According to Influencer Marketing Hub, businesses are making $5.20 for every $1 spent on influencer marketing.
Influencer marketing covers every imaginable niche possible. There is a constant engagement seen on social media platforms amidst Covid-19. Now, the brands are also aware of the power of influencers and the attraction they gain online.
When it comes to social media there are all kinds of brands promoting their products online but the most popular & promising genre is fashion.
We all want our fashion game to go strong and experiment with new trends. The world of fashion has no end when it comes to styling and so is its constant need of marketing a designer piece.
Often you must have heard your close friends & relatives talking about designer clothes and online trends, stalking over an Instagram post.
Honestly, there is no end to such gossips after the exposure that one gets through the social media presence. So, if you are a fashion influencer or a fashion brand, it is equally beneficial for both of you to be on the platform.
Now, just being on the platform is not enough for earning a livelihood, in this case, especially for influencers. If you are fashion influencers 2021, there are effective ways in which one can charge an apt amount for the work done online.
Let’s have a look at some of the tactics that an influencer must keep in mind.
6 Pricing tactics that an influencer must not overlook
#1 Number of followers and fans
Brands come to you for collaboration only after having a keen look at your profile. The key highlight of your profile is the followers. A brand needs a set quantity of followers in a certain age group, if your influencers fit in that category, they will approach you for the online marketing campaigns.
As an influencer, you place a fair price on the table based on your followers and their response so far. One can show their audience analytics and the increasing number over the years to prove a valid figure right for the campaign. It will help you in earning a decent amount from digital marketing.
#2 Engagement ratios on each post
Keeping in mind our first tactic, this is an advanced step for the same. To persuade a brand, maybe a set number of followers is not enough. If it is a big brand, you might have to prove your point by showing them a consistent engagement ratio on each of your posts. The engagement will show the actual active users on your handle. This will make it easy for you to quote a suitable amount for the influencer marketing campaign online.
#3 Number of posts and types of posts a brand wants
You can keep fixed pricing for an X number of posts. As an influencer, you would have your own creative niche which attracted the brand to your page. Thus, one can ask the brand about the type of post (reels, short videos, posts, stories). Depending on the type, a number of posts, and time consumed to make one creative post, you can quote your price for the online branding. The brand will also get less room to negotiate, as from your side it will be all in facts & figures of making and creating a creative image digitally.
#4 Platforms for promoting the brand
As an influencer, you do have reach and audience on other platforms. A brand comes with a plan of showcasing the marketing campaign on various other platforms like Facebook, Instagram, Snapchat, Twitter, depending on the individual requirement. Based on your reach, engagement, and overall social media presence, you can plan your pricing according to the platforms and the posts needed for each of them.
One has to address different audiences on different platforms. It might also require more than one post to lure the attention of the audience on different platforms, then you have a chance of negotiating a feasible amount for the influential marketing.
#5 Ad selection from the brand and its followings
The brand might ask you for a sample ad or post. Based on that particular creative performance and the engagement ratio, you can quote a price. Such an amount will not need a negotiation as you have proved your point right to the brand and are charging for your efficiency. Thus, you can always plan a sample ad to show your audience’s reaction as well as know it for yourself whether it will work for your handle or not.
Last but not least.
#6 Efforts put in from your side
An influencer has to work hard to make a creative promotion for the brand. One has to keep in mind the reputation of the brand, his own social media presence, and then create an ad post for the platform. It is your sheer role to pull off a digital campaign and so you can definitely quote a price for your work and efficiency.
Every individual has a right to earn a suitable amount for the knowledge and caliber he has. Thus, you can always quote a price for the work you provide.
In this online creative world, influencers will get suitable pay as there is no end to digital marketing tactics. The brands are after collaborating with the successful minds and are always after experimenting with the products online. Influencers have opportunities that they are yet to unleash online.
Being a budding or micro-influencer, you do have much more scope to move ahead in the digital arena. Right collaboration and right image-building will help you in making a successful online career. This blog was all about pricing and some of the proven ways to get a suitable quote for your earnings through marketing. Such information will really help you figure out your potential strengths and work on them for the desired amount. Experience it for yourself and set out your creativity for the branding world.