An Influencer Guide: How to Negotiate with Brands
There’s a lot of talk about influencer compensation lately, and it’s all pretty scary. The fact is that people are getting paid less, and brands are looking for more influence from their influencers. But there’s a way to navigate this new landscape: by negotiating.
It’s no secret that brands want you to be more active on social media and make your own content—but they also want you to do it for free. And if you’re not careful, you can end up paying for your own products in the long run. You need to set boundaries with brands so that you’re getting paid fairly for your work, but also so that you are left with nothing at the end of the day.
So, when you have the chance to negotiate a deal with a brand, you need to know how to do it wisely. In this blog, I’m going to show you how to do just that and get the brand deal you want.
Educate yourself.
Before you start negotiating with a brand, it’s important to have a firm grasp of the facts. If you’re using your social media presence to earn cash, then you need to be aware of what kinds of deals are possible. You should also have some idea of what other influencers are getting in their deals—and how much they’re charging for their services.
You can find information about this on blogs and in marketing materials! Check out a brand’s blog or social media accounts or contact them directly to learn more about their goals and strategies. The more information you have, the better equipped you’ll be to make an informed offer that benefits everyone involved!
Know your worth.
You’ve got to know what kind of exposure, engagement, and followers you are bringing to the table for a brand, and then decide what that value is worth to you.
If you’re new to Influencer marketing, this may be hard to get started with. But if you have some experience under your belt, it’s going to be easier for you to understand how much time and energy it takes to bring in a certain amount of engagement or exposure. And once you start getting offers from brands, it will become a lot easier for you to compare offers based on their projected value.
Plan ahead and keep meeting notes.
You never know when you might need to refer back to a previous conversation, so it’s good to keep notes from every conversation you have with a brand. Make sure that your notes include the date and time of the call, who was on the call, what was discussed, and any action items for the next steps. You can even mark down key phrases that came up in the conversation. This will help you stay organized and make sure nothing falls through the cracks!
Make sure you’re prepared with information about yourself and your audience before asking for something from a brand.
Don’t go into a meeting unless you know exactly what it is you want out of it! That way, when someone asks what your goals are or why this opportunity is important to you, you’ll be able to give them an answer right away because those things have already been thoroughly considered by the time they ask.
State your value.
Before you even start talking to any brands, you need to have an idea of what kind of value you can bring them. Think about how many followers you have and how many engagements each of those followers generates for brands—then think about how much money you’ve helped those brands make. That’s the kind of information that will help you in negotiations with brands later.
Don’t be afraid to ask for what you deserve. If there’s a fee associated with your work, make sure it’s fair and based on industry standards. If there isn’t one, consider offering one yourself. And if there is one but it seems too low, don’t be afraid to negotiate!
Sell yourself to brands.
When it comes to negotiating with a brand, confidence is key! You’re going to be asking for things from them throughout this process, so make sure that you believe in yourself and your work enough that they’ll believe in it too!
If you know how to talk about yourself in terms of what you can bring to the table for your brand, then you’re on your way toward getting better deals out of them. When a company sees that they can get something valuable out of working with you, they’ll be more willing to work with you on price points and other issues related to compensation.
Be prepared to walk away.
It’s important that you’re able to stand your ground. You need to know what your boundaries are and what you can live without—and if the terms of the deal don’t bring those things together, then you need to trust yourself enough to walk away.
It’s not easy! It can feel like a huge loss when another brand turns down your offer or doesn’t accept the terms of the deal. But remember: if this brand isn’t willing to make concessions for YOU, there will be plenty of other brands who will!
Sometimes the best way to get a good deal is by knowing when not to accept one. It’s all about knowing what your bottom line is and sticking to it. You can always come back later when you are more established and have an even stronger hand in negotiations.
Be prepared to counteroffer.
It’s important to be prepared to counteroffer if the brand asks for a lower rate. This is especially true if you’re negotiating from a higher rate than the brand is offering.
Brands can be nervous about hiring someone who charges more than they’re comfortable with, so it’s important to be able to explain why you charge what you do and justify it by pointing out your strengths and skills.
You should also be prepared to offer concessions, if necessary, to make sure that both parties are happy with the final agreement.
Takeaway
With new, exciting opportunities in the market like Influencer and brand collaborations, it’s important to have a workable method for those collaborations. This Influencer Guide provides some essential tips and advice for negotiating successfully with brands you want to work with. Use them wisely, and you’ll reap the rewards of building up a rewarding relationship that can last long after your initial collaboration!
