Influencer Marketing Q&A

Hi Phil, I haven't as yet, however have been considering it for a new product I have released.  On reading on some business facebook groups I am a part of I have noticed that it can be quite hit and miss.

The biggest takeaway I have gotten from my research so far is ensure you have all the right paperwork ie contracts - branding specs etc in place is key.  What are they going to do on your behalf (ie how many posts, what are they going to say, what hashtags etc they are going to use etc)  and How are they going represent you , when , how often etc.

I was shocked to hear how many 'scammers' there are out there - with fake followers, bots etc that will not yeild any results.   

I say Go for it!  but, like all business - Do your own research and Due Diligence!

Working with micro-influencers is one of those things that people often underestimate, especially when it comes to the benefits of working with micro-influencers. I'm going to explain the key advantages of working with micro-influencers for ya, as someone who *technically* is one.

1. You get to work with the influencer directly. If you think that you will be able to call up Kim Kardashian for a campaign, you're wrong. Micro-influencers are way more accessible, which means that you will be able to speak with them directly and get a rapport going. This can make your communication a breeze.
2. They're more affordable. A rule of thumb is that you're going to be able to afford way more posts with micro-influencers than you would a regular influencer. This can be a good thing if you're short on cash or want to reach more people from different parts of the net. 
3. Micro-influencers are more willing to do what you ask of them. Speaking as someone who's worked with micro-influencers and macro-influencers, I can honestly say micro-influencers are way more amenable to doing cool stunts. Macros? They honestly can be either the nicest on the planet or the most egotistical, insufferable people you can meet.
4. There's less chance of scandal. All eyes are on macro-influencers and other bigger names. This means that they are way more likely to grab attention you do NOT want associated with a brand. Micro's are just easier to sweep under the rug, even if you *do* end up with a bad match. 
5. It also may look more organic and real than working with a major influencers. I can't quite explain this one in words. But, seeing people who aren't crazy influence-y touting your product is a lot more believable to people than, say, someone like Charli D'Amelio, who is known for making a living touting product after product. 

Depending on engagement rates and the number of followers micro-influencers (10k-100k followers) have this number can range between $100 to $800 per post.

10k-15k typically costs $100-$300 per post.
15k-50k typically costs $300-$600 per post.
50k-100k typically costs between $600-$800 per post.

I wish I could give you a flat fee per post, but the truth is that micro influencers all charge different rates. Even the definition of micro influencer can change. With that said, I'm going to assume your definition of a micro influencer has between 10,000 to 100,000 followers on the social media platform of your choice. 

It's important to realize that the price of your post can change drastically based on the social media platform you're choosing. On average, micro influencers charge between $100 to $500 per post. However, there are a couple of things you need to be aware of:

• Instagram is going to be on the pricier side of things for many, especially in the fashion fields. However, it's the industry standard for price ranges. So $100 to $500 is normal. 
• If you want your influencer to put together a video, the price range will double due to the workload it'll take. Influencers can reasonably charge as much as $1250 for a video. 
• TikTok posts are cheaper, between $25 to $150 per post. 
• Twitter is the cheapest option on the list. A micro influencer can charge as little as $20 to $100 for a post. 
• Finally, if you want a Facebook ad from a micro influencer, it can range between $500 to $1250. This is mostly based on how you want to model the ad and if you want to pay to boost it, too. 

I am interested in other people's experiences too. Wathcing with interest :)

According to multiple sources, you can expect to pay a Micro-Influencer (someone with 10,000 to 100,000 followers on Instagram) anywhere from $100 to $500 per sponsored post.

While this is a good starting point to determining how much you'll pay an influencer, I recommend using an Instagram influencer calculator, a handy tool to assess the value of an influencer's Instagram page. The number of followers an Instagram user has is essential. Still, the critical determinant you should be looking for when hiring an influencer is the amount of engagement they have with their followers. 

Some calculators factor in follower engagement, how many sponsored posts and stories you would like an influencer to post, and of course, the number of followers. 

In my experience, you can also lower the price of working with an influencer by sending additional merchandise and fostering a friendly business relationship. 

The benefits of working with a Key Opinion Leader, or KOL, are many. In fact, they may outweigh the perks of working with regular influencers. Here's why:

1. Key opinion leaders have followings like influencers, but also have expertise. This means that they are held at an even higher regard than most influencers. They have something that backs their clout on an official level. If you work in a field where you need to show scientific backing, then this is a huge deal. 
2. Since KOLs are professionals in their field, you also don't have to worry about them acting foolish on camera. Ideally, you wouldn't hire influencers who do this either. However, there's always going to be a gambit when you're dealing with regular influencers. KOLs tend to have a more professional air about themselves. 
3. Product collaborations between companies and KOLs tend to be taken more seriously in most markets. 
4. KOLs are often usable when regular influencers won't be due to legal reasons. I'll give an example of this. If you're in the United States and hire a person who's an influencer (but not certified) in the medical field to tout a product, you might end up getting sued. A key opinion leader like a doctor, on the other hand, has respect and certifications backing their promotions. This puts you at less of a chance of a lawsuit. 
5. Most people find that KOLs also tend to gain more respect in global markets. This is particularly true in areas like Asia. 

I can think of a bunch of companies that have benefited from influencer marketing. In fact, some of them are pretty darn well-known for it almost exclusively...
 

• McDonald's did the BTS meal collab that caused riots among fans. I'm not sure how much you would consider K-pop to be influencers, but it's what happened. 
• Fashion Nova practically used influencer marketing exclusively. They had almost every major influencer from the Kardashians to Cardi B do their own collabs. This is how they set themselves apart from the bulk of the other fast fashion groups online.
• Dunkin did a collab with Charli D'Amelio. I have no idea what that broad does but kids loved her coffee.
• MTV's Pants Off was a Snapchat-based sex ed show. The host, Laci Green, is a known sex ed influencer.
• Frank Body used influencers to get the word out. I might be a Yankee, but I know that Frank Body is pretty darn popular down under now. 
• HiSmile put all their initial teeth whitening promo budget towards influencers. This paid off when the microinfluencers helped get the attention of major celebrities like Kylie Jenner. The rest is history. 

So, what can we learn from all this? Well, there's a lot that you can take away...Primarily, what you need to realize is that you don't always need to have a big name to be able to promote your product well. Most of the companies that made a  name for their brand through influencers started small, then got big. It's definitely food for thought.

The truth is that you get a lot of different answers on this, and it mostly depends on the influencer as well as the platform and follower size. Here's what you should expect from the most common strata. 

NANO INFLUENCERS (Under 10,000 followers, more than 1,000)
- They can do this for free, or charge as much as $100. On average, it's $10 to $50. 
- You might have to reach out to them individually as many platforms won't work with them.

MICRO INFLUENCERS (Between 10,000 to 100,000)
- They charge as much as $100 to $500 per post, with visuals and YouTube posts being more common. 
- These are where you might be able to start finding them on Influenster. 

INFLUENCERS (Between 100,000 to 500,000 followers)
- They charge $500 to $5,000 per post. 
- Many are agency-represented. 

MACRO INFLUENCERS (Between 500,000 to 1 Million followers)
- They charge between $5,000 to $10,000 per post.
- Almost all of them are agency represented and are major names in their fields. 

MEGA INFLUENCERS (More than 1 million)
- These guys almost always charge more than $10,000 per post. It's not unheard-of for prices as high as $30,000 for a single post. 
- Since these are generally celebrities, you will not find them on sites like Influenster.

Honestly, this is one of those types of marketing where you get better results the more money you spend. However, that doesn't mean that you have to spend a fortune on pampering influencers. It's possible to get a decent influencer campaign going for as little as $1,000 a year.

You may be overestimating how much most companies spend on influencers, honestly. Most companies actually spend between $1,000 to $10,000 per year. (That's around 19 percent of businesses that use them, anyway.) A close second is 18 percent of companies, which spend $100,000 to $500,000 per year. 

A better question is, how can you get away with spending less? These tips can honestly help a ton:

• Offer free products to nano influencers. They'll be happy to work for you as long as they get swag. 
• Vet, vet, vet your influencers. Make sure they have real, engaged followers before you even gift them swag. Otherwise, you're going to be wasting a lot of money and getting a lower ROI.
• If you can, try to see if you can get services from an influencer agency at a discount. If you do some of the outreach yourself or can refer others, they may be willing to work with you.