Orient’s Guide on How to Negotiate with the Best Social Media Influencers
Updated: Aug 27, 2019
· Start with Strategic Influencer Alignment
· A social media reference by an influencer can increase brand sales by 71%. However, this only works if the brand’s values resonate with the influencer’s audience.
· Unlike celebrity endorsements, influencer marketing works on a deeper level of trust and relationship building. Optimize your brand’s values first, then identify influencers who align with those values.
· Influencer Identification
· Influencer marketing starts long before you approach your desired influencer with a deal. Your influencer should be someone who possesses knowledge about your product and industry. The influencer should be a trusted figure who has amassed and retained an engaged online community on platforms such as YouTube and Instagram. In short, your influencer holds some sort of celebrity status, even if it’s within a very small niche.
· Before you send out an email to contact your preferred influencer, try and make a personal connection. Follow their online profiles and engage with their posts. Thoughtful and personal engagement can attract the influencer to your brand.
Prepare in Advance
Negotiations courses can help you master interactions by training you on the best ways to be prepared. Consider your brand needs, budget, and influencer reach before you make a partnership offer. The most important factors to research include:
· Brand fit
· Influencer authenticity
· Influencer engagement rate
· Follower growth rate
· Geographical factors (are their followers in the area your brand serves?)
· Content quality
· Influencer media kit
· Influencer’s historical marketing campaigns performance
Take a look at the performance of influencers with similar follower counts that work in the same industry and base expectations and benchmarks from there. There is a strong correlation between view count and cost. For example, breaking 100,000 views costs $3,000 USD. Expect to see creators negotiate up based on their views. Likewise, you can use view counts to negotiate down if you need to.
Whether it be views or reach, it really all comes down to how well your targeted influencer can sell. If a video gets 10,000 views but yields 500 conversions, then that’s a success! This is only the beginning of your negotiation process. It’s critical that you use this step as only a baseline for your booking process. The best marketers do their due diligence to ensure that these influencers actually drive a return on your investment.
Step 2: Negotiate Content
Have a clear idea or vision of what kind of content you want the targeted influencer to share. Do you want just a shout out at the beginning of a video or something more integrated? This impacts how much compensation a creator might ask for to promote your campaign, product, or brand. If you need conversions: be sure to equip the creator exclusive (and maybe even generous) offer to help drive more leads.
Step 3: Track and Test
If you thought booking and scheduling content was the end of your negotiation process: you thought wrong! Assign an internal champion on your team to keep close track of the engagement your collaboration is driving with a close eye on clicks and click-through-rate.
If it’s not driving the engagement you need, it might be worth re-negotiating with the influencer, finding someone new, or adjusting your offer/content produced.
Step 4: Collaborate Again
When you work with an influencer you are also building a relationship with someone that could potentially even be a brand ambassador. Think of how some National Basketball Association’s players are either fiercely loyal to Adidas or Nike. That’s all because of the relationships they’ve built with their contacts at those organizations.
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. This holds especially true if you worked with an influencer before they “make it big” and experience a jump in subscribers.
Follow these four steps when you negotiate with creators for your influencer marketing campaign and you should achieve results every time.
Follow these four steps when you negotiate with creators for your influencer marketing campaign and you should achieve results every time, write to us if you want to collaborate with us here.