While every influencer marketing campaign is unique and has its specific goals, they all have one thing in common: to maximize return on investment (ROI). To achieve this, knowing which influencer marketing KPIs to track will allow you to evaluate the results of your campaigns more effectively.
One of the key metrics for evaluating cost efficiency in influencer marketing is Cost Per Mille (CPM)—the amount you pay per 1,000 impressions, followers, or video views. CPM provides brands with a clearer picture of whether they’re getting the most value from their influencer partnerships.
On average, CPM in influencer marketing can vary widely depending on the platform. For example, Instagram's CPM typically ranges from $5 to $15, YouTube's averages around $10 to $30, and TikTok tends to have a CPM range of $3 to $10. Knowing these benchmarks helps brands assess whether their campaigns are on track and cost-effective.
In this article, we’ll take a closer look at what CPM is and its relevance in influencer marketing, understanding how to calculate it and the industry benchmarks you should consider to ensure your campaigns are cost-effective and impactful.
CPM (Cost Per Mille) refers to a pricing metric used in influencer marketing that represents the cost of 1,000 impressions on a piece of content. The term “mille” comes from Latin that translated to “thousand,” so in essence, CPM tells you how much you’re paying for every thousand views, whether on a social media post, video, or ad.
So, if you launch an influencer marketing campaign with an influencer that charges a CPM of $70, this means that for every 1,000 people who see the influencer post on social media, you’ll pay $70. If the post reaches 30,000 views, you’ll need to pay the influencer a total cost of $2,100.
The CPM of an influencer depends on several factors, such as:
CPM and CPI tend to be confused as they’re both based on impressions and views, however they are not the same.
CPM (Cost Per Mille) measures the cost of 1,000 impressions (views) on an ad or influencer post. CPI (Cost per Install), measured the cost of each app installation driven by a campaign.
This means that CPM is about visibility (impressions), while CPI is about conversions.
To calculate influencer CPM you need two key data points: The Total Cost and the Total impressions. Let’s break these concepts to understand where you can get this information.
The total cost refers to the amount a brand pays the influencer for a post, story, or video. Influencer pricing can take different forms including:
Often, brands negotiate this cost based on factors like an influencer’s size, their engagement rate, and industry standards.
Impressions refer to how many times the influencer’s content is seen. You can access this data from:
Third-party tracking tools like Influencer Hero provide you reports with total impressions of your campaigns, and from each influencer so you can see their performance more in detail.
With these two pieces of data you can calculate CPM through the following formula.
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The formula for calculating your influencer marketing CPM is:
CPM = Total Cost / Total Impressions ×1000
For example, if you paid an influencer $800 for a post that generates 100,000 views, the CPM would be:
CPM = (800 / 100,000) x 1,000
CPM = $8
This means that you’re paying $8 per 1,000 views.
A “good” CPM depends on several factors, including the nature of your campaign. Brands focused on brand awareness often prioritize lower CPMs to maximize reach and impressions efficiently. On the other hand, campaigns focused on conversions may accept a higher CPM if it leads to better engagement and a higher return on investment
Other aspects that impact CPM are the platform, industry and influencer niche. However, here are general CPM benchmarks for different platforms and campaign goals.
To effectively assess the cost-efficiency of influencer marketing campaigns, it's necessary to recognize how CPM differs across various platforms.
The average CPM varies across different platforms in influencer marketing. Instagram's average CPM typically falls between $5 and $15, while TikTok offers a more affordable range of $3 to $10. YouTube generally has a higher CPM, ranging from $10 to $30, reflecting its video-centric format and audience engagement. Facebook's CPM averages between $5 and $12, while Twitter/X's CPM tends to range from $6 to $15.
When analyzing your influencer marketing campaigns, make sure to compare CPM with actual results, like conversions or ROI, rather than just impressions. By strategically choosing influencers and optimizing campaign performance, you’re ensuring that you’re getting the best value for your money.
Takeaway: An optimal CPM depends on the type of campaign you’re launching as well as the influencer’s audience. While lower CPMs tend to work well for brad reach, higher CPMs are generally justified when engagement or conversions are priority.
There are different factors that impact a creator's CPM, affecting how much you pay per 1,000 impressions. These are the most common factors:
As shown in the table above, the CPM rates often vary depending on the social media platform. YouTube and Instagram tend to have higher CPMs than other platforms. Additionally, posts that need a more sophisticated level of production (let’s say YouTube videos), often have higher CPMs.
Influencer size and engagement are not correlatives. While often, macro influencers charge higher CPMs due to their reach, engagement matters more than the number of followers. Micro influencers with high engagement, may also have higher CPM as their followers interact with their content more frequently.
Specialized industries like finance and tech tend to have higher CPMs because they have more targeted, high-value audiences. Mainstream niches like entertainment as they have a high number of influencers, tend to have lower CPM rates.
Influencers with high-income regions (U.S., UK, Australia) have higher CPMs than those in lower-income markets because brands are willing to pay more to reach audiences that have a greater purchasing power.
The type of campaign you conduct also affects CPM rates. Awareness campaigns that look to reach out to broad audiences have lower CPMs while conversion-driven campaigns often have higher CPMs.
As with traditional marketing campaigns, CPM rates also vary depending on the demand. On high spending seasons like Christmas or Black Friday, CPMs may rise as brands are competing to achieve more visibility.
If you require an exclusive partnership where influencers cannot work for your competitors or other similar brands, or extended content usage rights (for ads), influencers CPM rates are likely to rise.
Campaign: Promoting Divvy Bike Share in Chicago
Objective: Increase brand awareness and usage of Divvy's e-scooters and bikes
Strategy: Lyft collaborated with Ubiquitous to execute a swift, geo-targeted influencer marketing campaign. They partnered with nine Chicago-based creators who produced over 40 pieces of engaging content within a month.
Results:
Brand: DripDrop
Product: Electrolyte powders
Objective: Boost brand awareness in a competitive market with a limited marketing budget
Strategy: DripDrop partnered with Captiv8 to identify and manage influencers whose interests aligned with the brand. They engaged over 50 creators who shared personal stories about dehydration and how DripDrop became part of their routines.
Results:
Takeaway: Based on these two individual cases you can see that a low CPM campaign is a great option if you want to maximize reach at a lower cost, while a high CPM campaign can be worthwhile if it leads to stronger engagement and more conversions.
Cost Per Mille (CPM) is a key metric in influencer marketing, helping brands assess the cost-effectiveness of their campaigns. While a low CPM can maximize reach and awareness, a higher CPM may be justified if it leads to stronger engagement, brand affinity, or conversions.
The key to a successful influencer campaign is not just focusing on reducing CPM but balancing cost with impact. Factors such as platform choice, influencer engagement, audience demographics, and campaign objectives all influence CPM rates and should be considered when planning a strategy.
Ultimately, brands should evaluate CPM alongside other key performance indicators (KPIs) like engagement rates, conversion rates, and audience quality to ensure they are getting the best return on investment.
A "good" CPM (Cost Per Mille) for influencers varies by platform, industry, and audience demographics. On average, CPM rates can range from $5 to $20, but it's essential to consider the specific context and goals of your campaign.
Influencer CPM is calculated using the formula: CPM=(Total Campaign CostTotal Impressions)×1,000CPM=(Total ImpressionsTotal Campaign Cost)×1,000 This metric helps determine the cost per 1,000 impressions of the influencer's content.
Several factors influence influencer CPM rates, including: Platform: Different platforms (e.g., Instagram, TikTok, YouTube) have varying average CPMs, audience Size: Larger audiences may command higher CPMs, engagement Rate: Higher engagement often justifies higher CPMs, niche/Industry: Specialized niches may have different CPM standards, content Quality: High-quality content can attract better CPMs.
CPM (Cost Per Mille) charges advertisers for every 1,000 impressions, focusing on reach. CPC (Cost Per Click) charges based on the number of clicks an ad receives, emphasizing direct engagement. The choice between CPM and CPC depends on campaign objectives—brand awareness or direct response.
Average influencer CPM rates vary by platform. Instagram: Approximately $5–$10, YouTube: Around $10–$30, TikTok: Typically $5–$15. These figures are approximate and can fluctuate based on factors like audience demographics, content type, and market trends.
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