Registering on a data-driven influencer marketing platform gives a great start to your influencer collaboration. But there is no standard pricing in the industry for influencer collaboration. This is the reason negotiating with influencers is the trickiest part. On one hand, you have your budget limitations while on the other hand, you need to take care of the influencer’s interest. It makes the job difficult.
But with a little research, you could master the art of negotiation with influencers. Here are some insider tips to get you started:
1. Be Specific About Your Content Needs
Being ambiguous about content requirements while interacting with influencers brings a lot of confusion to the parties involved. Eventually, most influencers end up giving you a higher quote than usual. It’s because they perceive things in a different way than you want to convey to them. You should be very specific when asking about content timelines, engagement expectations, quantity and nature of the content. It’s the only way to strike a great deal.
2. Discuss Content Usage Rights
To negotiate a better deal with social media influencers than usual, you need to stay transparent about everything. You need to talk to influencers about the post ownership rights. If you want your brand to take ownership of the content usage rights, you need to discuss it beforehand with influencers. Also, you need to clearly mention it in your contract.
3. Set the Price As Per Engagement Levels
You might have some expectations about the content engagements. You need to reveal it to the influencer and set up a threshold engagement level for each post. However, you should also talk about a different compensation approach if the content fails to meet the expectation levels you have agreed with the influencer. This way you would be able to put a tab on the pricing and negotiate effectively.
4. Offer a Long-Term Partnership
An influencer might like to charge high for a short gig. But for the long-term collaboration, he might be willing to negotiate a lower price than usual. You could leverage this opportunity to build a long-term relationship with the influencer while keeping the budget to minimal.
5. Consider Offering Perks
If you don’t have a whopping amount of money to spend on your influencer marketing campaign, you can still compensate them with perks. You just need to jot down a few creative ideas to pitch the influencers smartly. If you do it right, there are chances that the influencers will agree to negotiate a lower fee with you than their usual fee. Put your negotiation skills to work and you will be amazed to see positive results.
Remember that negotiation with influencers isn’t any rocket science. You could make easily make it through with a little bit of smart work. Using a data-driven influencer marketing platform works like a charm if you can negotiate a better deal with influencers. Some of the useful tips have been mentioned here for you to put to work and meet your campaign’s objectives in your budget.