Learn how to capitalise on that following base that you’ve worked so hard for
In 2020, the global value of influencer marketing was estimated at a whopping $9.7 billion, according to Influencer Marketing Hub. In a 2019 survey by Mediakix, 48 percent of marketers found influencer marketing return on investment (ROI) better than other channels while another 41 percent said the ROI was comparable. Meanwhile, 71 percent of respondents agreed that customer quality increases and traffic from influencer marketing performs better than other sources.
If you are planning to reach out to potential sponsors, then one important factor amongst many that should guide your fee, and influence what a sponsor will pay is your follower count.
Below is a list of influencer categories and their approximate following range to give you a better idea of where you stand in the influencer hierarchy
- Celebrities and cewebrities (a celebrity who acquired fame via the internet) (1 million+ followers) Famous beyond social media, i.e., movie, TV, music, or sports starts.
- Macro-influencers (250k–1m followers): Became popular by leveraging social media
- Mid-influencer (75k-250k): Their reach extends to an audience size that’s middle-of-the-road compared to the other influencer tiers.
- Micro-influencers (10k-75k followers): Everyday people with a decent following and influence.
- Nano-influencers (10k followers): Everyday folks with smaller followings but not necessarily less influential.
Other Things Sponsors Will Take Into Account
1. Which audience you are trying to reach
2. The type of influencer involved
3. The media platform
4. The quality of the media
5. The desired level of engagement
6. Creative mandates
7. Production costs
8. Timeline
9. ROI
Whilst doing my research for this post I came across this tool on Inzpireme.me which I think you’ll find extremely helpful in assisting you to calculate a fee that is based on multiple analytics from your instagram account which you can then supply to sponsors.
Inzpireme.me pricing calculator tabulates the following data and produce an estimate for:
1. Instagram post reach
2. Instagram post impressions
3. Number of Instagram followers
4. Influencer’s engagement rate vs our benchmark engagement rate
5. The estimated price of sponsored posts
They add-
‘These estimates are based on data from thousands of stories, posts, and collaborations with the influencers on our platform. They’re calculated by measuring the relationship between reach, impressions, engagement rate, and follower size.
Since an influencer’s individual metrics may deviate from the average, the calculator should only be used as a guide.
Using follower size alone to determine your collaboration fee is unfair to brands. As we’ve learned in our Instagram Benchmarks Report 2019, creators reach a smaller proportion of their followers when it increases in size.
If you’re a creator with a larger following, and you base your fee on follower size, you’ll overcharge brands for followers you’ll never reach. Check out Instagram results brands expect in collaborations.’
