It's 2024 and every ecommerce brand has caught on that integrating an influencer marketing strategy is a must. Who wouldn't want a"web-celeb" (I coined it first.haha.) with 1MM followers posting about your product?
However, it's just not that easy for brands with smaller budgets. Just so you have an idea of the average influencer costs per post, check this out:
Nano-influencers (1K-10K following): $10–$100 per post
Micro-influencers (10K-100K) following): $100–$500 per post
Mid-tier influencers (100K-500K following): $500–$5,000 per post
Macro-influencers (500K-1MM following): $5,000–$10,000 per post
Mega-influencers (+1MM following): $10,000+ per post
Celebrities (+1MM following plus TV fanbase): As high as $1MM per post
2 Ways to Find Influencers
There are two main approaches to recruiting an influencer to post for your brand: (1) Reach out directly by direct message on social media or (2) find a influencer agency/platform and book them that way.
Just be aware, when you book an influencer through an agency, there are always premiums attached plus you are likely to pay a much higher rate because you have professional agents negotiating higher influencer fees.
Much respect to influencer agents for helping their clients get paid, but keep in mind they typically work on a commission as well, so the higher the pay day, the higher the earnings for the agency.
How we Negotiate Influencer Fees
An influencer agent's primary technique is to anchor SUPER high with the first offer. For example, we had an influencer manager tell us the influencer post for one of their mid-tier influencers was $10K, knowing we would negotiate down hoping for a $2K or $3K per post. But even that cost is too much for many small businesses.
So instead we offered them a special commission on any sale using an affiliate link (similar to our example above) plus $500 per post. They said, "Let's do it!"
It took a little bit of back and forth, but as long as you stay professional and have a max budget that you stick with for the post - you just let them know and see if you can supplement the difference with a higher commission on sales or with a free product.
If they don't budge, then that's ok too. Stick to your budget and keep searching, there are more influencers now then ever. So finding a new one to match your criteria won't be too hard. Plus, you can always continue conversations with the influencer agent to see if they may have an influencer that does meet your criteria.
Long Term ROI
The bright-side of offering a commission as well is that if your influencer get's many sales, they will likely keep posting or sharing about your product without a fee. That means you just got yourself a "unicorn brand-ambassador". I'm coining this one too.
Now get out there and find yourself some influencers for your brand.
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