Influencer marketing is big business right now, but one big question remains for bloggers:
How much should I charge for my sponsored content?
There are a ton of resources that offer a formula that you can use, but a one-size-fits-all approach to pricing fails to take a lot of important factors, like niche and engagement, into consideration.
Introducing the PRICE™ Method
We've been working in the influencer marketing industry for years and have extensive experience setting pricing for influencers. Based on this experience, we created the PRICE™ Method. We want to show you what's important to your clients and what's not.
Rather than give you a formula that may not maximize your pricing, we created the PRICE™ method to give you an individualized way to determine pricing. Our framework considers your individual information and applies it to the unique deliverables for each campaign. Our goal is simple: help you maximize your income by knowing how to set prices for your sponsored content.
What is PRICE™?
The PRICE™ Method considers five areas to help influencers set their pricing.
The total followers for the relevant social channels. This is is often the only thing that people consider when setting their pricing, but for the PRICE™ Method, it's the first step.
How many people see your sponsored content? What percentage of your audience actually sees your content after it goes live? You need to dive into your analytics for this step.
How much time are you investing into the campaign deliverables that you are creating? You may need to charge more for an original recipe than a post that simply features product messaging.
What campaign deliverables are you being asked to create? Price each deliverable separately so that you can best negotiate.
The most important aspect in the PRICE™ Method is engagement. You need to calculate your engagement rates on your content and know the average cost per engagement.
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Our goal for this post is to give you a quick introduction to the PRICE™ Method. We'll be diving into the topic more over the coming weeks, but for right now, we've created a free downloadable worksheet that will help you start working through the calculations. Sign up below to get the framework.