What influencers cost
Influencers are expensive. There's no sugarcoating it. As the concept of leveraging social media influencers has grown over the years, so has the competition to get them on board with your brand, and the cost to hire them.
This growth doesn't come without growing pains, though. In fact, there are a number of very large concerns when it comes to using influencers. Mediakix found that fake followers and unpredictable social media changes are among the biggest concern for marketers.
What are your biggest influencer marketing challenges?
What influencers charge
Klear, an influencer identification platform, analysed the costs of various types of influencers across major social networks for 2019. It found that YouTube was generally the most expensive at prices closing in on $4000 per video, while Instagram escalates most rapidly depending on follower counts. Instagram stories, on the other hand, appear to be relatively cheap – most likely because viewership is still somewhat low and unpredictable.
Overall value of types of influencers
In further studies, Econsultancy analysed the top reasons to prioritise nano and micro influencers over typical, macro influencers. Primarily, the results showed that there was simply higher value in using more niche-focused and smaller influencers. More bang for the buck.