Influencer marketing has become mainstream for brands that intend to extend marketing. However, despite the growing popularity of influencing marketing, there is a persistent lack of official standards for influencer pricing. This occurs mainly because brands do not have fair knowledge of budget for their campaign influence.
Klear, a New York based influencer marketing platform examined 2500 influencers from three most significant social media networks, viz. YouTube, Instagram and Facebook, in order to understand the influencer pricing.
In order to create influencer pricing guide, Klear evaluated influencers who had a variety and large number of followers, across all industries.
The 2019 Influencer pricing report involves influencer rates by stories, videos and post, in addition to influence rates of YouTube and Facebook and Influencer pricing trends with regards to industry, demographics and geography. According to reports, influencers fall into distinct groups with regards to the number of followers; these groups are nano (500-5K followers), micro (5-30K followers), power (30-500K followers) and celebrity (500K+ followers).
It was observed almost 46% of all influencer activity takes place in the US. However, the pricing in the US did not differ significantly from that of Canada and the UK, although these regions had less popular markets.
As per sources, oversaturation of US influencers also had an impact on the level of pricing. Globally, the market conditions are conducive for influencers. Sweden, South Korea and Estonia are all becoming growing hubs for influencer marketing.
Reports suggest, a quarter of the industry is taken over by males and yet they earn around $100 per post more than female influencers, except travel. Women have a 61% of influencer share in the travel industry and earn around $615 per post.
In order to successfully define a marketing budget, lucid knowledge of all relevant channels and costs is a must. Brands get what they pay for as a part of the influencer marketing, and the influencers also cannot gain an economic profit only through their posts, unless they have a significant number of followers.