The Upfluence software provides you with a “Suggested Price” for each influencer, which is calculated based on the influencer’s audience size 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 (how many posts, campaign timeframe, which social media channels, etc.)
The product that you’re sending them (or other types of compensation)
Time of the year (Holiday season might be more expensive, for example)
Their audience size on other social media channels
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 some tips to keep influencer payments as low as possible:
Micro and mid-size influencers can charge less (or may only require free product), 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 for a longer term) in lieu of payment?
Blogposts: Influencer Payment vs. Product, Negotiating With Influencers
Report: The Ultimate Guide to Influencer Marketing Budgeting