If you have ever spent just a couple of minutes on Instagram, you must have seen a post from an influencer. Basically, an influencer is a person that advertises your product or service via Instagram. However, the main difference from a traditional advertisement is in the level of the audience`s trust.
Instagram influencers create tons of user-generated content and gather thousands (some even billions) of subscribers. Expectedly, these subscribers are then used for advertisement purposes. There is probably no successful account on Instagram that would not sell its influence through the advertisement of different brands.
Let us analyze the phenomenon of Instagram influencer marketing a bit closer and answer the main question related to it: how much does influencer marketing cost, how can it help small business to grow, and how to get the maximum profit of it.
How Much Does Influencer Marketing Cost?
The question of price is probably the first one each businessman asks after finding a new opportunity to advertise his or her product. There still are some micro and nano-influencers who could work for free samples, but the times have gone for the most industry representatives.
Some of the most popular Instagram influencers charge up to $10,000 per sponsored post. However, such prices are still exceptional for the industry. Here are the average rates for sponsored posts by different influencers:
- 66% of influencers charge up to $250 per post;
- 27% of influencers charge $250-$1000 per post;
- 4% of influencers charge $1000-$3000 per post;
- 1% of influencers charge $3000-$5000 per post;
- 1% of influencers charge $5000-$10,000 per post;
- 1% of influencers charge $10,000-$20,000 per post;
- only a few influencers charge more than $20,000 per post.
The price always relates to the number of subscribers a certain influencer has. It is a common practice among influencers with more than 100k subscribers to charge $1,000 per post or some similar price. Micro-influencers usually charge around $300 per post, and nano-influencers agree to work even with smaller prices.
Anyway, there is no exact price-list for the service of influencers. Every campaign has its own conditions, and there is no versatile advice on this matter. The only way to get fixed prices is to get a long-term contract with a certain influencer. However, for most modern brands, it is better to cover more potential customers within different influencers than to stick to only one of them, even if he or she is very popular.
How Can Influencer Marketing Help Small Business to Grow?
Actually, the answer seems to be obvious — by means of advertisement. However, it is not so simple as it seems at first glance. The main problem lies in the variety of influencer marketing leagues. As we have already mentioned, there are nano, micro, and mega influencers. Here is how you can roughly determine them:
- Mega influencers — more than 5 million subscribers;
- Micro influencers — around 100k subscribers;
- Nano influencers — few thousands of subscribers.
The main task of any business is to analyze its audience and pick the right influencer level for its potential customers. It would not be right to choose an influencer with the biggest number of subscribers for any type and size of a business. Essentially, mega influencers are worth their charges only for giant brands.
Small business needs better engagement that only micro and nano influencers can provide. The smaller the audience — the better engagement. Moreover, nano influencers usually build better trust within their narrow audiences. This is exactly what a small business needs to grow — engagement and trust.
Here are some interesting statistics on engagement rates of different influencer marketers` audiences:
- Up to 25k subscribers — up to 7% engagement;
- 25-50k subscribers — around 3.5% engagement;
- 50-100k subscribers — around 3.2% engagement;
- 100-250k subscribers — around 3% engagement;
- 250-500k subscribers — around 3% engagement;
- 500k-1m subscribers — around 2.8% engagement;
- over 1m subscribers — around 2.7% engagement.
As you can see, larger audiences produce lesser engagement, which is not surprising, after all. More importantly, the advertisement by means of mega influencers is affordable only by large and popular brands. In other words, everyone should play in his league to be successful.
How to Get the Maximum Profit of Influencer Marketing?
Finding the right influencer is not the only step you need to perform to get the maximum value of influencer marketing. Your next goal is to broadcast your advertisement by means of channels you have. Most small businesses have their websites (or should have them) within the WordPress platform. Your website is your best opportunity to additionally broadcast the effect of influencer marketing.
Basically, all you need to do is to show the visitors of your website that your brand has been represented by an influencer. The best way to perform such an action is to use a WordPress Instagram feed plugin like Flow-Flow.
You do not need to possess any special knowledge or skills in web development to create your social media wall Wordpress with Flow-Flow. The interface of the plugin is user-friendly and understandable even by the very beginners in WordPress administration.
Try out a free demo version or enjoy all the customization options and pre-moderation features within the full version of Flow-Flow — build the future of your business right here and right now!
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