Setting Your Influencer Budget — Here’s Everything I Learned About Working With Influencers
By Kinzal Jalan
As a content marketer, I‘ve always been ready to team up to boost a brand’s vibe and reach. When one of my freelance clients needed some brand growth on a budget, I was pumped to jump into the influencer marketing game.
Who hasn’t seen or read about the hype around influencer power, right? I mean, the data shows that “nearly 50 percent of millennials worldwide find influencers’ recommendations more engaging than regular advertisements.”
However, I hit a wall as it was time to take the following steps to work with influencers. I had little idea how influencer pricing works and how to budget for it.
To find my footing, I went all in: I deep-dived into pricing data, looked up different partnership options, and got tips from people who’ve been there and done that.
This blog details the full rundown of what I learned. Let’s get into the real side of influencer pricing and budgeting, shall we?
Table of Contents
How much do influencers cost?
The short answer is the same old phrase from every marketer’s playbook: “It depends.” In other words, if you aim to pin down a magic number for influencer pricing at the onset, you’ll navigate a labyrinth.
Does this mean there’s no data or benchmarks to follow? Thankfully not. When I looked into the research available, I found some overall industry benchmarks as a starting point.
According to a 2024 Statista survey:
- 22.4 percent of marketing agencies and brands invest 10 to 20 percent of their marketing budget into influencer marketing.
- Interestingly, 26 percent are leaning into it by devoting more than 40 percent of their budget to this digital marketing activity.
This got me curious: what do these budgets look like in dollars? After all, marketing budgets vary.
That’s when I searched further and stumbled upon this data from Influencer Marketing Hub, which shows the wide range of brand spend regarding influencer budgets.
While almost half (47%) of brands in 2024 spend less than $10K, anywhere from roughly 8-20% of brands also spent anywhere between $11K and $500K!
I know, there’s a ton of variation out here. Lost? I was, too. So, I dug deeper to get more specific about how much influencers cost, how to choose from them, and arrive at a budget.
The Different Types of Influencer Partnerships and How Much They Cost
I’ve figured that influencer pricing depends on several factors, such …read more
Source:: HubSpot Blog
