How Much Should You Be Prepared to Pay an Influencer?
Influencers negotiate per-post prices based on any number of factors. You need to consider more than just how much money they charge per post. You need to be able to evaluate how much bang you get for your buck.
Follower Numbers and Engagement Rates
These are the two biggest factors in influencer rates. Often, influencers with smaller followings have higher engagement rates (percentage of followers who, like, share, or comment) than those with large followings. So, on a cost-per-thousand (CPM) basis, an influencer with 50,000 followers may cost more than a celebrity with millions. And still deliver a better ROI.
Creative and Production Costs
A video post will likely cost more than a carousel of photos. A carousel will cost more than a single post. Timelines and rights may affect fees. Most professional influencers also charge different prices depending on the platform, since each platform has its own challenges, audiences, and creator tools.
Paid Partnership or Brand Collaboration Tags
On Instagram you can include a paid partnership tag on an influencers post. If you are paying them for content, it’s best for them to include this, along with the #ad hashtag. Be sure to ask your legal department for the right guidelines. Also, you can ask your influencer to make the post a brand collaborative post by tagging your property’s profile as a collaborator. This will push the influencer’s post right to your property’s profile when it goes live. You will share the engagement, and likely generate more impressive numbers to share with your team!
Right now, the wedding industry is experiencing a post-pandemic boom, so influencers are in-demand. You may pay up to $500 per post for an influencer with around 1,000 Instagram followers, and $3000 per post for someone with up to 15,000 followers.
However, these numbers change all the time depending on the deliverables you want them to complete. The best way to negotiate is to talk to several influencers about their followings and engagement rates, and see what they each have to say. At that point, you’ll have the information available to make an informed decision.
More About Carats & Cake
Carats & Cake is building the fintech platform for events business to better connect with, and serve the needs of, digital and mobile-first customers. We believe that by using modern technology, the very best engineering talent, and a mission-driven approach, we can transform the events industry with purpose-built tools and solutions that enable future growth. Our platform is built on trust and transparency, making it easier for properties to convert sales and align with customer needs every step of the way.