How Much Money Influencers Are Making from Social Media Might Shock You

Social media world has transformed over the years, where it was just meant for streamlining the communication process it soon grew into something bigger and better. Users changed into influencers over time, they started using these platforms to not only sell products but also, earn living. Brands become more aware of the situation and they started using content creators for promoting their products rather than hiring bigger digital companies that cost them a lot and does a little to no good in the growing world of social media.

How things transformed is a long story but things have surely changed. Brands are now hiring influencers to reach their target audience which is costing them less money as compared to running a print ad or digital ad campaign. Brands have now become smarter, they know that they can approach a social media influencer with a very specific following that matches their audience of interest, this will not only help them save money, time but also help them reach their pinpointed audience. To evaluate how much to pay and when to pay, Klear recently worked on a report where the data was collected after conduct a survey of over 2500 influencers across 3 major social media platforms (Facebook, Instagram and YouTube).

To evaluate the data, they divided the influencer into four different types according to the number of followers they have. This actually evaluates the amount of audience these creators will be able to reach once they endorse a product. These types include Nano, micro, power, and celebrity status influencers and for every post, story or video they post, how much do they earn.

Successfully defining a marketing budget requires a clear understanding of all relevant channels. However, digital marketers are often left in the dark when budgeting for influencer marketing. To help brands best estimate influencer marketing pricing, the team at Klear analyzed real pricing data, collected from over 2,500 influencers and creators across the leading social networks to bring you the "Influencer Marketing Rate Card”. This is indeed a most thorough study on the market, for the first time enabling brands to budget by network, content, and influencer type.

"For brands looking to create long-form content, YouTube is the go-to platform. And, it’s where many influencers got their start and grow their following. However, due to time and effort required to produce video content, YouTube is the most expensive social channel. Long videos average $1234, two time more expensive than short videos at $656.", explained study. Adding further, "Across all social channels Women charge an average of $351 while Men charge $459. However, men make just 23% of the influencer industry.".

Of course, this cannot be generalized since a lot of other things play an important role in defining the celebrity status of an influencer. The report also explains why brands prefer Nano influencers over bigger names, because they are more connected to their audience, provide genuine content and still charge less than the influencers with celebrity status. The best way to reach out and decide what influencer will be better for the brand is to start by conducting detailed research on the output of the influencer. What kind of influencer he/she is and what audience can the influencer attract when he posts the content. All these things significantly contribute to developing the status of the influencer and knowing if he will be better for the brand.

Read next: 12 Best Tools for Hassle-Free Influencer Outreach
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