Supposing you own a brand, knowing who an influencer is and what they can do for your business is impressive!
Over the past decade, the activities on the internet via social media platforms, websites, podcasts have increased tremendously. Besides that, over three-quarters of the world is an active member online. So have you thought of what this could mean? You could practically reach millions of people at a go.
Who is an influencer? An influencer is a person who can influence potential buyers to purchase a product by recommending these items.
An influencer is a figurehead in a particular niche, recognized widely for their knowledge, creativity, and relevance, and who has the power to affect the purchasing decisions of others. They always have a large number of following, as well as engagements.
An influencer rises high over decades, amassing a large following due to the content they produce on their online space. They build a reputation and a profitable brand for themselves and are known as social media celebrities.
The amount of influencers available has risen to a large community — fantastic, right? These influencers not only have a large following but can drive organic traffic to your sites, especially if they’ve got the audience you need.
It’s a whole lot like creating ads, but the benefits you can get from knowing/working with an influencer can bring out the miracle your business is waiting for. An influencer can bring out your brand and position you at the frontline of your potential customers.
Here we go! We’ve got various ways influencers are grouped, and it’s relevant that you know these:
- We’ve got the Influencers known by their NUMBERS: These influencers are known by how many people they can reach and the number of followed they’ve called. Please take a look at them below cause you’re going to need to know them.
The Nano-influencers: 1,000–10,000 followers
The Micro-influencers: 10,000–50,000 followers
The Mid-tier influencers: 50,000–500,000 followers
The Macro-influencers: 500,000–1,000,000 followers
The Mega-influencers: 1,000,000+ followers
- Niche Influencers: Experts and professionals followed primarily because of what they convey, their rich content on particular topics like health, entertainment, business, facts, fashion, and how far their influence on that topic reaches. They are lords in their fields since they are based on specific niches and not generic. They are knowledgeable Influencers.
Under these types of Niche influencers, we have others who influence just as massively;
- Bloggers: Influencers of this nature own blogs, create amazing content, and have intimate relationships with their fans and supporters. They aren’t rigid, and their sites are usually welcoming and inviting. These sort of influencers already have an idea of what their audience needs. You can reach their audience through guest posts, sponsored posts, or even affiliate marketing, whereby your blogger receives commissions for sales made.
- Podcasters: They deal with audio messages and have almost replaced the traditional radio on a large scale. Podcasters have large followers in their thousands to whom they can promote your products, as long as it is relevant to their audience.
- YouTubers: Have you checked your YouTube recently? The influencers on YouTube are growing in their millions! Why? They pass information and value through visual means and soon are known as authority figures. Most of them are niche-based, like those who deal in hair growth, maths tutoring, IT. So figuring out which of these influencers has the audience you need shouldn’t be so hard after all!
How to Bill for Influencer Work
A big challenge many brands go through is figuring out which influencer would be the best to collaborate with —and how to go about this journey.
Guess what? It’s not as hectic as you think, though it would imply you know what you’re looking for.
There are factors to consider before deciding on how to Bill an influencer to work for you.
- Know that not all Influencers have the same number of followership: Yup! Therefore, some influencers are new to the game and are still growing their followers; and some know their game well (which means it’s hard to get them to work with you if the return they’ll get isn’t much.
So you figure this out, would you want to work with someone who has 10,000 followers or someone who has 1,000,000 followers. It all depends on your budget, and of course, this lets you know that each influencer comes with different price tags.
- Engagement rate: This is tricky because the number of followers an influencer has doesn’t count here. An Influencer may have 300,000 followers and have 13,000 active engagements on their content, and another influencer could have 600,900 followers and have about 10,000 media engagements. You’ve got to look at this factor before you begin your campaign with an Influencer, as this would determine how much your budget is. Based on the influencer’s engagements, you need to know how many among the audience would be likely to be interested in your offer.
- Exclusivity: The influencer you decide to work with should not promote another business similar to yours when your business campaign is running on the social media platform. Yeah, Influencers’ integrity counts a lot in this aspect, so you should strike a deal!
- How long would your campaign run: Knowing how long you’re going to work with an Influencer and the lifespan of your posts would determine how much you should be billed. Would your brand content run for days, weeks, or months? Decide that before you let out the cash.
How To Invoice Influencers Work
To get paid, keep track of all your earnings for tax purposes. Marketers work with dozens, if not hundreds, of influencers to regularly reach their goals and objectives. It’s not unusual for payments to be late or forgotten, so both tracking and sending invoices are equally vital.
Your invoices are to be written as soon as possible. No matter how often a business or influencer platform tells you not to send invoices, it would be best if you always did so.
It would be best for you to download a workable invoice template from online sources; However, Excel or Google sheets are used to keep track of a few invoices if you’re only mailing a small number of them. But first, you should send your invoice after you’ve decided what you want and have done all your negotiations.
So how do you set up an influencers invoice?
- Date of invoice: Documentation helps you keep track of payment dates, including taxes and future reference points.
- Your complete name/ Contact information: Your basic information should be well detailed in your invoice, such as your name, your business name, your email, social media contacts, and possibly an office address.
- Your client’s information: Your invoice can’t be complete without including the recipient information as well. Your client’s full name and email are critical.
- Job description (brand/business campaigns): What your post, blog content, product review is all about and how long the drive is supposed to run on the Influencer platform need to be considered.
- Sum of budget: Total amount of money to be paid should be written towards the end of the invoice
- The terms of payment & Payment methods: How long before the influencer receives payments and on what conditions. Depending on the agreement, payment methods include preference to PayPal, credit cards, cash transfers, commissions, etc.
How Much to Bill for Influencers Work
There are several types of Influencers, with each of them having various needs to be met. Just as not all influencers are generic, billing them depends on how many results they can bring to the table. Based on their growth and reach, this is how much most influencers get paid for their services.
- Nano-influencers: $10–$100 per post
- Micro-influencers: $100–$500 per post
- Mid-tier influencers: $500–$5,000 per post
- Macro-influencers: $5,000–$10,000 per post
- Mega-influencers: $10,000+ per post
- Celebrities(mega plus!): Payment made to them varies, but there’s hardly any amount they can’t be paid since their influence is widespread.
Influencers make good use of their influence to earn —which is their right! Below are lists of payments influencers receive on various social media platforms from teams/owners that want to promote their businesses.
- TikTok: $25 per post / 1,000 followers
- Instagram: $10 per post / 1,000 followers, $250-$750 per 1,000 engagements
- Facebook: $25 per post / 1,000 followers
- YouTube: $20 per video / 1,000 subscribers, $50-$100 per 1,000 video views
- Snapchat: $10 per post / 1,000 followers
- Twitter: $2 per post / 1,000 followers
- Blog: $60 per post / 1,000 unique visitors
Payments made to Influencers on Twitter based on their followers;
- Nano-influencers: $2–$20 per post
- Micro-influencers: $20–$100 per post
- Mid-tier influencers: $100–$1,000 per post
- Macro-influencers: $1,000–$2,000 per post
- Mega-influencers: $2,000+ per post
Estimated payments made to Facebook Influencers based on their followers;
- Nano-influencers: $25–$250 per post
- Micro-influencers: $250–$1,250 per post
- Mid-tier influencers: $1,250–$12,500 per post
- Macro-influencers: $12,500–$25,000 per post
- Mega-influencers: $25,000+ per post
Of course, besides being paid based on their followership alone, these influencers are paid based on how influential they can persuade their followers to buy.
Besides cash, other ways to pay an influencer are;
- You are giving them huge discounts or free products if they purchase a product from your business (primarily Nano-influencers to Mid-tier influencers).
- You are allowing influencers to participate in events hosted by your business to build more popularity and gain more followership.
- Pay commissions(as in affiliate marketing) where Influencers get 10-40% of the profit from each sale made through them.