Over the past two years, many of us have had to rethink our standard job roles as a reaction to the troubling times of the pandemic. As a result, many people started a side hustle or small business venture as a way to earn some extra cash. Social media has allowed ordinary people to become micro-influencers and earn a sustainable income throughout the process.
Research from November 2021 highlighted that just under 10 million people were classified as self-employed in the US. With this number beginning to climb, it is important that influencers charge the appropriate amount for their services, ensuring that they are adding value to their personal brand. Netinfluencer will discuss everything you need to know about rate cards and why they are so important to influencers.
What is a rate card?
A rate card is also commonly referred to as a rate sheet and is a standard document that lists all of the services an influencer provides. This includes price per post, what platforms you use, the brands you are willing to work with, and any necessary contact information. In turn, rate cards are an excellent way to network with popular brands and other influencers, offering them a simple way to view all of your services at once. Moreover, this document helps establish a suitable price for your content, allowing brands to see whether you fit into their budget.
Why should you use a rate card?
Rate cards are an incredible resource if you are looking to make influencer marketing your full-time job. These cards help to establish a healthy and secure boundary between you and a brand. More often than not, influencers are paid a lot less than their worth. This is usually because the influencer does not establish their prices or content guidelines in an effective way. Therefore, a rate card can help you earn a more promising income and assure that your content is not being undersold.
In addition, rate cards can help you save time and effort when trying to secure a crucial and promising brand deal. If you offer a wide range of services across many social media platforms, it can be hard for a brand to keep communicating with you until they find the right type of content for them. A single rate card would present all of your prices in one place, making it simpler for a brand to search through your services.
Contrary to popular belief, rate cards do not have to be completely strict and rigid. Rate cards can be completely personalized, allowing you to have a touch of flexibility within your pricing. For example, some influencers offer packages, meaning they can post a collection of different content across all of their platforms for a set price. This helps brands gain a full scope of your capabilities and ensures that you are gaining high engagement rates on all of your social media accounts.
How to make a rate card
The first step is to conduct some extensive market research. This will help you discover what the standard rate is for your service. It is important that you set your content in line with the going market rate, as this will give you more space to negotiate a more suitable price if needed. Plus, it is vital that you do not sell yourself short. If you have a lot of experience in your field, then a respected brand should be willing to pay the appropriate price for your content.
Rate cards are very simple to create, making them an accessible resource for all different types of influencers. They can be created using a simple spreadsheet that clearly displays your current services and their respective prices. If you are looking to show off your creative design skills, programs such as Canva and Adobe Illustrator can help you make a more visually appealing rate card.
What to include in a rate card?
Rate cards can be easily customized to better fit your content, allowing you to express your services in a clear and concise way. That being said, there are a few key details to add to every rate card. Here are the top five things you need to include in a rate card.
1. Name and a short bio
This may sound obvious, but it is important that you include your full name and a short description of yourself within your rate card. Many influencers are known by their online pseudonym, making it difficult for brands to contact them directly. Thus, by including your full name on your rate card, you are introducing yourself as an individual person rather than just your content. A short description of yourself can help brands gain a more secure sense of your content and can establish you as a competent and approachable candidate for a brand deal.
2. Contact information
Social media has allowed us to connect with people from around the world with a simple message. Despite this globalized connectivity, it can still be hard for brands to reach certain influencers. If you have a lot of active followers across all of your platforms, your DMs may be completely full on a regular basis. Thus, it may be beneficial to include your phone number and business email address within your rate card. Therefore, you can build a simple line of communication with a brand and ensure that you do not lose track of important messages or documents.
3. The type of content you are willing to create
This section of your rate card should include all of the services you are willing to provide for a brand. This can include video content, Instagram pictures, and even appearances on podcasts. It is paramount that you clearly establish what you are willing to do as this will stop brands from expecting you to create content that you are not comfortable with. Additionally, this section is perfect for showcasing the list of brands you have previously worked with. You can express this in a written format or include small thumbnails of the brands’ logos. This helps potential new clients see who you have collaborated with in the past and shows your knowledge of certain niche markets.
4. Prices for your content
Here is where you will describe how much each piece of content will cost. This can be displayed in a variety of ways such as in a table, individual boxes, or it can be written in a few simple sentences. If you decide to include package deals within your price list, these would be included in this section also. Although it is very important that you display a worthy price for your content, always be prepared to negotiate your rate. Some brands will be willing to pay more if they see you are a good fit for their image.
5. Payment Methods
Influencers can be paid in a number of different ways, depending on their content. For example, some influencers prefer to use Paypal for safer transactions, whereas some prefer to be paid directly through bank transfer. Establishing your desired payment method beforehand can make it easier in the long run, assuring that you will be paid correctly when you finally complete the project.
As the influencer marketing industry continues to grow in both popularity and size, it is important that influencers are paid accordingly. A rate card is an invaluable asset to any influencer as it allows them to gain full control of their content and ensure that they are financially secure in their work. To discover more about influencer marketing and the resources you need to be successful, visit our website.