Pricing the biggest influencers, negotiating with nano-influencers and pricing the influencer market... Find out how much your influencer marketing campaigns will cost you in 2022 👀
Time to get back into business, but don’t rush into influencer collaborations blindly. Things are moving pretty fast in the influencer marketing world. Here’s a guide on how to determine your influencer prices in 2022
Whether you choose to select your influencers according to their prices, or their content, you should know how to evaluate their prices. Some criteria are more important to look at than others.
The size of the community
The most evident one is of course the type of influencer, and thus their number of followers. Working with a mega influencer will most certainly be more expensive than working with nano or micro-influencers. A larger audience means larger visibility. Moreover mega or macro-influencers are professional content creators, so you’re also paying for high-quality content. 😮
Nano influencers are more likely to accept unpaid partnerships and to accept to collaborate in exchange for free products. These influencers are pretty new to being contacted by brands and creating content for them, they have yet to gain professional skills.
The rarity of the influencer
Then you also want to check the “rarity of the influencer”, so typically their saturation rate. As a brand, it is always more interesting and preferable to work with influencers who do few collaborations. Why? 🤔 Because this usually means that these influencers choose their partnerships carefully and work with brands who match their image and values. This also means that their community is more likely to follow their recommendations, and thus they have a higher conversion rate.
The type of content you want
Finally, the last thing to look at when determining an influencer price is the type of content that you expect them to create. For instance, creating a story requires less time to make than an Instagram post, and lasts only 24 hours, therefore they are less costly. Remember that the type of content also depends on the objectives of your campaign. TikTok partnerships are usually more tricky because it’s harder to create a call to action on this app, but as compensation, it’s way easier to go viral. So currently TikTok partnerships are less costly. 💰
Prices are like trends; they change a lot. So it’s sometimes hard to follow.
However, what we have noticed these past few months, or even years, is an increase in prices. This is more noticeable when it comes to mid or macro-influencers.
This can be explained by a few factors. First, we have seen in recent years a real professionalization of “influencers”. What started as a hobby that could sometimes make you earn a few hundred euros has now become a true full-time job. 🖊️ Before influencers were doing strict placement products, now we are seeing more and more real collaborations with brands. This means that influencers can now truly create content for brands that match their personality and image. Influencers are social media experts and content creators, thus they should get paid for their work.
Increasing demand from brands
This could also be explained by the fact that brands tend to use influencer marketing more and more these days. This means that influencers are getting contacted by more brands. Power is shifting into the influencers' hands. They now have the opportunity to choose which brands they wish to work with. Thus influencers can impose their own prices since they are in a position of strength.
At this point, you still might be confused as to how much you should pay an influencer. Especially if you have never worked with an influencer and you have no idea what the price lists are. 😵💫
Specific prices for each influencer
On Favikon, you can find on each influencer’s profile market prices of how much it would cost to work with them. You will find the price of an Instagram story, post, and giveaway. These are obviously estimated prices and you can always negotiate prices with influencers.
How to negotiate with influencers?
You will be surprised to know that it can actually be easy. However, this means that you have to choose influencers that match your brand’s values. There are a few steps to select the right influencers. First, go on Favikon and use the different filters to find your best matches. Then go on the influencer’s feed or account to see what type of content they post and if they match your brand. Finally, it’s time to contact influencers! 🌈
What to offer the influencer in 2022?
The more their values match yours, the more they will be willing to work with you, but you also need to present them with an original idea of content or collab. More and more influencers aim to create high-quality content that stands out from other content. Lena Situation and Vogue are the perfect example of that tendency. Together they created a series of videos titled “Vlogue”. This collab matches Lena's content because she is known for her August vlogs and she is a huge fashion lover.
It is always important to personalize your collab with an influencer because they will feel like you genuinely love their content rather than their number of followers, or engagement rate. And if they like the project it is way easier to negotiate prices with them.
And that's it, you are now an expert! 🌟 Time to contact your favorite influencers and convince them to create an awesome and original collab for your brand!
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