So, you've decided to integrate influencers into your marketing campaign. That's a great decision! Influencer marketing is a powerful method to attract new consumers and promote your business. But before you start reaching out to influencers, there are a few things you need to know about negotiating pricing. In this guide, we will walk you through the process of negotiating rates with influencers, so that you can get the most value for your money.
Before you start negotiating, it's important to understand how the influencer marketing process works.Typically, when you work with an influencer, you will enter into a contract in which the influencer agrees to promote your product or service. In exchange for this promotion, you will pay the influencer a fee.
The amount of money you pay an influencer usually depends on several factors, including the size of their following the type of promotion and how many times they are going to promote your brand. It is always good to target several influencers, if you reach out one by one the process can take much longer than needed.
Before you start negotiating it's important you have a targeted list of quality influencers that you want to work with. When selecting influencers, it's important to consider their following size, engagement rate and who their audience consists of. InfluencerDNA can not only help you find the right influencers for your brand but we have a dashboard to keep track of all your negotiations and contracts.
When you are negotiating it's okay not to accept the first price an influencer gives you. Influencers are used to people haggling over their rates, so don't be afraid to ask for abetter deal. Just make sure that when you do negotiate, you are respectful and polite.
When negotiating, it's critical to be honest about your budget. Influencers want to work with brands that are a good fit for them, they also want to be paid fairly for their time and effort.
Before you start negotiating, it's important to have all the resources you need in order to make this processas seamless as possible. This includes the following:
This should outline who you are, what your product/service is and what you are looking for from the influencer. An influencer presentation template is crucial as it gives the influencer a better understanding of what you are looking for and could speedup the negotiation process.
This will help you stay within your budget when working with influencers. Please note that not all influencers are the same. You will need to spend more on bigger influencers. By having a good budget in mind, you can target your influencers better which will save you both time and money
This document will outline the expectations you have from the influencer, such as what type of content they will create when it needs to be delivered and any other stipulations. A terms of service will help with any confusion from both parties.
The negotiating process can be a daunting process for some, but it can be a breeze for both parties if done correctly. Here is a step-by-step guide on how to successfully negotiate withInfluencers:
Once you have found your quality list of influencers that have been approved by Influencer DNA and the 50 plus smart filters, it's time to spend a little bit of time on each Influencer’s profile.
Check the Influencer style of posting and how they interact with their followers. This will give you a good idea of what style of content will resonate best with their community.
Many people make the mistake of sending a one-size-fits-all message to Influencers when trying to negotiate.Influencers can spot this from a mile away and it will likely have a negative impact on the negotiation process. When reaching out, take the time to personalize your message and make it relevant to them and their audience.
This could be mentioning a post they recently made, a mutual connection or anything that would show that you have done your research.
It is always a good idea to build rapport with Influencers before starting the negotiation process.Influencers are more likely to listen to your request if they feel like you area friend, not just another salesperson trying to push their product or service on them.
This will also let you know if they are the type of person you want representing your brand.
This is one of the biggest mistakes business owners make when working with Influencers. Not setting clear terms for what is expected from both parties can lead to confusion and conflict further down the line.
When negotiating, make sure you are specific about the deliverables on both sides. This will avoid any confusion and guarantee that everyone is in agreement.
Offer an exact price for the specific deliverables to ensure both parties are on the same page.
Influencers are people too, and like most people, they love getting perks and incentives. If you can offer Influencers something that they wouldn’t normally get, such as a free product or exclusive access to your product/service, it will sweeten the deal for them.
However, be careful not to overdo it as Influencers are likely to be inundated with offers like this.
You have established who you want to work with, reached out in a thoughtful manner and established clear deliverables along with pricing.
Now It is important to always follow the data. Influencer marketing, when done correctly, will generate a positive ROI for your business. By tracking the results of your campaigns, you can see what is working and replicate it in the future.
The best part is at Influencer DNA we track all your campaigns so you don't have to. Influencer DNA is a one stop shop to take care of not only the negotiating process but the campaign tracking.
There are a few things you want to avoid when negotiating with Influencers for your campaign:
Influencers will likely shutdown if you come across as too pushy or aggressive. Remember, you're attempting to create a connection with them, not simply sell them something.
If an Influencer is worth working with, they will likely have other offers from competing businesses. Don't try to lowball them on price since they'll be much less likely to work with you if you do. It's okay to negotiate especially for a large campaign just remember to be realistic.
When negotiating, it's important to compare prices and see what is fair. However, don't focus solely on price as other factors such as deliverables, relationships and engagement should also be considered.
If you are looking for more advice on influencer marketing or want to speak with one of our experts, feel free to reach out today. We would be happy to help!
Influencer marketing has become a huge way of reaching more people and increasing sales for your brand. By following these negotiating tips, you will be able to get the Influencers you want working for your brand.