“Wow! Influencers get paid US$1,000 per post!?! It’s easy to make money as an influencer.” This, or something along these lines, is what most people say when they hear how much social media influencers get paid for their work. From the client’s side, we often hear in an almost critical tone, “Well, that’s expensive…” However, what most people see is only the “end product” of what influencers post online—be it on a social media channel like Instagram or YouTube, or on their personal blog or website. Hence, it often shocks people (maybe less so now) when they hear how much a post online costs. The problem lies in the presumption that influencer marketing is a business model with high profitability as long as the influencer involved has a substantial following. This is why a lot of clients get surprised when certain creators with some 10,000 followers charge up to US$1,000 per post. But then again, it’s important to understand that an influencer’s total following is not the only consideration that determines the value of his or her work. In this article, we’ll explain other important factors that come into play.
What should social media influencers do then?
It comes as no surprise that influencers often find it difficult to set a rate for their social media services. As an influencer, it may be challenging to justify your rate to your clients and make sure that the price has been properly calculated (and not just a wild estimate with no acceptable basis).
The work done by influencers is akin to art, making it difficult to quantitatively assess its worth. However, there are two factors to consider when setting your prices/rates: 1) how much effort you put in, and; 2) the number of views you can guarantee. When you follow this approach of better understanding what your work is worth, you can then properly justify your rate to your clients.Creating value
Contrary to popular belief, being an influencer is not easy. You need to be creative in your ways when producing attractive and engaging content. Moreover, you need to constantly produce content based on themes/topics which are of your interest. This allows you to truly be passionate about your work, resulting in better content. At the end of the day, creating high-quality content on the regular helps build your credibility and sets your work apart from the rest.
To further understand how to price your work as an influencer, you should also understand what the expectations of your clients are. Based on our experience and interaction with clients at Getcraft, we have found that apart from the quality of content, clients also place great emphasis on guaranteed results, which we refer to as Key Performance Indicators, or KPIs. Learn more about this by reading this article.Read More:
Finding the Sweet Spot in Creative Pricing
