Ok, so you have done your research on How to Find Instagram Influencers. Now, you’re probably asking yourself, “How much should I pay them?”. When it comes to pricing Instagram Influencers there are a lot of factors that are involved. In order to do Influencer Pricing accurately, you have to do a full Instagram Account Analysis. Just below we are going to show you, just exactly what that entails.
How to Price Attention
We aren’t pricing the Influencers ability to post promotional content. We’re pricing the ability for the Instagram Influencer to attract attention. Attention is the key metric here. An Instagram Influencer with a ton of followers but zero engagement is essentially useless. In order to get the best Influencer Pricing possible, we need to look closely at the attention they’re gathering. Just below we’re going to dive into the Key Metrics of Attention.
1. Engagement Rate
Probably the most important metric there is when it comes to Influencer Pricing. Engagement Rate is simply the average percent of engagement an account receives from it’s following. You can determine the Engagement Rate of an account by taking the sum of the likes, comments & shares of the top 10 post and dividing that total by the number of followers.
It’s important to note that as the follower count increases the overall Engagement Rate typically declines. This is simply due to the fact that you can’t expect every follower to engage with every single post. However, to increase the overall engagement rate for massive accounts. Account owners will typically reduce the amount of posting per day to ensure all followers have time to see and engage with their content.
Note: If you don’t want to compute the Engagement Rate by hand there are a ton of services out there that will compute it for you. These Engagement Calculators can be very helpful for getting some quick diagnostics.
Fake Engagement: What to Watch Out For!
One thing you need to be very careful of is Fake Engagement. With Instagram Users obsessive compulsion over likes, comments and follows it came as no surprise when Fake Engagement Companies started sprouting up.
These services simply flood accounts with meaningless numbers that are simply there for the account owners ego. They have no real value. Make sure to take the time to go through and see what accounts are liking the content and what types of comments they are leaving.
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2. Instagram Influencer Notoriety & How it Affects Influencer Pricing
When trying to figure out how to price an Instagram Influencer, it’s imperative that you read the comments. Reading the comments will you give an inside look at what the community actually thinks about the Influencer. If an influencer has a good reputation with the community, this can really increase the price per promotion.
Personal connections between influencer and follower are built through the comments and Direct Messages. While it would be great to see how the Influencer interacts with their following through DM. The Comments will do just fine to get an understanding of how the community feels about the influencer. A good Instagram Influencer will almost always respond to the comments. This is a fantastic sign of an Influencer taking their community seriously.
3. Content Activity
When looking over an Influencers feed, it’s important to pay close attention to their posting habits. You want to make sure that the one you’re choosing is fairly active. A good average of post per day for an Influencer is around 1-3 Account Feed Post per day and around 1-5 times per day on Instagram Stories. Now they can be posting more than this; however, make sure they’re not posting rapidly all day. This will cause your promotion to quickly fall out of sight when users visit the account feed rendering your investment useless.
One thing that I really look for in Instagram Influencers nowadays is Instagram Story post and highlights. Instagram Stories are becoming one of the best places to market products and drive traffic off of Instagram. Thanks to Swipe Up Stories viewers can now simply navigate to a different webpage with the flick of their finger. Instagram Influencer with a large audience watching their IG Stories is extremely powerful. Looking at IG Story Highlights is a good way to see their IG Story Activity.
After you have done your research and have done a full analysis of the Influencer’s account. Now it’s time to negotiate for the rock-bottom prices. Use all the metrics we have discussed to get the most competitive pricing for your promotion. Through your discussions, it will be extremely useful to ask for the Audience Analytics of an account. Most Instagram Influencers have converted their accounts into Business Profiles for all the perks that come along with them.
One of the best perks of an Instagram Business Profile is Audience Analytics. Here you will get a deep dive into the type of followers they have, where they are located, average social reach per week and so much more. This data is extremely useful in negotiating a fair price for the promotion. If an Instagram Influencer is unwilling to share this information, it typically will mean they have fake engagement.