How To Nail A Negotiation With Influencers ?

Negotiating prices with influencers is not an easy task. Compared to traditional marketing, there are no universal rules to know how much an influencer will cost. On the contrary, each contract is different and you never know what requests or demands an influencer might have. 

This article will help you to successfully handle a negotiation with influencers. 

As the influencer marketing agency, you must be the first one to come up with a price. In order to do so, there are several variables to take into account so you avoid underpaying or overpaying. It’s important to propose a price attractive enough for the influencer to even consider the project, without going over your budget. 

Get the right data 

It’s no surprise that the more followers you have, the higher your prices will be. Therefore, before even contacting the influencers you have to know its size i.e. the number of followers, engagement rate and status. The higher these variables are, the higher the prices will be. Using LDRS’ tech you can easily find this information and not waste time contacting influencers that are above your means. 

You also have to consider the industry and location the influencer operates in. Some industries respond very well to influencer marketing so they ask for higher rates. It’s the case for fashion, beauty and tech businesses. Additionally, influencers in big cities like NYC, Paris or LA can also ask for higher prices too. 

Also, it is important to check the Audience demographics of the influencers and see how far from the ‘ideal’ target market the influencer audience is. Indeed, it may give you some room for negotiation if a percentage of the influencer audience is outside of the target.

Test the waters 

However, there are some factors that you can actively negotiate on. In order to have a successful campaign for both the brand and the influencer, the negotiation must bring mutual benefits so everyone feels good and understood. Therefore, if you find yourself negotiating too much, the collaboration might not be worth it. Authenticity is still the most important factor. Hence, if an influencer seems too money-oriented, you can always find other influencers that will bring more to the table. 

Keep an open mind 

Even if you agreed on certain deliverables with your client, you have to keep an open mind as you might end up with totally different ones. Indeed, deliverables are a good way to negotiate as they each have their own price range. Don’t hesitate to ask the influencer what they are willing to do for the price you offer, especially when working with a tight budget. They might come up with extremely creative ideas that will drive more engagement than your original plans. Of course, the more deliverables you have, the higher it will cost. 

Think about the future 

Another important factor to mention is the possibility of working on a long-term basis. Don’t forget to tell them that once they are in your network, you will easily find them a matching campaign. For the influencer, this means a stable source of income, which isn’t common in this business. In case you already worked with an influencer, you can easily ask for lower prices. 

Be creative

Finally, you can also offer other benefits to the influencer than money. Indeed, you can lower the price if you give free products, or if you offer to help create the content on your costs. In the case the influencer has to buy equipment or come to a certain place, you can also offer to take care of these things. 

The key to successfully work with influencers is to bring positivity to the project by enabling the influencer to share its ideas and views. Keep an open mind at all times while staying professional. Don’t forget that there are a ton of influencers to work with so if a collaboration turns out to be more complicated than expected, you can always find another interested influencer ready to deliver high quality content.