How to Negotiate Rates + The Most Important Questions to Ask
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Getting one of your first paid collaboration opportunities as an influencer is one of the most exciting moments as an influencer. After all, blogging and influencer marketing is a business, so a paid opportunity is the equivalent to a sales rep landing their first account or a business owner selling their first product. It is what signifies your brand as a business. It brings credibility and income.
Not only is a paid collaboration lucrative for your business, but it is also that boost of confidence and morale needed to continue your growth.
Once you have confirmed a paid collaboration, its time to start negotiating. You have already developed a sense of trust and loyalty with the brand. They know you are here to genuinely support and serve them. They know you are professional and, therefore, a credible influencer. But, there are a few steps you should take to make sure that you are compensated fairly, as well as staying competitive in your market.
Step 1 in Negotiation Strategy is to Gather the Asks
You want to make sure you have everything that brand is asking you to do, and you have it in writing.
Step 2 Ask the brand What’s Your Budget?
That way, you can run numbers based on their budget. If the don’t give you a budget, then give them a range amount based on what their asks. Keep in mind the time it will take to complete this project, as well as outsourcing materials like photography, to cushion your budget a bit.
Get my Tips on How to Negotiate Rates Like a Boss
Step 3 Present / Counter the Offer
Use the worksheet below that shares the 7 must ask negotiation questions you need answered for a successful paid collaboration. You want to make sure all asks are laid out and everything is in writing.
Now, sometimes an offer is already presented to you, along with a compensation amount. In this case, you still want to make sure that you gather important information and ask the right questions so you know if this will be a good fit for your brand in the long term. You still have a right to counter their offer even if they have already put a number on the table. If their number is firm with no wiggle room in the budget, then perhaps you can adjust some of the collaboration specifications so both parties feel confident in the agreement.
If you want to learn more about negotiating your rates, I encourage you to check out Pitch It Perfect, a course I created that helps you land your first $5K in brand deals, attract more followers and pitch like a pro!
How do you field the negotiation landscape? What have you found that works well, and what have you found that doesn't? Any advice to share with us? Please leave your comments and thoughts below by clicking the "comment" button at the bottom left.