Influencer marketing has become incredibly popular with more and more brands looking to hire influencers that resonate with their image and amplify their awareness. With intense competition amongst brands to hire influencers, it has become imperative to effectively negotiate with influencers for maximum benefits.
Influencers can be hugely powerful and statistics have proven that collaborations with creators, influencers, and celebrities can give effective results to the brands and businesses. Influencers are aware of the power they bring along, and this is likely the reason why more brands continue to invest in them significantly.
Though negotiating with an influencer can be a challenging task for marketers, some of the steps below will help you 100% when negotiating with an influencer, specially if you’re limited by your marketing budget:
Step 1: Determine your Marketing Goal
Before you begin reaching out to influencers, understand your marketing goals. If you’re clear about your marketing goals, you can reasonably negotiate with influencers in terms of what they can provide.
Do you want views, do you want to reach out to the maximum mass, or do you want both? Influencers monetary worth increases with their subscriber counts or their views.
You can ask an influencer for their social media insights for metrics such as clicks, click through rates (CTR), audience demographics to learn better about their performance.. Using tools like HypeAuditor to analyze an influencer’s followers’ authenticity and engagement can help you take an informed decision.
Take a look at the performance of the influencers with similar follower counts that work in the same industry to get a fair idea. There is a strong correlation between view count and cost.
Step 2: Negotiate the Price
There are two main approaches you can apply to negotiate your influencer costs:
- Transactional Negotiation: Your negotiations should focus on the short-term. Your aim is to pin the cheapest deal.
- Relational Negotiation: Here the focus should be long-term and TRUST plays an important role. The negotiations should be impactful enough to gain the best long-term deal for both the parties.
Though it’s important for marketers to keep their budget in mind while hiring influencers, it’s also necessary to remember that influencers need to be paid fairly to get the best content.
Step 3: Tracking and Testing
Monitoring the success of your campaign forms an integral part of the campaign. Assign an internal control system, or track the activities yourself to keep close track of the engagement your collaboration is driving with a close eye on clicks and click-through-rate.
Consider the following ingredients for tracking:
- Are my business objectives being met?
- What percentage of my customers are being penetrated?
- Are the influencers apt for your brand image?
- Where is the larger traffic getting generated from?
If it doesn’t meet your expectations, it might not be worthy to re-negotiate with the influencer.
Step 4: Re-Collaborate
When you work with an influencer. you are also building a relationship with someone that could potentially even be a brand ambassador.
When an influencer feels like they are a legitimate voice for your brand’s values and aspirations, then they are more than willing to produce content at a dramatically lower rate for a potential long-term collaboration.
“If I want reach, I can buy reach- what I can’t buy is the engagement, buzz, and creativity I get from collaborating with influencers”
Keep the above in mind while negotiating with influencers and you will seek success in no time. From the initial task to the final post, influencer negotiation is an important process.