As an influencer and content creator successfully negotiating rates is crucial when it comes to helping with the financial success of your business! But, negotiating is an art, which is why we are here to give you three tips for negotiating rates and getting paid the rates you deserve.
First, when it comes to negotiating paid campaigns you want to make sure your analytics are at the forefront negotiation. Like your social strategy, make sure that you have your demographics, sales, and overall impressions ready to go. Here’s how to make your social media demographics for you.
As an example, let’s follow these demographics that are available after you sign up with Blogist. Here we see that this specific audience is makeup-centric. Sephora, Benefit Cosmetics, Ulta, and MAC Cosmetics are all brands that this specific audience aligns with. Therefore when negotiating with these brands you can call out that your audience is likely to engage with your content exponentially more when creating campaigns that highlight their brand. Leveraging demographics can be a game changer when it comes to negotiating because the more your audience intersects the brand’s audience then you can negotiate more money because the campaign is so organic.
Second, use your sales. Your affiliate marketing success is a great way to highlight your ability to convert your audience. Take screenshots of the back end of your affiliate marketing campaigns and highlight the cost of acquisition (**of course make sure you consult the terms and conditions of that affiliate platform before you do). CPA targets will tell brands how much they could expect to sell from working with you!
Here is the formula if you want to isolate a specific campaign or sale.
$ Total spent to acquire new customers via specific channel or campaign / # of new customer acquired via the same channel or campaign =
$ Cost of acquisition
Third, understand your impressions. In our last post about CPM (cost per impression) we highlighted how it is one of the major benchmarks when it comes to pricing your content. When negotiating with brands you want to verify that a large percentage of your followers are actually seeing your content, and price your content based on the amount of impressions brands can expect to see from your sponsored content!
Remember that authenticity is attractive. You want to be clear when you negotiate, so come to the table prepared. Social media demographics, affiliate sales and your impressions are all trustworthy analytics that you should pull from when negotiating. Remember that if you need any influencer support that we offer a large range of services to help you and your business grow. If you still have questions about negotiating send us an email at email@example.com. We are here to help!