The average micro-influencer charges roughly $250 per post, as high as $600, but as low as $100 is common. Prices vary based on multiple factors. The most significant factors include Social Media platforms, types of influencers, higher engagement rates, and potential brand awareness.
In recent years, micro-influencers have emerged as a popular choice for brands looking to expand their reach through social media due to their potential to provide a more significant return on investment (ROI) than macro-influencers. Micro-influencers typically have between 1,000 and 100,000 followers.
However, it would be best to take any estimates online with a grain of salt. Every micro influencer’s pricing will differ unless they work with an agency. You need to ask yourself, “How does influencer marketing fit in my budget?” In my experience, I was most effective when I approached it like car shopping—you could call it influencer shopping. Follow these three rules when negotiating with a micro-influencer to find an influencer within your budget.
One of the most crucial factors is the social media platform that the micro-influencer uses. For example, Instagram micro-influencers tend to charge more than those on Twitter due to Instagram’s visual nature.
Another factor is the type of influencer you work with. Nano-influencers, for instance, typically charge less than micro-influencers because they have fewer followers. Additionally, higher engagement rates and the potential for increased brand awareness can also impact a micro-influencer’s pricing.
Embrace your creativity
Refrain from confining yourself to one page or micro-influencer as the sole path to success. Remember, every aspect of marketing is an opportunity for creative exploration. Stay confident if the top 3 pages you aspire to collaborate with are not within your budget.
Invest a little extra time to discover a few more micro-influencers to fill the gap. No single influencer or page is a barrier to your success. I assure you there are endless possibilities when it comes to building a micro-influencer campaign. Ultimately, your end goal needs to be creating brand awareness.
To get there your marketing strategy is to reach a highly engaged niche audience by working with micro influencers and nano influencers. Here is a link to a platform called Collabstr to help you find micro influencers quickly and for your budget.
Start with a firm budget
Set a clear budget for your influencer marketing campaign and stick to it. Don’t let the influencer’s followers or engagement rates sway you from your budget. Don’t be the one to budge on your price. For example, if your budget is $200 per post, a micro-influencer charges $225 for a reel and story post. Be strong and tell them, “$200 is the top of my budget, and I have a lot of other costs to consider”.
Negotiate with the micro-influencer to find a mutually beneficial agreement that works for both parties. Be prepared to compromise, but don’t agree to terms you can’t afford.
You will increase the likelihood of them coming down in price. Keep in mind that if you send out a bunch of lowball offers to any micro-influencers, you might insult them and burn a bridge. Either be a serious negotiator or wait until you have a big enough budget.
Think Long Term
Offer a long-term business relationship. Keep in mind that the social media business for a micro-influencer can be unpredictable, so if they can anticipate a consistent $400 – $500 a month from you, they might be open to reducing their prices by 10 – 20% to foster a lasting partnership. Fostering a long-term business relationship with micro-influencers benefits them and ensures a steady stream of quality content for your brand.
To sum it up, embrace your creativity and consider every aspect of your marketing strategy. Start with a firm budget and stick to it. Focus on building long-term business relationships with influencers, fostering a lasting partnership that benefits both parties. Never stop looking for opportunities to create brand awareness.
Combine all 3 of these rules, and you can build a strong roster of micro-influencers to fit your budget. Every situation will be different, so be prepared for rejection and unreasonable prices. You’re dealing with people whose personality and lifestyle are their business, and the social media influencer marketing industry is still very new.
Welcome to the Wild Wild West.
