Finding influencers beneficial for your marketing campaigns is one thing. But negotiating win-win deals with the same influencers is another. Sometimes, a successful collaboration happens very quickly. And sometimes, it might take much time to build a comprehensive relationship with an influencer. However, in most cases, you need to work on your strategy and go with the budget you have.
But sometimes, the same influencers ask you to charge more. There are great offers, compensation packages and contracts you can offer to these guys. Why not take a look at how a successful influencer partnership takes place!
Why Negotiation Is Important With Influencers?
It’s important before you are going to hire or choose an influencer for a long-term partnership. You want to be highly transparent and decide on prices at which both parties are happier. This way, everything goes smoothly. An influencer who has signed the contract keeps contributing their efforts to your cause.
This ultimately brings best results in selling more products and finding more clients booking you services. That’s why, before any of this happens, negotiate, talk, communicate and share your goals with the influencer. This way, the person would know what actually he needs to work on. And it will also be a transparent process where you both have agreed to an acceptable pricing.
How Do Influencers Charge Businesses Based On their Popularity?
Before you learn those tactics of negotiation, let me help you understand how influencers charge. This is basically dependent on several factors. Mostly, an influencer charges you more bucks just because he is niche relevant. Other times, they do because they have significant fan following.
However, in all cases, influencers charge from your social media or e-commerce brand based on following factors:
Charging Customers Based on Influencer’s Followers
Influencers come in multiple categories depending on their followers. An influencer who has grown his TikTok followers up to 5M will likely charge you more than an influencer who just has 1M followers on the same platform. Therefore, these costs are aligned with the social media followers of a specific star.
Having Niche Specific Content Increases Their Prices
Often, it becomes hard for brands to find niche specific audiences. If you are selling something very unique, there are less chances of finding any relevant influencers. However, when an influencer has a monopoly in your area, his pricing would be more.
Consider a women influencer promoting beauty products in her makeup tutorials. Now consider that she is the only one in your target area of service. Automatically, when she will find this, she would be willing to charge you more.
Influencers With More Organic Reach
Some influencers might have millions of followers, But no reasonable organic reach. Organic reach is crucial for brands to understand the impact. This means finding a real audience on those influencer’s profiles. If you see a high number of people liking, commenting and sharing an influencer content, that means, there will be more charges to bring the same influencer in your marketing campaign.
Other Factors That Influence Price
All other things that could affect a deal are included here. This depends on how an influencer takes your offer and is willing to respond. The content is considered. Also, when there is a One Time collaboration, influencers charge more than working for long term partnerships.
How To Negotiate With Influencers By Offering Best Deals and Contracts?
Now that you have known what influences and influencers to raise prices, you will be able to understand how to negotiate effectively. But whatever you are going to promote through this collaboration, here are some mandatory steps to remember in forming such a collaboration!
Understand Your Goals:
You need to set some clear objectives and define some approachable goals before you form this collaboration. Let an influencer know what you want to achieve from this specific short term or long term partnership. It could be based on having better brand awareness. Or it could be based on increasing your followers. Whatever it is, let the influencer know.
Be Transparent in Your Process
Never hide anything from your influencer and ask for any details or data from that person too. You can ask for their previous history on social profiles. It could be the growth in followers, reach, engagement and other metrics. Tell them that you are willing to offer this price for a specific project.
Decide Your Budget Prior To Collaboration
Having a strong budget allocated for this collaboration in prior is mandatory. Therefore, you should allocate some funds for influencer marketing. By having that funds, you need to get an influencer within that budget. It could be high sometimes, but it should be near to the pre-allotted budget.
Negotiate If The Influencer Asks To Charge Higher Amount
If the influencer is asking you to pay more money, be gentle and try to communicate. Influence him with your store deals. Or consider sending some free products to his house. This way, you can form a sound partnership.
Moreover, you can also go for one time collaboration and ask the influencer that you will come again for a long term contract.
Enjoy The Benefit of Influencer Marketing:
Finally, when the influencer is ready to sign a contract, be bold and send a good gesture by saying “Thank You.” Now, your influencer will be busy in creating content and planning to publish it on those enchanting social media profiles. With this, we sum up here and see you in the next guide where we’ll learn more about influencer marketing. Hoping to see you soon!