How Instagrammers Are Making Millions
On average most of us have between 100-300 Instagram followers, or if you’re lucky - thousands. Then there is the Instagram elite, attracting millions of followers and with them, lucrative contracts with the biggest brands in the business.
WWD is now reporting that one Instagram post with a top fashion blogger can cost anywhere between $5,000-$25,000 and bloggers can easily pull in $500k and more for a yearlong campaign. However, this is loose change for brands that are reportedly shelling out hundreds of thousands for celebrities like Kylie & Kendall Jenner to merely mention their product.
Arguably the one of the most successful fashion bloggers in the business, Chiara Ferragni of The Blonde Salad currently employs 19 staff and is said to have generated $10 million of revenue last year alone. With major modeling contracts, magazine covers, and a shoe line Chiara has silenced critics who question the legitimacy of bloggers.
For brands, it’s a no brainer. For example, Danielle Bernstein of We Wore What commands an audience of 1.4 million followers on Instagram alone, and reaches between 10-20 thousand likes per post. If a brand has made it into a shot, that’s 10 thousand people directly reached in an authentic way. Danielle recently explained the business of blogging in an interview with Harpers Bazaar, revealing her $5,000- $15,000 rate card per Instagram post. However, since her interview in May 2015 We Wore What has gained over 500 thousand new followers which no doubt has raised these fees.
While brands struggle to win younger audiences, big players have already figured out the power of social media influencers. But what if you’re a start up and don’t have the budgets of L’Oreal or Coca Cola? Start small. Find a blogger in your local area that has attracted between 20-50 thousand followers and firstly try to negotiate payment with your products (if they’re valuable enough). Also, never underestimate the power of niche influencers who may only have between 5-10 thousand followers. For example, a vegan 'health and wellness' influencer with 6 thousand followers is more likely to have a captive audience who is also vegan or vegetarian. Got a vegan product? Hit ‘em up.
Have you used social influencers to market your product? Let us know.