How to Determine Your Rate as a Social Media Influencer
If you’ve ever considered moving beyond simply posting on social media and taking control and ownership of your space online, you may have pondered the idea of becoming a social media influencer. But the question then often becomes, how to determine your rate as a social media influencer. Before we consider that, it’s important to understand that in a sense, we are all influencers, no matter the size of our audience and the breadth of our reach.
It’s a simple concept really when you truly break it down. As a society, we often rely on word-of-mouth. We reach out to friends online to find out the best places to take our pet for grooming and we ask for suggestions on where to spend our anniversary dinner. Word of mouth marketing is a form of influence and we all have it and use it, despite our thoughts to the contrary. So, why not make use of our online platforms to share with our friends and family, the products, businesses, and brands that we know and love. For others, becoming a social media influencer as part of their online presence as a blogger or business owner is the next step toward reaching their entrepreneurial goals. Whether you’ve been in the social media industry for a while or just getting your feet wet, you may be wondering how to determine your rate as a social media influencer. Below you’ll find easy ways to help you determine your rate.
How to Determine Your Rate as a Social Media Influencer
Factors to Consider That Will Help You Determine Your Rate as a Social Media Influencer
What type of influencer are you? If you’re just starting out, chances are you’re a Micro-influencer with between 1,000 to 10,000 followers across social media. If you have less than 1,000 followers, you would fall into the Nano-influencer category. The thing is, numbers, while they matter to an extent, what’s more, important is engagement and the relationship you have with your audience.
If you have a very engaged Instagram account; people are asking questions and commenting and you’re responding and having conversations in the comments with your followers, brands will view you as an influencer with impact. There’s no mutual benefit to thousands of followers with little to no engagement, so building those relationships with your followers is key. So the first step, know what you bring to the table, how many followers you have, and determine your relationship with them.
Your Preferred Platform
Where do you spend the most time on the internet? If you’re exclusively using Instagram, your rates will be different from a person who is active across Twitter, Facebook, YouTube, Instagram, and Tik Tok. The key, however, is knowing where your target audience spends their time. If you connect with your target audience on Instagram and they’re not on Facebook, it doesn’t make sense to spend the majority of your time there. Knowing where your audience is and figuring out the best place(s) to be online, is an important aspect to help you determine your rate as a social media influencer.
Are you a fantastic writer? Do you make engaging and entertaining video tutorials or are you better at quick, 30-second videos? Are you a talented photographer? Figuring out what you have to offer and playing on your strengths will help you determine your rate as a social media influencer. Understand too, that you can hire out what you’re not good at, so don’t let your skill level determine your rate. You’re an entrepreneur and treating your online presence like a business often means hiring a virtual assistant, photographer, or social media manager to assist you.
Are you a go-getter or do you prefer to wait for opportunities?
Know your business style. Are you a go-getter or would you rather someone else do the leg work? Knowing this will help you figure out your next steps. You can either choose to build relationships with brands directly or join a third-party agency to find opportunities for you. The former option required organization, a can-do attitude. It involves lots of pitching and negotiating. The latter is a more passive way to find work. Opportunities come to you, you apply and wait to see if you’re selected. This option leaves little room for negotiation on your end. It can however be a great choice while you work your day job.
How to Calculate Your Rate Based on How Much You Want to Earn
Once you’ve determined what you have to offer a business or brand, you know your audience, understand how you best deliver content, and have figured out where you’ll find opportunities, you’re ready to set your rate. As stated, if you’re working with an agency, you likely won’t be able to negotiate a rate, but if you’ve decided to go full entrepreneur and pitch brands yourself, knowing how much to charge is imperative.
You don’t want to put all of that time, energy, and work into creating content only to find out you’ve made a mere pittance in the long run. Spend some time figuring out how long it takes you to create content; writing, editing, purchasing supplies, taking photos, include all aspects. You may already know how much you want to make each month. Run the numbers until you get close to a rate that you’re comfortable with.
You can start with an hourly rate, or charge by deliverables. Come up with a number that is comfortable to you. Divide the number of hours you think it will take you to complete the project, and adjust accordingly. Much of it is subjective. If you’re just starting out, your rates may go through many iterations. As you gain experience, determine how much effort and time it takes to create content. You learn by doing.
When to Let the Brand Determine Your Rate as a Social Media Influencer
Sometimes it’s just ok to let the brand determine your rate as a social media influencer. If the product or service being offered in exchange for pay or simply in exchange for the product, is of high value to you personally, it may be worth it to take less than what you initially had your mind set upon.
This will depend on the value of the product or the perceived value of the brand and its popularity. It will also depend upon your interest in receiving and representing the product. You may choose to accept far less than you anticipate. It all comes down to value and perceived value. If you know that your audience will thoroughly engage with the content. If you recognize that they have an interest in the item or product you’re representing, then you can take this opportunity and work for free. This can help establish a relationship with the brand. This may or may not work in your favor. Often it’s a chance you need to be willing to take. If you know that you 100% do not want to work for free, that is fine too. It’s truly up to you what you’re willing to accept. You are an entrepreneur after all.
Becoming a social media influencer isn’t always about being the person in the know, sharing cool products with your audience. It is a business that requires you to treat it as such. It can be a lucrative business if you’re professional and hardworking but it takes time.
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