Ask HN: What is your CPM Target when working with Influencers?

We are in the process of rolling out our first influencer campaigns (saas finance niche). However, the prices that are being asked of us are simply mind boggling. For a normal in-post feed on Instagram the influencers that we have contacted, ask for prices that convert into a CPM between $35 to $75.

I have to admit that we do not know yet the sales results, but such high CPMs make my head spin from a performance marketing perspective.

Do you have similar experiences? Since for such high CPMs, the conversion rates have to be extremely good to justify the spend.