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The first question we get when talking to nonprofits and impact organizations when it comes to influencer marketing - “How much is this going to cost?”
Well, it’s complicated, and creator compensation is hard to generalize, which is why we recommend setting rates on a case by case basis. That said, here’s a few ways you can understand the rates required to work with creators:
Tip #1) Engagement > Following
One of the most important things to look at when determining budget for influencer campaigns is the engagement rate of the creator – this number will tell you a whole lot more about the ROI than follower count will.
With algorithms changing across all social media platforms, the content that users consume is no longer only determined by who they follow, but has now shifted to the app showing users the content that they predict it will enjoy. For this reason, not all of a creator’s followers will even see their content!
With this in mind, take a look at the average views and engagement of the creator’s content, and make sure to take a look into brand collaborations that they’ve done in the past. This will provide a better understanding of what you can expect from a brand collab in terms of reach and conversions.
Tip #2) Break down your goals
Take a step back and think about why you’re working with creators – is it to drive website traffic? Donations? App downloads? Profile follows?
Then, think about how many clicks you’re going to need to reach the goal you’re shooting for. By thinking through this, you’ll have a better idea of the CTR needed to attain that and you can find a creator with the proper engagement rates to get you there.
Tip #3) Understand creator’s perspective
It’s also important to understand that not all creators are the same – some creators dedicate a large part of their day to brand collaborations, while others may have very limited time to work on partnerships.
Because of this, creators of the same engagement rates and/or following may charge different rates. But it’s not something to get bothered or frustrated with – creators are normal people too with a lot going on!
Tip #4) Still lost? Use our calculator!
If this blog didn’t make it clear enough, determining rates is far from a perfect science. BUT, there are still some options to use data out there. Check out Hashtag Pay Me.
While some creators may charge more or less based on their current availability for brand collaborations and/or other factors, this calculator can get you started in understanding what the rates may be for different types and sizes of creators.
Tip #5) Ask creators for feedback
Creators are people, just like us. If you have a question about how they came to their rates, just ask them!
It’s also important that you are transparent and clear with creators if they have questions about your budget as well! All partnerships are better when we’re more honest and clear about expectations and justifications for different deliverables + rates.
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We hope this was helpful in providing a basic understanding of how to negotiate with creators and how to determine your influencer budget! If you have any specific questions or just want to chat creator work, make sure to reach out!
And as always, make sure to sign up to Currant to let US take care of your influencer needs! <3
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