how much of your budget should be allocated to influencer partnerships? Mochee completely understands how challenging that can be. Influencer Marketing is a huge part of social media strategies today, especially Instagram. As you probably know, collaborating with influencers gives brands an opportunity to reach a new engaging audience. Although, these partnerships are necessary in today’s market, there is no one-size-fits all strategy for budgeting influencer collaborations.
It can be easily assumed most wonder what exactly a “Fair” asking rate would be when reaching out to potential influencers. As mentioned on Later, “Many digital marketers adhere to the one cent per follower (or $100 per 10K followers) rule”. However, this rule is not applicable to every influencer collaboration. Before agreeing on a partnership rate, brands and agencies should measure the influencer’s engagement rate, brand sentiment, traffic, and conversion rate if possible.
One of our Mochee’s found a great online resource that evaluates the authenticity of an Instagram account’s followers called IG Audit. This is just one way to decide if investing in the partnership is worth it. I think we can all admit the return on investment is what we really look for. Did you know Later reported, “Influencers with 50K to 250K followers deliver a 30% better ROI per dollar spent than macro-influencers, and 20% better than influencers with 1+ million followers”? Hopefully, that fun fact comes in handy.
The importance of influencers goes without question. For a more in-depth understanding of how influencer marketing works, and the cost click here!