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Influencers show a more than double engagement rate compared to brands.
According to a 2018 Influencer Marketing Report by Business Insider Intelligence, influencers enjoy an average influencer engagement rate of 5.7% while brands have a rate between 2-3%. This engagement rate disparity is largely because consumers view brand efforts as promotional. In contrast, influencers seem more authentic and relate better to their target audience.
To increase engagement and conversions, brands are increasingly implementing influencer marketing as part of a larger cohesive digital marketing plan. The best Los Angeles negotiation training courses are helping brands and entrepreneurs expand their reach and create valuable connections with influencers and their audiences. Check out these seven top training tips on mastering the art of negotiating with influencers.
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 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
Forget Competitive Pricing
Influencer marketing is unique in that there are generally no standard prices. Rates are normally negotiated on a client-to-client basis and from period to period. The same client within the same period can even be charged a considerably different fee for a different though similar campaign.
Therefore, do not risk offending an influencer by bringing up competitor prices. Negotiation seminar attendees practice avoiding phrases like, “I can work with (another influencer) for much less/better results than this.” Such talk only reinforces pride, and stepping on toes may result in the influencer working for free on a negative campaign against your brand.
Make the First Offer
When doing your outreach, rather than asking for rate cards, it may work better for you to make the first offer. Negotiation classes show how a first offer creates an anchor level that has a strong psychological pull. Leave some room (10% to 20%) for price negotiations, but work around your anchor level.
Your anchor level must be justifiable to avoid the risk of getting completely ignored by the influencer. Making the first offer works especially well if you’re negotiating with a popular figure who has never worked as a brand ambassador or influencer. Being the first to make an offer gives you the opportunity to provide a Zone Of Possible Agreement (ZOPA) and set a bargaining range.
Negotiate Non-Price Terms
Partnerships work on a platform of mutual respect and mutual benefit. Thus, it’s important to respect the influencer’s price and not discredit their value. If you think the influencer won’t bring value commensurate with what you’re paying, then look for someone else rather than asking for unreasonable bargains.
If the influencer’s rate is within your budgetary range, it is better to negotiate on other terms rather than strictly price. Learning from negotiation training courses, some contract terms to consider include:
- Content types
- Follow up campaigns
Set Negotiation Priorities
What are the partnership terms and conditions that are necessary for the campaign to deliver? During the negotiation course, it is advisable to discuss with your team:
- What are the must-haves in your influencer-marketing deal?
- What are the deal-breakers?
- What concessions would you be willing to offer?
- What value will you want to claim in exchange for specific concessions?
For instance, most brand managers will insist on getting usage rights for all content produced for the campaign. However, the influencer will want to keep the actual copyrights.
Brand managers may also insist on exclusivity and non-compete clauses. While many influencers won’t mind working exclusively for a specified time period, they probably will be reluctant to make it an indefinite arrangement and may want to set time limits.
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Author’s Bio: As a marketing advisor, Milena Gallo is passionate about using digital media to build connections, share information, and promote businesses she believes in. She holds a degree in business and has many years of digital marketing experience.