Not all incentives are created equal.
Some social influencers charge thousands of dollars for a single Instagram post (Kendall Jenner was allegedly paid $250k for her Fyre Fest post), but there are so many influencers who create content in exchange for free product.
Concurrently, there are marketers who want an Instagram story, three social media posts, and six months of vertical exclusivity in exchange for free product. And while there are many factors to consider - the value of the product, influencer demand, and content usage rights notwithstanding - there is a massive need for alignment on appropriate influencer compensation rates if trust and healthy relationships are going to be maintained on both sides.
As an influencer marketing platform, we encourage marketers to take a data-driven approach to influencer incentivization and compensation by leveraging a mix of influencer marketing benchmarks and contributing cost factors to determine accurate influencer budgets.
Our Influencer Incentives Strategy Best Practices playbook is your action plan for successfully incentivizing influencers based on persona types and influencer rates. In this guide, we cover: