When you decide to conduct an influencer marketing campaign There are lots of moving parts. It is important to map out your plan, identify social media influencers that align with your brand’s values and activate them as part of your brand collaborations.
Before you can start activating influencers you must describe to them what you expect them to accomplish for your campaign, and also what you are able to give them as a reward.
While certain influencers might be content to accept the initial terms and conditions without giving it a second look, other influencers will prefer to negotiate the agreement.
Continue reading to learn about the thing you need to touch during negotiations with influencers.
The incentives included in influencer campaigns can be in the form of monetary or non-monetary compensation.
Non-monetary describes products or services offered by the brand to the influencer for free. These products could be a good payment for micro and nano influencers with under 50K followers. However, after this, you’ll need to provide a combination of both types of compensation.
In terms of monetary fees, there are a few options available to you:
- One-time flat-rate fee
- The first part up front and the second following the completion of services
- Commission-based, with a flat rate (ex $5 for each sale they generate)
- Commission-based, with a variable rate (ex: 5% for each sale they make)
Before you reach the stage of negotiation it is important to know what you can afford to offer each influencer.
The second aspect in influencer negotiation is the publications your brand will get in exchange for the reward. Take into consideration the quantity of publications you’d like them to create, but also the different types of publications.
You should also outline what you would like influencers to include in posts, like:
- Brand references
- Branded hashtags that represent your campaign, brand and more.
- Links to your website or to specific products, for example
- Instagram Shopping items
- Discount codes
- Disclosures that are in compliance with the FTC or other guidelines
Also, ensure that you have the approval of the influencer to share their content in the future. This will allow you to repost their content to one of your feeds or websites.
Another thing you should discuss with influencers is publication dates. When do you want the posts to be published? Check to see if any influencer whom you collaborate with is able to fulfill these requirements for the type of content you require.
When negotiating your timing, keep in mind any specific dates that you must deal with, like the launch of new products, sales in the spring, Black Friday, and other such dates.
If, for instance, an influencer isn’t convinced they’ll complete two posts before the deadline, perhaps they’ll provide you with 1 article and one story. Just negotiate the incentive defending on any such modifications.
The process of negotiating with influencers is a crucial stage in establishing any kind of collaboration. Therefore, at this point be sure that both sides are in agreement about the aspects of the campaign to ensure that it runs efficiently after the launch.