The Upfluence software provides you with a “Suggested Price” for each influencer, and this number is calculated based on the influencer’s audience and engagement data. This number can be used as a guideline, but an influencer’s asking price can vary depending on many elements:
- Their industry
- Their location
- Their occupation, social status, experience on social media, etc.
- The type of collaboration between your brand and them
- The product that you’re sending them (or other types of compensation)
- Time of the year (Holiday season might be more expensive, for example)
- And many more!
Because of this, keep in mind that influencer marketing relies a lot on communication, negotiation, and building long-term relationships. Here are tips to keep payments closer to your budget:
- Micro and mid-size influencers can charge less (or don’t require payment at all), compared to macro-influencers
- Find influencers that can relate most to your product and brand, since they are more likely to exchange collaboration with samplings
- Long-term partnerships will save you in the long run
- What does the influencer offer at at lower price point? (Example: Story vs. Instagram post, Instagram post vs. Youtube video, etc.)
- Can you send the influencer a wider range of products (or a longer term) in lieu of payment?
Blogpost: Influencer Payment vs. Product