There was a time when social media was considered a low-cost method for engaging with customers and prospects. With its maturation as an advertising channel, the costs of social marketing increased while engagement declined, and influencer marketing became the new tactic for engagement. Soon marketers discovered that working with influential social media users and experts didn’t just drive engagement—it had a real return in the form of high-quality leads, conversions and brand awareness.
Indeed, social media influencers have become indispensable for campaigns. This is true across big social networks, but especially so on Instagram, which has a user base that is second only to Facebook in number and a growing influencer community. While some would argue that the cost of influencer marketing is exploding, according to a report from influencer marketplace Influence.co, the cost of working with influencers on social media can vary greatly.
The average price per sponsored post is about $300, with some accounts earning more depending on the number of followers or expertise. Modeling accounts are the most lucrative, according to the report, and they also tend to have the most followers. Fitness accounts are also fairly popular on Instagram, but they still earn less per post than photographers.
Men generally charge more per sponsored post than women, and influencers with more than 100,000 followers can earn close to $800 per post, while those with 1,000 followers or less are lucky if they get $100. There is also an inverse relationship between popularity and engagement; influencers with fewer followers were usually more engaged with their audiences, while more popular influencers were less so. Likewise, more influencer and audience engagement did not result in more money per post.
Overall, subject matter, quality of content and audience size are all determining factors for how much an Instagram influencer can earn. The challenge for modeling accounts is to cultivate an authentic appearance of style, while photographers are likely to fetch top dollar for high-quality images.