Happy New Year! Maligayang bagong taon, besties! I’m so excited to start new and hit the ground running. UGC (User Generated Content) Creation is still predicted to be the biggest money maker for this year, so know that I’m already working on courses, freebies and more “how to” resources, for you. In the mean time, I’ll be continuing my own growth journey, both personally and over on TikTok, taking Auggie to Disneyland whenever I get the chance, and figuring out the new me as a single parent. Lots of big things happening here and it’s only the first week of the year.
Now, let’s talk money.
The influencer industry is projected to reach $4.6 billion this year alone (and I’m just talking in the US). More and more brands are realizing the power that voices like ours have vs these massive unrelatable ads. I’ve set high goals for myself this year, have you?
How Do You Know When It’s Time To Raise Your Rates?
You should be increasing your rates by at least 5% every year.
So at minimum, if nothing else has changed, increase your rates to keep up with inflation.
Your following and engagement have increased.
Have you started finding your groove with Instagram reels? Have you found that your following is growing and people are engaging more and more with your content?
Your content quality has improved.
Did you get a new phone? New camera? Master the art of perfectly lighting your photos and reels? Are you making truly ad worthy content and leveling up?
You’re growing on other platforms too.
My own personal goal is to create more on TikTok this year, but there’s also big money to be made on Pinterest. Plus, having a great reach and following on multiple social platforms incentivizes brands to pay more knowing you have a bigger audience.
Brands are saying yes to your rates right away.
This is an important one. You want to leave room for negotiations, on both your ends, if the number you’re quoting brands is being accepted right away, you could have asked for more. Don’t be afraid to shoot for a (reasonably) higher rate, because the worst thing they can say is no and from there you can negotiate an agreed upon rate. If you need help with negotiating, check out my signature Product to Paid course where I help teach you how to negotiate with brands.
Things to Keep In Mind When Setting Your Rates
What are the brands goals, often labeled as their key performance indicators (KPI)?
- Increasing brand awareness
- Increasing sales
- Increasing followers
How will you and your content help them with their KPI?
Have you increased your rates for 2023, yet?
Hope this post helped, besties. If you liked it, you can save it on Pinterest: