What Are the Costs of Influencer Marketing in 2022?

Influencer marketing has taken off in the business world, growing faster than most people had anticipated. Different companies, from sports brands to iGaming companies like vulkan-vegas.pl, are now using influencers as an integral part of their advertising strategy, and it’s working remarkably well. 

Given the lucrative results that this advertising approach brings, more and more brands are reaching out to influencers to promote their products and services. In turn, these influencers are earning a living, often turning these gigs into full-fledged careers. But how much money do companies spend on these influencers? And what determines the size of the paycheck in the first place? Read on how much it costs to use influencers in 2022.

What Impacts an Influencer’s Rate Card?

To effectively figure out how much companies pay influencers, we first have to look at how their marketing value is perceived. If you are an influencer or you want to be one, then you should be all ears. So, some of the most vital metrics that are used to determine how valuable an influencer is or can be for a company include:

• Number of followers: Numbers, of course, play a significant role in an influencer’s payday. So, one of the first things that brands look at even before approaching an influencer is the size of their audience, i.e., followers and viewers.
• Engagement: It doesn’t just stop at their following and viewership. Does this influencer have a good engagement level with their huge following? If so, then it means the influencer is more valuable for a business looking to market its products or services.
• Creativity: This is usually not an easy process, more so if you use a lot of resources to enhance the creative aspect of your influencing work. The more creative you are, the higher you are likely to be paid.

With the above factors in mind, here’s a highlight of how much influencers earn from the largest social medial platforms:

Facebook

Facebook is one of the most popular social media sites in the world. In the first quarter of 2022, Facebook commanded nearly 3 billion daily active users worldwide. So, with the world’s population at about 8 billion, the social media platform has enormous potential as a marketing tool. As such, influencers on this platform can take home a decent paycheck, even from medium-sized brands. 

For instance, based on 2022 trends, brands can offer about $25 for a post to an influencer with 1,000 followers. Meanwhile, an influencer with a decent Facebook following of 10,000 can earn up to $250 per post. If we talk about a relatively famous influencer with 1,000,000 followers, they can earn up to $25,000 per post.

Instagram

When you bring up social media influencing, no platform enjoys as much traction as Instagram. Many consider it the pinnacle of social media influencing, and this is where the brands are primarily focused. Additionally, if your target audience is the much younger generation, then you’ll probably do good by using Instagram influencers. 

Right now, an Instagram influencer with 10,000 followers could charge up to $100 per post. But, of course, that figure accounts for the average Instagram influencer. The bar rises to a whole new level when we talk about wildly popular celebrities like Kim Kardashian, Dwayne Johnson, or Cristiano Ronaldo. Take, for instance, Cristiano Ronaldo, who has the most followed Instagram account globally; it is estimated that he earns a whopping $600,000 to $1 million per post.

YouTube and TikTok

Launched in 2005, YouTube birthed an influencer phenomenon that took influencer marketing to a whole new level. Some of our favourite YouTube celebs have become the most prominent influencers we now have in the world. As a result, YouTube influencing is among the costliest for brands, with an average estimated figure of $20 for every 1,000 followers that a user has. 

However, the fast rise of TikTok has presented an excellent alternative to brands. With TikTok, you need to have at least 100,000 followers and at least 100,000 views in the last 30 days to be included in the TikTok creator fund. With 100,000 followers, you can earn $200 and above on TikTok.

Cash, Perks or Merchandise?

Different social media platforms usually offer varying paying rates when it comes to influencer marketing. However, apart from cash, there are other forms of payments that brands can use, and they include:

• Payment with a product/service
• Compensation based on commission
• Cash plus payment with a product/service
• The promise of exposure through the brand name.

As you would expect, some of these options may not be appealing, especially for bigwig influencers who have already made a name for themselves. Heck, even the lesser-known influencers will sometimes openly inform brands that they prefer cash instead of mere perks. But, even then, some influencers, especially those just starting out, may appreciate the non-cash rewards. 

Well, at the end of the day, it is the influencer’s right to refuse a form of payment that they are not comfortable with receiving. After that, the brand will decide whether to accept the influencer’s terms or keep looking.