Finally, we’re about to talk about making some coins, I’m sure this is the post you’ve been waiting for! In this post, we will discuss how to set rates for collaborations. Your rates are what you charge for creating content. In the beginning, I did many collaborations for free because I was getting my foot in the door. I knew I had to grow more as an Influencer before starting to charge for my time and work.
One price does not fit all when it comes to rates. Don’t compare what you charge to anyone else, your main focus should be what you know you can offer a brand and how good you are at creating quality content.
Setting your rates for collaborations will depend on factors such as the amount of work you have to complete and how long it’ll take you. You can always adjust your rates depending on what the brand is expecting from you. Although there’s no clear answer on how much you should charge, this post will help give you a starting point.
Your rates will depend on your experience, engagement, and time. There’s no cut and dry answer for the exact amount you should charge for your content. However, here are some things to consider:When setting your rates, consider your experience, engagement, and how long it’ll take to complete a collaboration. Click To Tweet
When you apply for a job, your resume is important to include right? The same goes for collaborations on social media. If you create good-quality content and have experience working with brands, you can charge more since you know the value you will bring. You want to ensure what you charge reflects how much you’re worth as an influencer.
Once you start to gain experience from collaborations, you want to have a Media Kit to showcase those stats. Check out this blog post: Why Media Kits are Important for Influencers to learn how to create one and what information to include.
Unfortunately, there are people who take shortcuts and decide to purchase followers and/or likes on Instagram. However, it’s evident because they may have little to no engagement on their content. This is one reason why brands are focusing more on engagement than how many followers you have. If you have a small following with a highly engaged audience, you’ll be able to set higher rates for yourself.If you have a small following with a highly engaged audience, you can set your rates higher than other Influencers. Click To Tweet
Related Post: How to Increase Engagement on Instagram Organically
Any content that a brand wants you to create will take time and energy. If you know the scope of work is more than usual, then you want to factor that into your rates. No matter how many followers you have, you should eventually become comfortable with telling brands your rates. I mean, they feel comfortable asking you to work right? Any content that you create outside of what you have planned is LABOR.
However, you don’t want to end up over-pricing or under-pricing your work as an influencer. If you charge too much, you risk losing the collaboration. If you don’t charge enough, you may find yourself overworked and underpaid… and you won’t end up happy.
How to Figure Out Your Rates
This website provides an estimate of how much you should charge based on your engagement and follower count. You can put in how many photos and/or videos the collaboration requires and get an idea of what your rates should be. It’s important to remember that this is only an estimate. You should price yourself lower or higher depending on how you feel the quality of your work is.
Set your base price
Your base price is the bare minimum you would accept for your content no matter what. For example, if you can’t see yourself doing a collaboration under $100.00, then that would be your base price. You don’t want to end up accepting a collaboration for much less than what you want OR think you’re worth. No matter what, never budge from that price!
When Brands Offer You a Rate
If an offer is already presented to you without your rates being provided, you want to make sure you have all of the information about the collaboration before moving forward. First, you want to make sure this collaboration would be a good fit for your brand and audience. Second, you want to find out how much work they are expecting from you. Remember, the time you contribute to the collaboration should be factored into your rates.
Related Post: Questions to Ask Before Working With Brands
Before negotiating your fee for the collaboration, you want to have a good understanding of your engagement rate. If you know your audience regularly engages with your content and will trust your opinion, and if you’ve had successful collaborations in the past, let the brand know that and show them some of the work you’ve done.
If your engagement rate is over 3%, then you’re able to charge more than an Influencer who may not have those numbers. Anything over 6% is even better! Trust me, engagement is very important and can bring your rates up a lot. A connection with your audience should be your number one priority while building your influence.
Brands Who Want You to Work for Free
Some brands may have a tight budget or not expect to pay you at all. At this point, it’s up to you to determine whether or not you’re willing to collaborate for free products. Sometimes doing collaborations for free can have benefits in the long-run. You’ll establish a working relationship with the brand and will continue to obtain more opportunities in the future, maybe even paid ones!
In my opinion, free products don’t pay the bills. I feel that every Influencer should be fairly compensated for their work and time. In the beginning you will have free collaborations to get your foot in the door and gain experience, however, once you reach a certain level, it’s time to start charging. As I stated in a previous blog post on how to become an Influencer, I’ve been charging for my content since I was at 1,500 followers.Free products don’t pay bills. Every Influencer should be fairly compensated for their work and time. Click To Tweet
You want to weigh out the pros and cons of working in exchange for free product(s). If you feel the value of the product(s) is worth it, then you can decide to move forward. I always consider whether or not the product/service would truly benefit me or my audience.
You want to work with brands who value your content and audience. You’ve worked hard to create and build your platform, so it’s important to collaborate with those who hold themselves to the same standards.
Always be ready to negotiate if you’re not satisfied and remember to look at the bigger picture of each collaboration. What benefits would this bring for your brand?
Rates are one of those things that take time. Once you continue to work with more brands, you’ll have an idea of how much you should charge. Knowing your worth in this industry is important.