There comes a time when you have been blogging for a while that thoughts turn to making some money from your efforts. You’ve seen and heard of other bloggers and platform owners doing it so why can’t you? People turn to monetising their blogs and platforms for different reasons including earning a bit of extra income each month to supplement the one from the day job, whilst others dream of turning their platforms into their full-time job and being paid to do what they love.
Whatever your reasons there are many different ways to earn an income from your blog or social platforms. And one of the current popular ones is to work with companies and advertisers by charging a fee to share the product they want you to promote with your audience. This is known as sponsored posts or advertorials. And when you do one you need to make this clear to your audience that the post is sponsored. Sharing sponsored posts brings with it the challenge of how much to charge on average per post. And is a question many bloggers and platform owners have.
There is no one size fits all answer, because there isn’t a set figure or formula to help you do so. Figures vary wildly so it not uncommon to hear bloggers and influencers saying they charge on average per post £50, £150, £2000, £10000+. So instead of running with the crowd and being sucked into the hype find out what works for you. It will take a bit of research, investigation, and negotiation on your part. As well as listening to what your instinct is telling you.
To work out what you need to charge for your posts you will need to consider:
What industry you are in
Lifestyle, fashion, beauty, interiors, food, travel, and business to name a few are highly popular and therefore competitive categories. With competition the more competitors there are the wider the pool the advertiser has choose from and therefore offer low rates. That is not to say that bloggers and platform owners in popular competitive categories do not command high rates, quite the contrary. Those who stand out and make it to the top are ones who can command the 5 / 6 figure rates per post. And it is unsurprising that this level includes celebrities and other well-known personalities. But as a number of bloggers and platform owners have shown you can make your way into this group with the content you offer. If you are in a competitive category look for a niche that you can establish yourself in and attract the relevant sponsorship opportunities.
What value you offer
Content is king in the blogging and social media world, and is what builds your audience, in turn attracting companies wanting to work with you. How much effort do you put into creating your content? For example, if you consistently create long 1.5k word posts, or style and photograph each and every image you put out, the time and effort required will affect what you will charge for sponsored posts.
Your number of followers and, the level of engagement you have
An advertiser is paying you to promote their product or service so is looking for a return on investment. A high number of followers used to be the criteria for who to work with but advertisers were finding out that a large following does not always equate an engaged audience. As a result, there is an increasing shift towards working with bloggers and platform owners that have a small number of highly engaged followers and can prove it.
What advertisers you want to work with
Whilst you can not control which advertisers approach you, you do have control over the types of companies you want to work with, ie choosing to promote the products of small independent brands versus big internationally recognised brands. This means a small independent is most likely not going to have a big budget to spend, whereas a big brand will pay out a lot more to work with a highly visible blog or platform.
What others on your level are charging
Some blogger or platform owners share their charges on their websites and in posts, so make a note and compare a few that you find. However, not everyone is open about how much they earn for sponsored posts. You can directly ask a blogger or platform owner, but chances are you will get a vague or no answer at all. So what’s the alternative? A Google search engine search will lead you towards blog posts with the information you are after. Go through a few to compare the figures they are talking about and identify what’s common. Another way to find out is by asking the question in your communities like Facebook Groups or if you get chatting to someone at networking events, conferences and workshops. People are more likely to open up to you if they know you or feel comfortable with you. So establish genuine relationships first before diving in with the question.
What the company is willing to pay
Ask the advertiser what they are willing to pay. It takes the guesswork out of the process by giving you a starting point as you may find that their figure is more than what you had in mind, or if lower you can negotiate or revise your expectations. After working with a couple of different advertisers and if you find that the prices are a similar use this to set your prices without always having to ask.
As you can see there are a number of factors to consider is setting your rates for sponsored posts. I would suggest testing out a few price points to see what you feel comfortable with. And remember prices are not fixed, so make sure you adjust what you charge on average per post as your blog and platform grow.
– Tapiwa[Image credits: The image shown belongs to Plush Design Studio on Unsplash. If downloaded and used elsewhere please credit accordingly.]