There are a few factors that you can use to calculate your Instagram influencer rates (they go beyond your follower numbers).
One of the difficult parts of becoming an influencer is learning the worth of your work and how much you should charge.
We looked at the profiles of several influencers on Instagram to find out how many followers they have, what is their engagement rates and how much they are charging for each sponsored post.
Most people get uncomfortable talking about money. That’s why it is essential to find out how much you are worth and be confident about that price! Calculation your influencer rate will make you stay stronger while negotiating and helps you understand when a campaign isn’t worth the effort and time.
Consulting with your clients is much easier when you have written down your prices. There is a formula for calculating your influencer rates:
Talent fee + Distribution fee = what you should charge from your customers.
Now let’s find out the difference between your talent fee and your distribution fee.
Calculating influencer rates :
Your distribution fee is the cost to be featured on your social accounts or blogs. You should keep in mind that your price can vary based on many factors:
- Your Follower numbers:
The number of followers that you have on your account. This shouldn’t be considered as your main sell, but it is definitely an essential factor in calculating your influencer rates.
- Your Engagement rate :
The engagement rate is the percentage of followers who engage your posts.
To determine your engagement rate, you should divide the average number of likes and comments you get per post by your follower numbers, which will give you a percentage of your engagement rate.
Your engagement rate informs brands that they are making a right decision working with you.
- Your Name/skill/popularity
Businesses tend to work with an influencer who has a recognizable face or name. So if you are famous or you are known for a specific skill, you will get paid for that too.
- The quality of your content
You should become a pro at shooting, concepting and creating mini-campaigns for the brands you are working with.
Don’t overdo this, but try to create a high-quality content that will catch eyes.
This is when it matters to have a niche. If a brand is looking for someone who is active in a specific niche related to their business, they will pay more to someone on that niche to be their influencer.
Your talent fee is how much it really cost you to create the content for the brands.
This number includes all the costs associated with the content and your hourly rate.
The cost of paying your photography team, directors, etc.
To find out the necessary budget, you should calculate the cost of:
- Your photography team
- The shooting location
- The props you will need to buy ( food, candles, accessories )
- The clothing you will need to buy.
If you are just starting your work, you can start at 25$ per hour and increase your hourly rate as you improve and have more experience.
You can take a look at this chart which will provide you with a good range for each tier:
Now that you have the right formula for calculating your influencer rates, you can start negotiating with brands like a professional! If you know any other tips for calculating the influencer rates, let us know in the comments below.