Back in the early days of social media influencer advertising, Instagram users with large audiences were willing to advertise products and services on their pages in exchange for gifts and freebies. While today many aspiring influencers who have a few thousand followers are still willing to accept products as payment, successful influencers with large audiences charge thousands of dollars per post and use their Instagram accounts as their main source of income.
Naturally, there’s no set price list that allows marketers and influencers to determine how much those ads should cost. So how do influencers and marketers who use their services determine what advertising prices are fair?
How to calculate Instagram influencer costs?
While there are no precise formulas for calculating the price of influencer ads, most people use the rate of one cent per follower as the starting point. This means that an influencer who has 10,000 followers can charge roughly $100 per post. The final price is adjusted based on the influencer’s engagement rate, product type, influencer’s niche, campaign specifics, etc. And keep in mind that just like in other industries, there are people who set their prices either too low or too high.
How much do Instagram influencers charge per post?
Influencers with 100K+ followers
Instagram influencers that have 100,000 or more followers on the platform charge around $1,000 per post. Even though this seems like a lot of money, it could actually be a great deal for a business. For instance, 30-second TV advertisement slots during Super Bowl cost around $5 million and while they reach around 100 million viewers, only a small percentage of those people are likely the target audience of the brand. Contrary to this, you can pay just $1,000 for a post from an influencer who has a very niche audience that will buy out your entire product stock in a few hours.
To sweeten the deal, many influencers also include posts on other social media platforms, story mentions, and blog posts in the price. Some influencers charge extra for these services.
Influencers with 10K - 100K followers
While large influencers have huge audiences, their engagement rate is often not very high. To get around this issue, many brands are now choosing to partner with smaller influencers who charge less per post and have higher engagement rates than larger accounts, which means the ad campaign can potentially deliver a higher return rate. In fact, some influencer marketing studies have discovered that as the number of followers an influencer has rises, the ROI of their advertisements decreases.
Influencers that have between 10K and 100K followers charge, on average, $300 per Instagram post.
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