The question of how much should I charge as an influencer is one that I hear time again. People want to know what they should charge for a product or a service, but not all the time. Influencers are usually working with small amounts, especially in the beginning when they are just starting out, so it’s really important to understand the factors that influence your pricing. If you know these factors, you will be able to make decisions about whether or not to work with certain companies, which can ultimately help your bottom line. I’ll discuss some of the things that go into deciding how much an influencer should charge on a given product below.
Know Your Target Audience. You will always have customers, no matter what business you are in, and knowing who you are targeting is the first step to being able to serve them well. If you are an entertainer, know the types of events that are likely to interest your target audience, and plan accordingly. If you’re an internet marketer, you’ll know who your target audience is – if you are promoting a weight loss product you might want to spend some money on PPC or SEO to improve the visibility of your website.
Look at the Cost of Getting Into the Deal. Influencers often know their stuff and have already built relationships with various companies and/or brands, but there may still be additional costs to consider when getting into the influencer relationship. What are those costs? Things like: launching a product, launching a marketing campaign, getting SEO’d (which is essentially free, but requires a lot of work to get ranked high in the search engines), paying for social media account management and strategy (which can actually cost money, depending on who you hire), getting paid for a blog, etc.
Understand the Product. This is pretty self-explanatory. You must know the value of the product you’re trying to promote. If you are promoting a fitness product, you should obviously not promote a PC product (make sure you know what you are talking about! ).
Make Your Money. This is where it gets tricky. It is easy to make recommendations, and have people buy a product, but making that sale is not the only thing that needs to happen for you to make money. You need to drive traffic, you need to build trust, and you need to make your visitors aware that they can’t get that product for free.
Your question, “How much should I charge as an influencer?” is only half of the equation. Learning how to position yourself as an expert in your product niche, with credibility and authority in your field will help you create an even greater value. Being able to speak intelligently to visitors about your product will also help you to position yourself as an expert. Your value proposition will become stronger with each helping you sell more of your time or more of your product.