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There has never been a better time to be involved in Instagram influencer marketing.
According to a study conducted by Influence.Co involving 500 Instagram influencers, largely catering to consumer and lifestyle topics, a typical social media influencer makes an average $271 per sponsored post on their channel. This average consisted of micro influencers (fewer than 1,000 followers), who made on average $83 per post, and larger influencers (more than 100,000 followers), who made on average $763 per post. Most of the US-based influencers concentrate on consumer and lifestyle topics.
The study also found that cost varied slightly across different industries. Modelling influencers charge an average of $434 per sponsored Instagram post, whereas music influencers charge an average of $201 per sponsored post. The reason why modelling influencers charge more compared to music influencers is because model influencers typically have a higher number of followers. On average, modelling influencers have about 114,563 followers, whereas music influencers have only about 26,403 followers. Businesses looking to advertise obviously want to get their message in front of as many people as possible, so in order for influencers with smaller followings (like the above-mentioned music influencers) to remain attractive to businesses, these smaller influencers must compensate by charging less.
Regardless, businesses are turning to influencers for advertising more than ever. Another recent study by Mediakix estimated that the market for Instagram influencers alone is expected to reach $1.07 billion by the end of the year, and soar to $2.38 billion by 2019.
Instagram now boasts 600 million users and doesn’t show any sign of slowing down. It now stands as the second most popular social media platform, second only to Facebook. If you’ve ever wondered about getting involved with Instagram influencer marketing, or setting up an influencer marketing campaign, now is the time to do it.