This post is brought to you by Secret Bloggers' Business.
One of the things I really love about blogging, is that it is a career that works for people from such a diverse range of backgrounds, industries and experience levels.
But what this fantastic diversity also means is that unlike pretty much every other occupation on the planet, for bloggers there is no real industry standard for things like how much bloggers can or should charge, and no specific career ladder to climb to get to that next income level.
And because everyone is just making it up as they go along, things like working out your rates and media kit can be a migraine-inducing nightmare for even the most experienced of bloggers (I started my blog at www.dropdeadgorgeousdaily.com in 2007, and I still find it tricky).
It can also make it hard to justify the value you and your blog brings to a brand, when the number is just plucked out of the air.
My mission: No more BS around how to make money from blogging!
This year I decided to make it my personal mission to try and clear up some of the murkier areas of blogging, through both my new blog (Secret Bloggers’ Business), and also my new online blogging course (there’s a $50 off voucher below!) where I dedicate 3 out of the 6 weeks to the proven strategies and actions bloggers need to take to start really making regular money from doing what they love (the rest cover things like getting more traffic, working with brands and all that other good stuff).
And the first place we start is with how to figure out exactly what the value is of one of your blog posts. And it’s not just knowing what you can charge, but knowing why you can charge it. Because once you know the actual value of your product (which is what your Sponsored posts are), then it makes it so much easier to sell when a brand comes knocking as well.
Now there are three factors that need to be considered when pricing anything you do.
1 – How much time and skill is creating this going to take (that is, how many hours do you need to actually create the post)?
2 – How much coverage and value is the brand going to receive from having this on your blog (this is all down to your number of visitors, how much interaction you get etc).
3 – What is the market willing to pay? Sadly, advertising is still a free market, and so you do still have to take what buyers expect to pay into consideration as well (but just because a brand only wants to pay you $100 doesn’t mean you should take it!).
How you actually calculate your Sponsored post rate should be roughly as follows:
Number of hours spent creating/writing the post x Your post creation hourly rate (aka $50) + Number of specialist hours spent aka styling and photography x Your specialist hourly rate (aka $100)
= This equals the bare minimum you should be charging.
ie: 2 x $50 + 1 x $100 = $200 (minimum Sponsored post cost)
As a minimum I would say you should charge at least $50 per hour for post creation, $100 per hour for photography, and $150+ per hour if you are a real expert in your field.
Next we figure out how much your sponsored posts are actually worth as far as the coverage they provide to the brands you work with.
You calculate that as follows:
Minimum Sponsored post cost (as above) + (Average number of comments per post x $5) + (Average number of views per post x $1.50) + (Average number of Social Media shares per post x $5)
= Total value of your sponsored posts.
ie $200 + (20 x $5) + (500 x $1.50) + (10 x $5) = $1100 per Sponsored post
Now of course this is just a guide, but I hope you found this simple calculation a good starting point when you are next updating your media kit, or responding to a Sponsored post request. And don’t forget the service you/we provide brands really is just so valuable, and we need to be charging what we are worth!
Go pro now and get $50 off!
And if you would like to learn more strategies for making real money, reliably from your blog, from someone who has built a multiple 6-figure blog that employs four staff (that’s me) then I think you will love my Secret Bloggers Business eCourse .
And right now I am offering the lovely IFB readers $50 off when they enrol now with code IFBFRIENDS50, offer ends June 10th.
For more info, or to enroll now, head to www.secretbloggersbusiness.com now.