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Welcome to episode two,
Speaker:Pricing Your Campaign.
Speaker:Before we get into the nitty gritty
Speaker:of this episode, I'm going to share
Speaker:a story time of my own, and it goes
Speaker:back to when I first started out in
Speaker:the influencer marketing industry.
Speaker:I.
Speaker:I wanted to learn all aspects of
Speaker:being an influencer so I could
Speaker:really understand this point of view.
Speaker:So I set about to become an influencer.
Speaker:I built the biggest social media
Speaker:following in my vertical nationally.
Speaker:I created an award-winning blog.
Speaker:I secured a book deal as a brand
Speaker:collaboration, and I worked with the
Speaker:biggest national and international
Speaker:brands on paid campaign work.
Speaker:This enabled me to earn.
Speaker:Six figures every year for a
Speaker:number of years as my side hustle.
Speaker:Before completing my exercise in
Speaker:this space, It taught me with my
Speaker:experience as an influencer, but
Speaker:also my depth of business experience.
Speaker:I can combine all of this to help you
Speaker:build your own business of influence,
Speaker:and that's what this podcast is about.
Speaker:So today we're talking
Speaker:about pricing your campaign.
Speaker:Now pricing an influencer campaign is
Speaker:really exciting, but also a complex task.
Speaker:It's exciting because it's so flattering
Speaker:when some brand pops up in your dms
Speaker:and says, Hey, we wanna work with you.
Speaker:But it's also complex because you need
Speaker:to be able to clearly understand your
Speaker:value and articulate this to the brand.
Speaker:Now, a heads up, this episode isn't
Speaker:going to give you the absolute
Speaker:dollar number you need to price
Speaker:your worth or your campaign at.
Speaker:As I've just said, pricing an influencer
Speaker:campaign can be quite complex and it's
Speaker:dependent on a multitude of factors.
Speaker:We discuss these in episode
Speaker:one, understanding the brief.
Speaker:If you haven't already, I want you
Speaker:to go back and listen to that episode
Speaker:after you finish on today's episode.
Speaker:What today's episode will give you
Speaker:is a framework to calculate your
Speaker:fee for pricing your campaign.
Speaker:This framework is going to be delivered
Speaker:in three segments in today's episode.
Speaker:First of all, we're going to
Speaker:discuss evaluating the brand.
Speaker:Then we are going to evaluate your
Speaker:value, and then thirdly, we are
Speaker:going to evaluate the campaign.
Speaker:So let's get started and talk
Speaker:about evaluating the brand.
Speaker:And when we evaluate the brand or
Speaker:when you evaluate the brand, there's
Speaker:three things I want you to consider.
Speaker:Number one is brand alignment.
Speaker:Does the messaging of the brand
Speaker:strongly align with your own values?
Speaker:The alignment of a brand's
Speaker:values and messaging.
Speaker:With your own values or your channel
Speaker:values, and brand is a very important
Speaker:factor when pricing a campaign, because
Speaker:when you truly believe in the brand
Speaker:and its mission or its values, the
Speaker:promotion or the campaign comes across
Speaker:as being authentic and resonates
Speaker:more effectively with your audience.
Speaker:And this leads to higher
Speaker:engagement and potentially better
Speaker:conversion rates for the brand.
Speaker:So to take this a step further, it makes
Speaker:collaboration with brands more valuable,
Speaker:and therefore you can command a higher
Speaker:price for campaigns with brands that
Speaker:align strongly with your own values.
Speaker:Also, when you work with brands that
Speaker:share similar values to your own, it
Speaker:helps you maintain your professional
Speaker:brand integrity and audience trust.
Speaker:This long-term benefit often
Speaker:justifies a higher campaign price as
Speaker:these collaborations contribute to
Speaker:sustainable audience relationships.
Speaker:And maintaining your
Speaker:credibility as an influencer.
Speaker:The second point I want you
Speaker:to think about when evaluating
Speaker:the brand is reputational risk.
Speaker:Does the brand or the vertical
Speaker:pose any reputational risk to
Speaker:you if you go ahead and work with
Speaker:them on a campaign, for example?
Speaker:Is the brand in a space such as petrol
Speaker:or gambling, smoking or vaping, are you
Speaker:going to need to create content that.
Speaker:Has cultural appropriation in it or
Speaker:illegal activities, or it might be a
Speaker:tone deaf response to social issues.
Speaker:These sorts of things do pose
Speaker:reputational risk to you as a
Speaker:creator, and we've all seen.
Speaker:Creators and influences that have
Speaker:been canceled through poor choices
Speaker:and not managing reputational risk
Speaker:when they create content around
Speaker:certain topics, brands, or verticals.
Speaker:So when evaluating the brand, it's
Speaker:really important to considering the
Speaker:context of pricing your campaign.
Speaker:Will working with this brand
Speaker:present any reputational risk in the
Speaker:short, medium, or long term to you?
Speaker:And the third point I want you
Speaker:to consider when evaluating
Speaker:the brand is the brand value.
Speaker:The value of the brand will affect
Speaker:the pricing of the campaign.
Speaker:High-end or premium brands or those
Speaker:with significant reputation are going
Speaker:to present an opportunity for more
Speaker:higher priced or expensive campaigns.
Speaker:So think about a small business in your
Speaker:local community it might be their first
Speaker:foray into working with an influencer
Speaker:campaign and trying influencer marketing.
Speaker:They could be quite inexperienced,
Speaker:not understand what market value.
Speaker:Rates are for working with influencers
Speaker:and the potential impact that working
Speaker:with an influencer can have on
Speaker:their campaign versus an established
Speaker:brand that has big budget and
Speaker:lots of experience in working with
Speaker:influencers and content creators.
Speaker:Think the likes of Sephora, Mac,
Speaker:h and m, Samsung, apple, you know,
Speaker:these premium brands, they're going
Speaker:to be very experienced in working.
Speaker:On influencer campaigns and their budget
Speaker:is going to align with their brand value,
Speaker:and therefore you'll have an opportunity
Speaker:to command a higher campaign fee if you
Speaker:can confidently articulate your value.
Speaker:So this brings us into the second
Speaker:segment of the framework, and
Speaker:that is evaluating your value.
Speaker:There's four things that I want you to
Speaker:consider when evaluating your value, when
Speaker:working on this campaign, the campaign
Speaker:that you've been presented with to price
Speaker:number one, what is your audience size?
Speaker:Now, the number of followers or
Speaker:subscribers that you have as an
Speaker:influencer is typically a primary
Speaker:factor in determining price.
Speaker:The more followers an influencer
Speaker:has, the greater their reach and the
Speaker:more they can typically charge art.
Speaker:But we know there's other things
Speaker:that need to be considered.
Speaker:So number two.
Speaker:when evaluating your value,
Speaker:what is your engagement rate?
Speaker:We also know that simply having
Speaker:a high number or a large number
Speaker:of followers isn't enough.
Speaker:Advertisers and brands want to
Speaker:see that your audience is engaged.
Speaker:So your audience is liking,
Speaker:commenting, sharing, clicking
Speaker:through on your content, and we've
Speaker:seen lots of discussion around the
Speaker:rise of nano and micro influences.
Speaker:So nano influences one to roughly 10,000
Speaker:followers and micro influences around
Speaker:10,000 to a hundred thousand followers.
Speaker:So we've spoken about audience
Speaker:size and engagement rate.
Speaker:They're both very important.
Speaker:The third point I want you to
Speaker:consider when evaluating your value
Speaker:are your audience demographics.
Speaker:So what are the specific
Speaker:demographics of your audience?
Speaker:What's their age, their gender,
Speaker:their location, their interests?
Speaker:We know that the platforms give us deep
Speaker:and rich insights around our audience.
Speaker:Demographics.
Speaker:The alignment of your audience
Speaker:demographic to the brand campaign
Speaker:can significantly impact the
Speaker:pricing of your campaign.
Speaker:Brands will be willing to pay
Speaker:more if your audience aligns
Speaker:closely with their target market.
Speaker:Number four, and the final point
Speaker:I want you to consider when
Speaker:evaluating your value is your
Speaker:past performance on campaigns.
Speaker:Do you have a successful track
Speaker:record of campaigns of creating
Speaker:and executing campaigns?
Speaker:And can you demonstrate that
Speaker:your influence has led to
Speaker:conversions for the brand?
Speaker:So when you've worked on a brand campaign
Speaker:before, have you been able to deliver?
Speaker:On the strategy that the brand
Speaker:has requested in that campaign.
Speaker:So if you can give examples of
Speaker:successful past performance that
Speaker:is going to positively impact
Speaker:how you can price the campaign.
Speaker:Okay, now we are gonna move
Speaker:into the final segment.
Speaker:That's evaluating the campaign itself.
Speaker:This one's a little chunkier cuz
Speaker:there's seven things that I'm
Speaker:going to ask you to consider when
Speaker:evaluating the campaign for pricing.
Speaker:Number one is the communication.
Speaker:We all know what red flags are, and
Speaker:communication is an early red flag.
Speaker:If the communication hasn't
Speaker:been easy and professional, so.
Speaker:It gives you an early insight to
Speaker:what the experience is that you'll
Speaker:have when you work with the brand.
Speaker:Has their tone been professional?
Speaker:Has the communication been timely?
Speaker:Has there been an easy exchange of
Speaker:messages between you and the brand?
Speaker:Have a think about this, and if
Speaker:you're feeling that there's a red
Speaker:flag there, explore that conversation
Speaker:a little bit further before you go
Speaker:in too deep in working with it or
Speaker:committing to work with the brand.
Speaker:I would also just like to add
Speaker:here that many agencies and talent
Speaker:managers can be dealing with
Speaker:multiple campaigns at any one time.
Speaker:So sometimes they can be slower to
Speaker:come back to you than what you'd like.
Speaker:And also, brands may often have
Speaker:a change of strategy during the
Speaker:campaign, which might lead to delays
Speaker:in progressing timely communication.
Speaker:But if overall, your experience
Speaker:with the communication is that it's
Speaker:been friendly and professional,
Speaker:that's a really good sign.
Speaker:So keep moving ahead and move on
Speaker:to the next step of evaluating the
Speaker:campaign, which is the content quality.
Speaker:What is the level of effort and
Speaker:resourcing you are going to need
Speaker:to put into creating the campaign?
Speaker:So high quality content that might
Speaker:require professional photography,
Speaker:videography, or extensive
Speaker:post-production and editing.
Speaker:These sorts of commitments need to
Speaker:command a higher rate because clearly
Speaker:a quick shoot on your smartphone
Speaker:and hit publish is going to be
Speaker:significantly different in resourcing.
Speaker:If you need to put together a
Speaker:professional team or use your
Speaker:own skills to do a lot more
Speaker:production and post-production.
Speaker:So number two, I want you to consider
Speaker:the quality of the content that you need
Speaker:to produce when you create the campaign.
Speaker:Number three, in evaluating the
Speaker:campaign is the campaign complexity.
Speaker:That is the deliverables that you
Speaker:need to produce in this campaign.
Speaker:the more complex the campaign,
Speaker:the greater the scope you
Speaker:have for negotiating your fee.
Speaker:So what do I mean by more complex?
Speaker:Do you need to deliver across
Speaker:multiple social media platforms?
Speaker:Do you need to deliver
Speaker:multiple pieces of content?
Speaker:What's the duration of the campaign?
Speaker:We need to look at the
Speaker:complexity of the deliverables.
Speaker:So I'll give you a little example here.
Speaker:let's say you need to produce
Speaker:five organic Instagram in feed
Speaker:post and 10 Instagram story sets.
Speaker:When pricing your campaign,
Speaker:you don't go five times.
Speaker:Instagram post equals this, and 10
Speaker:times an Instagram story equals this.
Speaker:Add the two together and give
Speaker:the brand your rate that doesn't
Speaker:represent value for the brand.
Speaker:When reviewing the brief and the
Speaker:complexity of the deliverables, you
Speaker:need to assess all of this and offer
Speaker:a bundled rate for your content.
Speaker:So the campaign complexity and the
Speaker:deliverables, bundle it all up.
Speaker:Apply some sort of discount for bulk
Speaker:buy, right, and consider that when
Speaker:pricing the campaign, Point four.
Speaker:In evaluating the campaign
Speaker:is reviewing the brief.
Speaker:You need to understand what all the
Speaker:deliverables are, how the content's
Speaker:going to be distributed via your
Speaker:channels brand and third party channels,
Speaker:plus any inclusions or exclusions
Speaker:you need to factor into your quote.
Speaker:And we call this the scope of work.
Speaker:if you don't have experience in writing
Speaker:or developing a scope of work, I want
Speaker:you to list down all the elements of
Speaker:the campaign by reviewing the brief and
Speaker:start to factor these in to your quote.
Speaker:Number five in evaluating the campaign
Speaker:is the campaign timing Now, This is
Speaker:something that is often overlooked.
Speaker:Now, you think about Uber and
Speaker:how they do surge pricing.
Speaker:You wanna get, an Uber to the
Speaker:Taylor Swift concert and you know
Speaker:for sure there is going to be
Speaker:surge pricing on your Uber fee.
Speaker:And that's because Uber is high in
Speaker:demand because who doesn't wanna
Speaker:get to the Taylor Swift concert?
Speaker:Right?
Speaker:So you need to consider what
Speaker:surge pricing you might be
Speaker:able to apply to your campaign.
Speaker:So think about the campaign in the sense
Speaker:of is it a seasonal activation, for
Speaker:example, Christmas or Easter or Mother's
Speaker:Day, or does it fall on significant
Speaker:dates like the end of financial
Speaker:year, black Friday, cyber Monday?
Speaker:Think about the timing of the
Speaker:campaign and whether you can
Speaker:incorporate any surge pricing.
Speaker:Into your quote.
Speaker:Number six, in evaluating
Speaker:the campaign is upselling.
Speaker:Have a think about if there's any
Speaker:opportunities to upsell additional
Speaker:deliverables to the brand.
Speaker:So the brand might have asked
Speaker:you to create one TikTok post.
Speaker:Just create and publish one TikTok post.
Speaker:you know that you can offer more
Speaker:value to the brand because you've
Speaker:also got an Instagram channel.
Speaker:So you could share the content over on
Speaker:Instagram and if you're gonna do that,
Speaker:You could potentially do an Instagram
Speaker:story, and if you're gonna do that, why
Speaker:not charge them to add a link in the bio?
Speaker:And if you're gonna do a link in the
Speaker:bio, why don't you give it priority as
Speaker:a top three post or, or first position.
Speaker:There's lots of ways that
Speaker:you can upsell to a brand.
Speaker:Because no one knows your value and
Speaker:your channels like you do, so you need
Speaker:to be very proactive in this space.
Speaker:Now, good news is that in episode
Speaker:three, our very next episode, we are
Speaker:going to do a deep dive into how to
Speaker:increase your revenue by offering
Speaker:extra deliverables to a brand.
Speaker:And our final point in.
Speaker:Evaluating the campaign is looking
Speaker:at your negotiating skills.
Speaker:If you are just starting out as an
Speaker:influencer or a content creator,
Speaker:and you have limited experience in
Speaker:pricing your campaign, it's gonna be
Speaker:a little more confronting for you to
Speaker:get in and negotiate with a brand.
Speaker:As you develop your career as a
Speaker:professional influencer, you are
Speaker:going to build far more experience
Speaker:in negotiating and therefore be able
Speaker:to understand your market rate and
Speaker:generally what's happening in the
Speaker:influencer marketing and secure better
Speaker:rates when pricing your campaign.
Speaker:You'll learn lots of ways to bundle
Speaker:your content and give discounted
Speaker:rates for volume or bundled content.
Speaker:You'll have an understanding of
Speaker:where you can upsell to brands.
Speaker:You'll be able to confidently
Speaker:go to the negotiating table and
Speaker:secure better rates for your work.
Speaker:But also remember that pricing is
Speaker:really individual and what works for one
Speaker:influencer might not work for another.
Speaker:I'm always horrified when I see pricing
Speaker:discussions transpire in groups when
Speaker:influencers are seeking guidance for
Speaker:pricing their campaigns, and I'll
Speaker:see ridiculous numbers thrown out.
Speaker:It could be $150 for this, or 500 for
Speaker:that, or a thousand dollars for this.
Speaker:But what's not considered is the
Speaker:overall deliverables of the campaign.
Speaker:So what's, what has the
Speaker:influencer been briefed on?
Speaker:Like all the whole campaign.
Speaker:What's the whole brief, what
Speaker:are all the deliverables?
Speaker:But also when people are putting
Speaker:forward what they consider to
Speaker:be helpful suggestions, they're
Speaker:not considering the value.
Speaker:That the influencer
Speaker:might bring to the brand.
Speaker:because that is so important
Speaker:in this pricing discussion.
Speaker:you need to remember that
Speaker:pricing is very individual.
Speaker:What one influencer brings to
Speaker:the table for a brand campaign
Speaker:is going to be vastly different
Speaker:to what the next influencer or
Speaker:content creator brings to the table.
Speaker:So the most powerful way you can
Speaker:increase your revenue is to really a,
Speaker:start pricing your campaigns properly.
Speaker:Understand how to evaluate a
Speaker:brand, how to understand and
Speaker:evaluate a campaign, and how to
Speaker:articulate your value to the brand.
Speaker:So we've covered off all of
Speaker:those things in today's episode.
Speaker:And as I mentioned at the top of
Speaker:this episode, if you haven't already
Speaker:done so, please go back and listen
Speaker:to episode one, understanding the
Speaker:brief, because that's going to set
Speaker:you up really well for next week's
Speaker:discussion, and that's upselling, getting
Speaker:some more juicy cash outta brands.
