EMBiz: Influencer Marketing Costs in 2023
Influencer Marketing Costs in 2023
Understanding the Creator Economy
Hi everyone, Laurel Mintz here with Elevate My Brand. Today's conversation is around influencers. And in fact, I would argue that the conversation isn't really influencer anymore, it's more the creator economy. You may have heard me use this term before, but that's like the “new new” in terms of influencer. But we still get a lot of conversations and questions around how much to pay influencers.
Navigating Influencer Payments
And so I have a chart, so forgive me if I'm looking over, but I want to make sure I'm getting this right. So, on average, per post– and that could be an in-feed post and or a story, so make sure that you're really clear on which ones you're paying for– nano influencers, you will be paying anywhere from $10 to $100 per post, micro influencers, you'd be paying $100 to $500, mid tier influencers, you're looking at about $500 up to $5000, macro influencers $5000 to $10,000. Again, per post, I mean, I feel like I'm in the wrong business, right? And then celebrity influencers anywhere from $25k and above for one post. I don't know if you've heard the stories about, you know, the celebrities out there, *cough* Kardashians who have gotten paid a million dollars for a post, but the reason that that happens is because whatever that brand is, really wants conversion. Now, the argument is that not all celebrity influencers actually convert and we happen to know some people that play in this space that think that those actually don't convert very well.
The Role of Influencers in Branding
I would argue when you're going to pay an influencer at that level, it's more for visibility and awareness, because everyone starts to follow you as a brand, it's not usually a one to one, and it's also a big misconception as it relates to influencers. You're using influencers as a brand to create brand equity, awareness, and value and connection points between this influencer or this person who you and this particular audience is aligned with and the brand that you're trying to promote and sell. So, just wanted to give you like a little bit of the nuances, the payment structures, and some of our perspective on how to make influencers work for your brand.