"Is $15 CPM good?"
A client asked me this last week. My answer: "Depends. What platform? What niche? What influencer tier? What's included—just the post, or usage rights too?"
Without context, CPM is meaningless. But with the right benchmarks, it becomes your most powerful negotiation tool.
I've compiled CPM data from 200+ campaigns across our client base, cross-referenced with Influencer Marketing Hub's 2024 Benchmark Report and Klear's pricing index. Here's what "good" actually looks like.
Understanding CPM Calculations
First, let's make sure we're calculating the same thing:
CPM = (Influencer Fee / Estimated Reach) × 1,000
Important: use estimated reach, not follower count. A 100K follower account might reach 10-20% of followers per post. Check the influencer's analytics for actual reach metrics.
Some brands calculate CPE (cost per engagement) instead:
CPE = Influencer Fee / Expected Engagements
CPE is more useful for conversion-focused campaigns, but CPM remains the industry standard for comparison.
Platform-by-Platform Benchmarks
Still the most expensive platform for influencer marketing, with the most established pricing norms.
Feed Posts:
- Nano (1K-10K): $5-12 CPM
- Micro (10K-100K): $10-20 CPM
- Macro (100K-500K): $15-30 CPM
- Mega (500K-1M): $25-45 CPM
- Celebrity (1M+): $40-100+ CPM
Reels: Typically 15-25% higher than feed posts due to better reach and engagement.
Stories (per frame): 40-60% of feed post CPM. Often bundled with feed posts.
TikTok
Pricing has matured significantly since 2022 but remains lower than Instagram overall.
Video Posts:
- Nano: $4-10 CPM
- Micro: $8-18 CPM
- Macro: $12-25 CPM
- Mega: $20-40 CPM
TikTok CPM is lower partly because reach is less predictable. The algorithm can push content far beyond follower counts—or bury it entirely.
YouTube
Higher CPMs, but content is permanent and searchable. Different pricing for different formats:
Dedicated Videos:
- Micro (10K-100K subs): $20-50 CPM
- Macro (100K-500K subs): $35-75 CPM
- Mega (500K-1M subs): $50-100 CPM
Integrations (30-60 second mentions): 30-50% of dedicated video pricing
Shorts: Similar to TikTok pricing, but still evolving
Less established market. Pricing often based on thought leadership value rather than pure reach:
- 5K-25K followers: $15-30 CPM
- 25K-100K followers: $25-50 CPM
- 100K+ followers: $40-80 CPM
LinkedIn commands premiums because the audience is high-value decision-makers, even if reach is smaller.
Industry Variations
Not all niches price equally. Premium categories command higher CPMs:
Premium (add 30-50% to base):
- Finance/Investing
- Luxury goods
- B2B/SaaS
- Healthcare/Wellness
Standard (base CPM):
- Beauty
- Fashion
- Lifestyle
- Food/Beverage
Discounted (subtract 10-20% from base):
- Gaming
- Entertainment/Memes
- General lifestyle
Why the difference? Audience purchasing power and advertiser competition. Finance influencers have fewer brands competing for their audience, and those audiences have higher disposable income.
What's Included (Or Not)
CPM benchmarks assume basic deliverables. These additions cost extra:
Usage rights:
- 30-day paid amplification rights: +25-50%
- Perpetual usage rights: +50-100%
- Full ownership/buyout: +100-200%
Exclusivity:
- Category exclusivity (30 days): +20-40%
- Category exclusivity (90 days): +40-75%
- Full exclusivity: +75-150%
Creative complexity:
- Basic product feature: Base price
- Tutorial/How-to: +10-20%
- Multi-location shoot: +25-50%
- Production requiring travel: +50-100% plus expenses
Always clarify what's included before comparing CPMs. A "$20 CPM" deal with usage rights and exclusivity is completely different from a "$20 CPM" for a basic post only.
When to Pay Above Benchmark
Sometimes higher CPM is worth it:
Perfect audience fit: An influencer with 80%+ overlap with your target customer is worth a premium. Audience quality trumps quantity.
Proven performance: Influencers who can show conversion data from similar campaigns justify higher rates.
Category expertise: Subject matter experts command premiums because their recommendations carry more weight.
Content quality: High-production creators whose content you can repurpose across channels add value beyond the post itself.
Exclusivity value: If blocking competitors from working with an influencer protects significant revenue, pay for it.
When to Walk Away
Red flags that suggest overpricing:
- CPM 2x+ above benchmark without clear justification
- Refusing to share audience demographics or past performance
- Engagement patterns suggesting inflated metrics
- Pricing that doesn't scale down for long-term commitments
- Excessive add-on fees for basic deliverables
There are always other influencers. Don't overpay out of FOMO.
Negotiation Tactics
Armed with benchmarks, here's how to negotiate effectively:
1. Start with data: "Based on industry benchmarks for your tier and niche, we typically see CPMs around $X. Can you help me understand how your rate compares?"
2. Offer volume: "We're looking at a 6-month partnership with monthly content. What kind of discount can you offer for that commitment?"
3. Trade deliverables: "If we drop the exclusivity requirement, what does that do to the rate?"
4. Propose performance bonuses: "What if we do a lower base rate but add a bonus for hitting conversion targets?"
5. Bundle strategically: "If we add Instagram Stories and usage rights to this package, can we get better CPM on the bundle?"
Building Your Own Benchmarks
Industry benchmarks are starting points. Your specific data is more valuable.
Track for every campaign:
- CPM paid
- Actual reach delivered
- Engagement rate
- Conversion rate
- Revenue generated
After 20-30 campaigns, you'll have your own benchmarks that reflect your actual performance, not industry averages. These become your real negotiation ammunition.
"In our experience, campaigns at your CPM typically generate X conversions. Can you show me why yours would perform differently?"
That's a much stronger position than citing general industry data.
