How much should you pay an influencer to promote your product or service? It’s one of the most commonly asked questions surrounding influencer marketing, and as you might suspect, it doesn’t have a straightforward answer. Influencer rates vary based on audience size, experience, platform, and content type. So, how can a brand set influencer compensation? To guide your decision, IZEA’s 2023 State of the Influencer Earnings has a breakdown of average influencer marketing pricing, but we’ll break out the highlights for you.
Influencer rates by platform
The platform you plan to use for your influencer marketing campaign has a direct impact on rates. Take a look at the chart below. As you can see, each platform has its own cost. Facebook posts are the most affordable, while Twitch content is the most expensive.
Let’s take a closer look at the costs per platform.
Instagram influencer rates
Planning an Instagram campaign with an influencer? Instagram influencer pricing differs based on the type of Instagram content you want, whether a static photo or a short-form video that disappears in 24 hours. The average Instagram Photo costs $1,311, while an Instagram Story is $2,784.
TikTok influencer rates
TikTok is one of the fastest-growing social media apps, so it’s unsurprising to see brands leverage the channel through influencers. TikTok influencer rates are on the higher end. The average TikTok costs $2,741.
YouTube influencer rates
Marketers use video to engage their audience through all sorts of videos, like shop with me videos, unboxing videos, or testimonials. Video content is in high demand, so the cost of YouTube content has increased in recent years. The cost for a YouTube video hovers around $2,000, coming in at $2,102 per post.
Twitter influencer rates
Twitter is an attractive channel for influencer marketing too. The average cost of a sponsored tweet is $1,643.
What do these rates mean to you?
The platform you choose for an influencer marketing campaign matters. It’s essential to pick one that your customers use so that you can meet your target audience on their preferred platform. However, by selecting a platform, your brand will likely fall into a specific compensation range.
Here’s what you should take away from the Cost Per Post by Platform chart:
- Rates can range from $642 to $4,373, depending on your selected platform.
- Older platforms like Facebook are cheaper, while trendy platforms like Twitch are more expensive.
- Video content is more expensive. Posts on TikTok and YouTube cost two to four times more than other platforms.
Influencer rates by audience size
You’ve probably heard about big-name influencers making big bucks. Generally speaking, the more popular an influencer is, the more it costs for endorsed content. Look at the chart below, which shows influencer marketing pricing by audience size.
Nano-influencers are making more now than they ever have. Why? Research shows nano-influencers often have a higher engagement rate than popular influencers. As a result, more brands are making wise investments in smaller but more engaged audiences instead of working with a celebrity out of assumed necessity.
The chart above shows nano-influencers, who have an audience of up to 10K, make about $1,000 per piece of content.
Web celebrity rates
Web celebrities, with an audience of 5 million-plus followers, make the most at about $6,000 per post. However, you’ll notice that influencer rates for web celebrities have dropped two years in a row. Influencer rates for web celebrities and mega influencers vary by a few hundred dollars.
What do these rates mean to you?
Audience size plays a role in how you’ll pay an influencer. As you can see from the chart, the larger the audience size, the more you’ll pay. To work with a web celebrity, you’ll pay 6x more than you will to work with a nano-influencer. Here are several other takeaways:
- Working with a nano or a micro-influencer is affordable for most businesses.
- Rates for nano- and micro-influencers will likely continue to rise as brands invest in engaged, niche audiences.
If you’d like help beyond influencer marketing rates, The Creator Marketplace is a great option. With this influencer marketing platform, you can search for influencers, explore data-rich profiles, and connect with an influencer all in one dashboard.
Want influencers to come to you? Create a Casting Call. Tell influencers what you’re looking for, and they’ll send you pitches to review.