Instagram influencer marketing has grown by leaps and bounds over the last two and a half years. The growth has been attributed to two facts:
- Instagram users trust influencers
- Influencers drive real value to businesses
Most people trust purchase recommendations from friends and relatives. And Mediakix found more people now trust Instagram influencers as they would a friend.
Add the fact that more buyers are wary of celebrity endorsements and traditional advertising methods than ever before, and the stage is set for exponential growth in Instagram influencer marketing. Entrepreneur found that 94% of marketers said influencer marketing was effective.
With the exponential growth hence the demand for top influencers, the cost of Instagram influencers continues to shoot up.
How much do Instagram influencers cost and is it worth it?
The straight-out answer is Instagram influencer fees vary.
Single, sponsored Instagram posts that cost $24 million dollars are not unheard of. Yet, the industry standard is edging at the $100 per 10,000 Instagram Followers principle. That is $0.1 per follower.
Top Instagram influencers such as mega popstars command hefty checks. They make up the top 3% of Instagram influencers that command over $3,000 for a single sponsored post.
66% of Instagram influencers charge between $0-$250 per sponsored Instagram post. According to The State of Social Influence Business in 2018 and Beyond study, 27% of them charge between $250-$1,000 per post.
But How Do You Choose the Best Instagram Influencers for the Money?
However new, Instagram influencer marketing can get complex. Fast.
Brands and IG marketers choose to work with an Instagram marketing service to grow their Instagram marketing plan and results.
The Instagram marketing provider will help them find the best influencers for the business and also help them understand how to conduct successful influencer marketing on Instagram with select effective influencers. The latter can also learn what to consider when choosing the best Instagram influencer for a specific business.
At Liked Lab, we can directly engage with the chosen Instagram influencer to measure campaign results against invested dollars or free goods’ worth.
Instagram influencer marketing agency prices vary. Prices could balloon up to $20,000.
Other marketers and small businesses on IG may prefer to find top Instagram influencer marketing programs to join at a fee. Yet, others can derive value from engaging directly with preferred influencers on Instagram—especially when the marketer is well-informed about the IG marketing approach.
Instagram influencer rates are rising, but go for the results
Instagram influencer rates may have risen, but more marketers report that the approach is effective for their Instagram marketing strategy. With more than half of Instagram influencers offering to post-in-kind or receive a free product, and more than 66% commanding less than $250 per post, small businesses and marketers on IG can still afford Instagram influencer marketing costs now more than ever.