HOW TO MAKE MONEY AS AN INFLUENCER

‘Influencer’, despite being a debated title for the industry and outsiders alike, is useful for one central reason: its multiplicity. Influencers are ultimately self-created hybrids – not a journalist, photographer or model (for instance), but any combination simultaneously. 

As we work towards a fully matured industry, we’re seeing influencers grapple with this dichotomy, with their own audiences as well as the brands they work with. It may feel like branded influencer content is everywhere (and we’re told again and again that audiences are reaching saturation point) but this doesn’t mean there isn’t space and demand for creators to make, share and expand the digital ecosystem. 

In our mind the issue with establishing a payment ratio or structure for the industry is also its beauty: no two influencers are the same. To put it bluntly, one man’s waste is another’s gold; some fees work for some and not for others. We’ve seen a lot of pricing-hype based around total following, which rarely is how a brand structures fees – and furthermore, lacking any consideration for the brand-side issues that led to a suggested fee in the first place.

Influencers aren’t getting paid for a variety of reasons… And we need to change that. Influencers often don’t know their worth, or struggle to negotiate effectively which can alienate brands that want to work with them. Furthermore those that are getting paid have most likely set those rates based on a wing and a prayer, rather than any experience in digital or advertising pricing... 

The good news is that there are real opportunities for growth and change. Here’s how to get started on monetising your audiences as an influencer, or progress if you’re already earning.

1.     DO THE WORK

Finding your expertise will distinguish you as an influencer with influence. The possibilities are endless whatever your niche, from content subscriptions and digital products to physical merchandise. The crucial point is that it must be a good fit for you.

If you can facilitate and inspire change for your consumers, all the better. From a personal finance eBook (@the.brokegeneration), coaching resources (@lucysheridan and @natlue) a business school (@sarahakswombe’s @nobullschool), diverse book club on Patreon (@theartisangeek) or Adobe Lightroom presets (@bethsandland) there’s no limit on what you can offer.

Champion yourself, and the aspects of your skillset that you’re really proud of. It isn’t about finding a ‘side hustle’ but creating a portfolio of work that really speaks to your personal values and goals. See @vixmeldrew’s brilliant post on developing brand values as an influencer.

2.     NOW SHOW YOUR VALUE

Share your new ventures with your existing audiences – they already have an established relationship with you so they’re your default place to launch anything new. It’s called the creative economy for a reason, and DTC communication allows you to bring your products to those who are already motivated to spend. They’re buying into you as well as the merch you’re offering.

3.     DON’T UNDERSELL

It’s OK not to give everything away for free, particularly if you already have an audience. The rise of new ways to monetise content and create revenue streams for influencers are designed to help you grow your budding business without disrupting the communities and engagement that you have built by giving creative away for free.

Platforms like Patreon are here to support creative endeavours and give fans an opportunity to put their money where their mouths are – and pay you directly! This allows you to give access to exclusive content, created to suit this passionate subset of your audience. It’s an opportunity to invent the projects that aren’t necessarily universal – and will be all the better for it.

4.     DON’T SLEEP ON THE CLASSIC INFLUENCER TOOLS

Branded partnerships aren’t going anywhere fast – they just don’t look exactly the same. These new iterations represent changing tastes, expectations and demands in the influencer world; as demand for authentic content that really represents true values rises, so does oversight on the way that influencers conduct business. If you struggle with getting access to paid campaigns, then check out our article on pitching brands and attracting clients as an influencer for help on kickstarting the relationships you need. 

Be mindful of how the content you are already creating can be monetised. It was announced in May 2020 that Instagram would be introducing new ways to support creators, including ads to accompany IGTV content mimicking YouTube’s ad revenue split (55% given to creators). While this naturally benefits Instagram and Facebook, it’s a way for the platforms to incentivise creators to create content with ad revenue in mind.

If you are receiving gifted products from brands but not being approached for paid campaigns, then this is an opportunity to upgrade the relationship. Affiliate links are still an effective way to earn from the work you do as an influencer – yes, it’s not as dependable as a fee-paying campaign but affiliate sales can also be used to persuade brands of your clout when it comes to moving product. It’s crucial to see brand relationships as total entities, not just one offs. Follow up, share analytics and plan for the future.

5.     KNOWN YOUR WORTH AND CHARGE ACCORDINGLY

This can be challenging if you’re starting out or creating something there isn’t a benchmark price for. But there are ways to ensure that you are celebrating your skills AND being paid fairly. We see the term ‘money mindset’ spoken about a lot in the influencer community, and this is the time to get yours in shape.

Start by factoring in ALL necessary requirements for creating the content in question, including your own time. Many content creators and small business owners forget this, but unless your total investment (including time, effort and assets) adds up then you’re going to be undercharging.

This advice also goes for campaigns. There is no hard and fast rule for how much you should charge, but if you know how you can bring value to a brand then you can price accordingly. Fees must be created with reason in mind. 

Remember that #gifted cannot legally be used when product has exchange been exchanged and specific deliverables requested – gifted means just that, no obligation to post. So how do to consider ‘payment in kind’ arrangements? Highly useful at developing relationships, and deployed wisely, an effective foot on the ladder to getting paid campaigns, appearances and ambassadorships. Use affiliate platforms when creating content around gifted/press products and gather data that shows how motivated your audiences are.

Fundamentally as an influencer you should be thinking about how to build as many ways as possible to be remunerated for content – while always ensuring that your value is appreciated. Dependence on single platforms or just taking the brand partnerships offered to you doesn’t represent sustainable growth or a future career. Influencers have so much expertise and experience to offer to their audiences, which doesn’t cannot necessarily be squeezed into 1080 x 1080 pixels and 2,200 characters… So dream big.