How to Negotiate with Influencers in 6 Steps
Updated: Jul 20, 2020
Negotiating with an influencer is tricky.
You need to make sure you’re offering them fair compensation for the work you are expecting. At the same time, you may need to work with a limited budget.
How can your brand find the right balance between the two?
To hit the sweet spot, you need to master the art of negotiation.
There is no fixed pricing structure for influencer collaborations. Most brands determine the compensation based on the influencer, content, and campaign requirements.
That’s what makes it difficult to negotiate with social media influencers.
But with a little research and preparedness, your brand can easily navigate these murky waters.
In this article, let’s take a look at how you can negotiate for an influencer deal.
How to Negotiate With Influencers: A Reliable Guide For Small Businesses
If you want to negotiate effectively with influencers, you need to be clear on your priorities. At the same time, you need to understand what motivates social media influencers.
With a little bit of planning and groundwork, you can extend a mutually beneficial deal for both the involved parties.
Here are some tips to help you nail the negotiation process for your brand’s next social media marketing campaign with an influencer:
1. Be Thorough With Your Research
When you are reaching out to an influencer with a collaboration proposal, it’s similar to extending a job offer. You want to make sure you’re partnering with the right influencer and offering them a great deal that they can’t resist.
Even before the actual negotiation process begins, invest time into researching the influencer and their content.
Here are a few things your brand should check during influencer evaluation:
Influencer Media Kit
To make the whole process quicker and more straightforward, you can leverage influencer marketing platforms like Fourstarzz Media. On our influencer marketing platform, you can get a comprehensive influencer report on all of the listed social media influencers.
From the credibility of followers to influencer follower growth, content engagement, and interests, you can check it all out within a matter of minutes.
Here is a screenshot from an influencer report from Fourstarzz Media:
2. Determine Influencer Compensation
Let’s be honest:
You can’t randomly decide on an estimated post value or sponsored content. There needs to be some basis for it. Otherwise, it’s like shooting without an aim.
You can use rate cards as a yardstick to negotiate.
However, your brand shouldn’t move ahead with a “one-size-fits-all” approach for your marketing campaign.
You should determine fair compensation based on the influencer deliverables and campaign details.
Before you come up with the final number, also consider if a fixed price (pay per post) model or an affiliate-based commission model will work better based on your campaign goals.