Paying Social Media Influencers has become a Marketing Challenge, according to several Brands!

There is no doubt that influencer marketing has grown by leaps and bounds over the last few years. There are several ways how influencers accept payment for promoting a product or service. Some of them make a deal to get free products/services from the brands they are working with, while others charge a hefty amount.

With the increasing demands of influencers, marketers are now getting concerned. A survey was conducted in January of this year by influencer marketing service Mediakix. According to the results, every one in three marketers claimed increasing influencer cost to be a major marketing challenge.

Another influencer platform Klear conducted a survey of over 2,500 influencers between the first three months of 2019 to calculate the average amount charged per post by influencers based on their following and the platform.

It was found out that YouTube influencers, regardless of their following, charge the most. An average Nano-influencer (influencers with between 500 and 5,000 followers, according to Klear) makes around $315 per video, The amount made by a power influencer (having 30,000 to 500,000 followers) averages around $782.

As for Instagram, Nano-influencers charge around $114 per video post on the platform. The average rate for an image post is $100 and for a story, it is $43. Power influencers’ earning per post average around $775 for video, $507 for image and $210 for story.

How Much Are Brands Paying Influencers?

With rising influencer costs, many marketers have turned their attention to working with micro-influencers with not-so-large but dedicated followings. Instagram Stories are being considered as an ideal option to get the influencers promote such brands’ products and services.

Around 56% of US and UK marketers prefer working with micro-influencers due to the cost-effective nature of the partnerships, according to an Econsultancy survey conducted last year.

Another cost-effective option for influencer marketing are Podcasts. According to the principal analyst at eMarketer Laurence Fisher, Brands are highly impressed with how Podcast hosts grasp the attention of their listeners.

Catalina Lee, the marketing director at Drop (one of the companies looking to invest in audio channels for marketing) claims that working with Facebook and Instagram influencers has its perks but it’s getting expensive.

Lee added that the Podcast marketing is witnessing a boom and the reason why people listen to a podcast is because of their interest in a topic. Most of the listeners pay close attention to what the hosts are talking about and this audience engaging factor, along with a few others, has got the Brands interested in investing in Podcasts.

Additionally, there are several other ways for marketers to utilize influencer marketing and you are encouraged to study those methods as well!

Read next: Ads on social media are becoming increasingly popular

Featured photo: izusek gettyimages / Charts: emarketer.
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