Influencer marketing is a great way to get the word out there on the company name and brand image, but it is not the cheapest marketing strategy. Not all influencers have their price out there available online, but you can estimate if the influencer has a high or low price tag attached to them based on several characteristics.
- Type of Profile/Follower Count: If an influencer is a high-profile, A-list celebrity or has a very high authentic follower count, expect a large tab to come in a partnership with this influencer.
- Industry: Some industries such as fashion or beauty tend to be very pricy in influencers since the influencers will receive so many offers from other competing brands to ask for a higher price from the market.
- Area: Some influencers who live in denser locations, such as urban life, where they are closer to people and can host in-person events, can ask for a higher price.
- Advertisement: Depending on how much involvement the influencer may have with the advertisement, the more time and resources the influencer would have to commit for your advertisement, the higher the price to do a partnership with the influencer.
- Products: If the influencer is sponsoring your products, you will need to give away those stuff for free to compensate for them taking time out of their video to give demonstrations or advertisements.
- Relationship: If you have a strong connection or relationship with the influencer, the influencer may be willing to reduce the price because he/she knows you well.
- Season or Time of Year: Some times of the year, especially near the end of the year, such as the holiday or Christmas season, may have the influencers filtering many offers from brands, so the influencer may spike up the prices to select the best option.
- Style of Content from the Influencer: The influencer who produces high-quality content and spends a lot of time making/producing/editing the videos could ask for a higher price to put your brand or product in a better light.