How much you have to pay per 1,000 impressions will vary across influencers and content categories. In some cases, the number of followers is the driving factor. In other cases, an influencer might have above-average engagement rates. They can also be in high demand or they are already an avid advocate for your product. In other words, how much an influencer charges for impressions depends on many different factors, not only their performance.
Depending on what you expect from your campaign, individual attributes of the influencer's profile can also impact how much they charge for impressions. For example, if you want the majority of their audience to come from a very specific location, whether you are targeting a niche market, need a particular language, content category, or political beliefs.
On top of that, you might need a multi-channel campaign which means that your posts will be promoted across several social media platforms. The content formats are very different there, the number of impressions will be different as well as CPM.
The price of partnering with an influencer will also depend on your requirements. Do you want exclusivity rights? Will you be helping with creating content? Do you want to have complete creative control? Do you expect the influencer to work on tight deadlines?
As you can see, there are lots of factors to account for when predicting how expensive an influencer campaign will be or how much those impressions will cost you.
HypeFactory has launched over 1,000 campaigns around the world and worked with thousands of influencers. From our experience, a higher CPM doesn't always guarantee better performance.
Depending on your preferences, you can either go for an influencer in a higher CPM tier or partner with multiple micro-influencers. At HypeFactory, we usually recommend a mix of both: if your budget allows it, it's better to run a campaign with a few macro-influencers and a few micro-influencers whose CPM is usually much lower.