Rewarding Influencers in 2022: A Practical Guide for Brands

Are you all set to revise your influencer marketing budget: well, one question you will encounter is how much I should pay? We will find the answer to the question in this blog.

We all know influencers have become the hotshot marketing commodity for brands. Why? Because they offer a reliable way to engage customers and, in the end, increase sales for the firms. But, firms often are stuck with one question when collaborating with influencers or using Instagram influencer marketing strategy, i.e., how to reward influencers.

There is no definite answer to this question as the pay scale is decided by an informal practice. For instance, when you visit a local market and negotiate with a seller, brands negotiate with influencers. The influencer marketing industry works on one random DM after another.

So, before you update the strategy for rewarding influencers in 2022, look at the factors that affect the influencer's compensation.

How Much Should I Pay to the Influencer?

Type of Campaign

The type of campaign which is a part of your social media strategy will determine how much you will pay. Also, the quality and quantity of content will affect the influencer's fees. So, if you want a long-term commitment or a series of posts, get ready to pay a little more to the influencer.

The number of followers’ influencers has

The size of the influencer’s followers will determine the reach brands can target. So, you might be thinking more about the number of followers more will be the reach. But, this is only one side of the coin. What matters for brands is not size but engagement rate. If the influencer doesn't interact with the customers, it will be of no use.

Which social media platform do you want to use?

Influencer rate will vary according to the social media platform, so when calculating the price for your influencer, take the time and effort they take to create a post into account. For instance, for producing 10 minute YouTube Video, an influencer needs more time and effort than creating a small Instagram post or a 30-second story. Influencers decide their price based on the content format associated with the platform.

• YouTube Mid-tier influencers: $1,000–$10,000 per video

• Instagram Mid-tier influencers: $500–$5,000 per post

• TikTok Mid-tier influencers: $125–$1,250 per post

• Twitter Mid-tier influencers: $100–$1,000 per post

Source: https://influencermarketinghub.com/influencer-rates/

Who Will Have Ownership Rites

If you want to use influencer marketing to increase followers organically, you want to re-share the content on different platforms. And, for this, you have to own influencer's content and pay an extra amount for that. However, paying an extra amount to an influencer for re-sharing the content is worth all your investment as it's a sure shot way to maximize ROI.

So, now you know what factors to consider when paying influencers, what next? Get in touch with a reputable social media marketing agency like Social Sensei to collaborate with the right influencers.