Data from a recent eMarketer study examines how much social media influencers are paid to promote brands. Spoiler alert: it’s a lot.
Compensation level varies by media platform and number of followers. By far, the most cash is spent on YouTube videos. The data reveals that ‘”Power” influencers (with followings between 30,000 and 500,000) make $782 per video, on average.”
But not all brands are shelling out the big bucks for influencer campaigns. Many marketers have shown significant interest in Instagram Stories. They are focusing on working with microinfluencers, who have smaller but dedicated followings.
According to an August 2018 Econsultancy survey, 56% of US and UK marketers work with microinfluencers. They are more cost-effective than working with top-tier talent.
Marketers have struggled recently with the cost of hiring these envy-inducing figures. Securing influencer content on Instagram and Facebook is costly and competitive, making podcasts the next branding opportunity.
Podcasts are another avenue marketers are exploring as another alternative.
“Brands are eyeing podcasts as the next frontier of influencer marketing,” said Lauren Fisher, principal analyst at eMarketer. “They’re seeing great performance and value from host-read ads, which allows brands to tap into the trust and influence that many of these podcast hosts have with their listeners.”
Drop, an app designed to help consumers earn rewards from their shopping, is one company that has started to explore new audio channels outside of social platforms.
Catalina Lee, director of marketing at Drop, said that the company had a lot of success leveraging influencers on Instagram and Facebook, but over time, “these channels have been getting more competitive and more expensive. The podcast space is growing, and people go to podcasts because they’re really interested in a topic, and because they’re into the storytelling and conversation that happens within this format.
“As a result, you’re reaching a highly engaged audience who connects not only with the topic being discussed, but also with the podcaster in a meaningful way so there’s a great deal of familiarity and trust that gets built there.”
The storytelling and conversational nature of podcasting certainly makes sense for lifestyle-focused influencers. Time will tell, though, how this aesthetically optimized form of branding adapts to an aural medium. It won’t be long.