Understanding Your Worth #
Before diving into numbers, it’s essential to understand that as an influencer, you offer value beyond mere numbers. The trust you’ve built with your audience, the quality of your content, and your unique voice all play into your worth.
It’s important that you set realistic expectations for what you would like to earn and pursue advertisers that are a good fit not only for your platforms/audience, but also a brand partner that will allow your personality to shine.
Things to consider #
Audience Size & Engagement #
Size matters, but so does quality! While having a large audience can be a selling point, engagement rate (likes, comments, shares, etc.) often matters more. An influencer with a smaller but highly engaged audience might be more valuable than one with a larger but passive following.
If your audience is smaller, consider a lower price point. However, if your smaller audience boasts high engagement rates, this can justify a higher premium.
Multiple Platforms #
If you’re active and have a substantial presence on multiple platforms, this can justify a higher price. It means the advertiser’s message will be spread across various channels, amplifying its reach.
Offer package deals that include promotions across multiple platforms for a single price. This can provide more value to advertisers and can be priced higher than individual spaces.
Content Quality & Production Costs #
If your content requires significant effort, equipment, or other resources (like hiring a videographer or editor), factor these costs into your pricing. High-quality content or content with a unique edge can require a higher price.
Exclusivity & Frequency #
If you’re offering an exclusive promotion (where you won’t promote competing brands for a certain duration), you may need to adjust your prices accordingly. If you post less frequently, each post might be more valuable due to the increased attention it garners. Conversely, if you post very frequently, an ad might get lost in the mix, potentially affecting pricing.
Past Successes & Established Metrics #
Share data or feedback from past collaborations that resulted in increased brand awareness or sales. Successful track records can significantly boost the value of your space. Lit.so also includes established metrics whereby advertisers can report back on how your previous campaigns went, which may lead to increased value for future advertisers.
Market Research #
It’s beneficial to be aware of market rates. Understanding what peers in your niche or with similar audience sizes charge can help ensure you’re not undervaluing or overpricing yourself.
To help with this, we have a Recommended Price section in the space editor, which will provide you with market related pricing ranges based on your platforms and reach.
Important tip: As your audience grows, as you refine your content, and as the digital landscape evolves, revisit and adjust your rates accordingly. It’s a blend of art and science, and the goal is to find a price that reflects your worth while remaining fair to potential collaborators.