HOW TO PRICE YOUR WORK

As an influencer, one of the ways you can monetize your platform is through sponsored content. This is when a brand pays you to promote its product or service on your social media or blog ( think of your page as a billboard). Setting a rate for sponsored content can be a tricky task. And this is something I know I used to struggle with when starting. You want to ensure you're charging enough to make it worth your time and effort but not so much that you price yourself out of the market. In this blog post, I'll discuss how to charge the correct sponsored rates as an influencer. Just as a reminder, NEVER DO ANYTHING FOR FREE.

If you are doing it for free, you are letting a million or billion-dollar company take advantage of you, and you are telling them that your work isn't valuable and your time is worth nothing. Would you tell your boss they don't have to pay you and you'll work for free? I didn't think so. So make sure these companies are paying you. If they say no, walk away. Every single one can afford you and should pay you.

Determine your worth

Before you can set your rates, you need to know how much you're worth. This involves taking a look at your social media following, engagement rate, and the quality of your content. The more followers you have and the higher your engagement rate, the more valuable you are to brands. You can charge more for your sponsored content if you have a unique niche or highly engaged audience. Aside from your social stats, you have to look at the gear you have and the skills you have developed. The more skill you have, the more you can charge.

Research industry standards

It's important to research industry standards to understand what other influencers charge for sponsored content. This can help you set a reasonable rate and avoid charging too much or too little. Remember that rates can vary depending on the platform, niche, and location. As a starter, if you have between 1000 to 10,000 followers on IG, you should charge between $500 to $700 for a collaboration.

Determine the scope of the project.

The scope of the project will also play a role in how much you can charge. For example, a simple Instagram post promoting a product will cost less than a blog post review with photos and video. Consider the amount of work that will go into the sponsored content and how much time you'll need to invest.

Exclusivity

EXCLUSIVITY FEE:  This is the price of you not posting or promoting a competing brand for a set amount of time.

Some brands may want exclusivity, meaning you can't promote competing products for a certain period. This can increase the value of your sponsored content and allow you to charge more. A typical exclusivity period is 30 days. Generally, the longer the client asks for, the more you charge.

Usage rights

Usage rights refer to how the brand can use your sponsored content. For example, they may want to use your photo on their website or in an ad campaign. You can charge more for your content if the brand wants full usage rights. As you grow as a photographer or videographer, you can charge more for this. For example, let's say apple decides they want to license your photo. That can be $100,000 a year for five years.

It’s an excellent way to make a little bit of extra money ;)

Set your rates

Once you've considered all of the above factors, you can set your rates. It's a good idea to have a standard rate card that outlines your prices for different types of sponsored content. This makes it easier to communicate your rates to brands and avoids the need to negotiate every time.

Negotiate

While having a standard rate card is helpful, it's important to remain flexible and open to negotiation. Some brands may have a smaller budget or specific requirements that you can work with. Be willing to adjust your rates and scope of work if necessary.

How much should an influencer charge?

The amount an influencer should charge for a post can vary widely depending on several factors. These factors include the influencer's following, engagement rate, niche, platform, post type, exclusivity, and usage rights.

According to a survey by Influencer Marketing Hub, the average cost of a sponsored Instagram post is $300-$1000 per post, with some influencers charging upwards of $20,000 or more for a single post. However, it's essential to keep in mind that these figures are just averages, and individual rates can vary significantly it will change based on the creator's skill level and if they are also running a creative agency which creates commercial content for the client.

If you're just starting out as an influencer or have a smaller following, you may want to charge lower rates to attract brand partnerships and build your portfolio. As your following and engagement rate increase, as well as your skill level, you can gradually raise your rates.

The amount you charge for a post should be a fair reflection of your value as an influencer and creator. It's important to communicate openly with brands about your rates and be willing to negotiate to find a mutually beneficial agreement.