In recent years, managing social media has evolved into a lucrative career. As a result, we are seeing more and more freelancers began to pursue this role.
For those who are just starting out, though, it's not always obvious how much you should charge as a social media freelancer. Listed below is a full breakdown of all of the factors that you should consider
As you might assume, a primary factor when it comes to determining your rates as a social media freelancer is the level of experience that you have.
Those who have worked in the industry for an extensive amount of time will likely have a comprehensive portfolio of their past work. This will allow them to use these projects as leverage in order to secure higher rates.
Someone who does not have an abundance of work to showcase might have a more difficult time convincing a potential client of their capabilities.
Unfortunately, being relatively new to the industry often means that you will need to charge lower rates even if you are able to provide top-tier work. The good news, however, is that your work will speak for itself and you will be able to quickly move up the ranks.
Larger businesses often have far more social media obligations compared to smaller ones. Of course, this directly translates into more work on your end.
After researching the size of the company and getting a feel for the type of campaign they want, you can decide if you would like to charge for the entire project or per hour instead.
In general, charging clients for the entire project at once is recommended if you are confident that you can finish it quickly.
If you feel as though the campaign will take a significant amount of time and require additional research, charging an hourly rate is a more favorable option.
Interestingly, many new freelance social media managers fail to consider whether or not they will be responsible for creating social media content. However, this is often a fairly large responsibility in itself.
Even something as simple as taking product photos could add a handful of hours to your workload. So, this is something that you should be compensated for.
On the other hand, some companies have their own internal teams that are dedicated to content creation. In this case, you will simply be tasked with properly uploading and managing this content.
Although this may reduce the total amount that you can charge, it will free up extra time for you to take upon additional projects.
Some freelancers choose to outsource their content creation to other individuals. You can take advantage of our collaboration tool to properly track the time that each professional works on a particular project.
You can check it out here.
Influencer marketing is one of the most efficient ways to grow your presence on social media.
For those who are unfamiliar with this term, it involves leveraging the massive following that a social media influencer has in order to gain notoriety for your brand. In practice, this could involve sending someone a free product for them to use and review, having them give your brand a shout-out in one of their posts, etc.
Regardless of what method you choose to use, working with influencers isn’t always easy. They are often difficult to get in touch with, and they may not be interested in working with your brand for whatever reason.
In fact, it’s not uncommon for building influencer relationships to be a full-time job in itself.
It’s imperative that you keep an eye out for businesses that treat influencer marketing as an afterthought. It will likely be one of your core responsibilities in terms of how much time you spend on different tasks.
If you find yourself in a situation where a potential client casually mentions influencer marketing as one of your obligations, ensure that you are prepared to charge them accordingly.
When people reach out to a brand through social media, they often aren’t actually getting in touch with someone from the company itself. Instead, they end up speaking with the social media manager for that particular brand.
As previously mentioned, some businesses have internal teams that handle specific tasks. If you’re in charge of handling customer service obligations, this should be integrated into the rate that you charge your clients.
This is particularly true for large organizations. Having a larger audience will lead to a larger volume of customer concerns.
Even answering basic inquiries can quickly become overwhelming if you have an outstanding number of other responsibilities for that client.
Using the above information, it’s possible to calculate how much you charge depending on your level of experience as a social media freelancer.
For those who have only a handful of years of experience in the industry, it’s typical to set your freelance social media rates at between $15 and $50 per hour.
Of course, this number will be impacted by your responsibilities. Those who have approximately five years of experience in the industry could charge a bit more.
This typically amounts to be between $50 and $100 per hour.
At the higher end of the spectrum, veterans of the industry who have around a decade of experience can charge over $125 per hour for their services.
We're proud to offer a unique tool that allows freelancers to streamline how they track their time for the project. Not only does this lead to a better client experience, but it ensures that you are compensated for the amount that you are owed.
You can visit this resource to learn more.
As long as you consider the above guide, you’ll have no trouble advancing your career as a social media freelancer. This will allow you to secure new clients and boost your overall revenue faster than you anticipated.
Want to learn more about what we have to offer? Feel free to get in touch with us today and see how we can help.