Influencers, this is the best time to increase your rates

Considering giving your price chart a do-over? You're at the right place.?

Generally, it is difficult for creators to charge prices that will value their skills without driving off potential brand deals. If you too are often stuck in such a dilemma, we are here to help you.?

Although confusing, calculating your influencer rates can help you negotiate better prices effectively and help you recognize when a brand deal isn’t worth the time or effort.?

But how does one figure this out? This article is here to guide you.?

Factors that determine influencer rates

Engagement rate

Divide the average number of likes and comments you receive by your follower count, and that's how you calculate the engagement rate. As an influencer, it is essential to engage with your audience via comments, replies, and questionnaires. This helps build a community that brands look to leverage. Brands pay more to influencers with higher engagement rates as their message results in better reciprocity.

Audience type and size

Audience size is a common benchmark that determines an influencer's rate. Generally, influencers with a larger number of followers expect higher prices from brands. Another thing that brands look for in a similar target audience. Audience demographics are a crucial element to consider because brands want to match their persona with your target audience to ensure better conversions.?

Production costs and campaign requirements

Your production costs may vary based on your content type and campaign requirements. To ensure that you are producing high-quality content of professional value, factor in all resources it takes to create your content. This includes your equipment, software, supporting staff, etc. Include your other expenses such as travel and other fees before finalizing a brand partnership.?

Quality and type of content?

If your content requires more effort in production or involves the use of equipment, you can charge higher rates. For example, a video takes longer to create than a Tweet. Factor in the time, and resources you put in to make your content compelling and charge accordingly.?

Niche?

As an influencer, the niche you produce content for also matters. Industries like beauty, fashion, and food are flooded with influencers who are expected to charge less. If your niche is harder to come by, such as medicine, or tea sommeliers, you can charge higher rates for your content.?

Usage rights and exclusivity??

Brands that want to claim sole usage rights or multiple postings are often willing to pay higher rates. Not only this, any brand that asks you not to create content for its competitors should also pay you higher. Since brands are putting exclusivity limits on you and limiting your income and partnership prospects, you can ask for better compensation.?

When to raise your influencer rates?

• When you noticed a significant increase in your audience size.?
• There is a noticeable growth in your engagement rate.?
• You've grown your content game, stacked up on resume-worthy skills, and can furnish professional and highly engaging content for brands.?
• You have consistently pulled off successful brand campaigns and have proved to be a valuable asset to a brand.

Increasing your rates and getting brands to notice you is time-consuming. We hope this information helps simplify this process for you.?

Are you an influencer who is trying to get a foothold in the influencer marketing world? If yes, leave a comment below or sign up with atisfyre, our AI-based platform, and be on your way to success.