Once you’ve contacted your list of influencers, you’ll want to iron out the details of your collaboration.
- The price of your products
- Your relationship with the influencer
- Your overall marketing campaign goals
- The influencer’s audience potential.
An influencer’s key negotiating tool is their audience. Any payments or incentives should be directly related to their potential reach, the size of their audience, and the engagement of that audience. Another key metric for determining the value of an influencer campaign is the quality of the content produced. A micro-influencer may be able to produce better content that can be used for a brand’s advertising, product photos, and marketing materials, which would justify paying a higher price
Should I pay for their post?
In many cases, influencers will post in exchange for products that they love already. Depending on the relationship you have with that influencer, you may be able to negotiate any number of ways to compensate the influencer.
Forms of compensation for an influencer:
- Free products in exchange for a post or posts
- Gift cards to your store in exchange for a certain number of posts
- Paying the expenses for a photo shoot or paying the travel costs for an influencer to attend your event (a great way to use your travel miles!)
- Paying a commission for each sale an influencer refers
If you have an influencer who is interested in collaborating with you, you can also let the influencer give you their standard rates. Influencers typically have a price in mind when accepting the offer to work with a brand. Allowing them to make the first move will allow you to see what they had in mind. If you still need help with pricing, Hootsuite recommends the formula: $100 per 10,000 followers + extras= total rate
When negotiating with an influencer, you should weigh everything that the influencer offers against your marketing goal to see if the influencer will be able to help you reach your overall goal. If you’ve ever heard the expression, “You get what you pay for,” then you are familiar with the fact that paying for work can help you get the results that you want for your campaign. When considering how to pay an influencer, you should take into account the following:
- Are you giving them free products? Do the products have a monetary value that is equivalent to the work the influencer is putting in?
- Is their audience of high value to you? Does their audience overlap with your target customers?
- Do they have other brands competing for their time and energy?
- Are you hoping to reuse their content in other advertising channels?
- How extensive is the campaign? Will they be required to post multiple times or create multiple types of content?
In the end, it is important to weigh the options for your influencer campaigns and determine the best fit for your brand. Weighing your goals with the potential impact of an influencer will help you negotiate with influencers for the best deals.