This video and FAQ section cover how to negotiate with influencers on Lionize.
FAQ on Negotiating with Influencers on Lionize
What are some example negotiation strategies?
- Appreciation and Future Opportunities Approach:
- "Hi [Influencer's Name], we're SO excited about the possibility of working with you. Your content and audience engagement align perfectly with our brand's values. While your proposed rate is a bit beyond our current budget for this campaign, we would love to establish a long-term relationship. Would you be open to discussing a rate that fits our budget? If all goes according to plan, there will 100% be the opportunity for increased compensation in future collaborations."
- "Hi [Influencer's Name], we're SO excited about the possibility of working with you. Your content and audience engagement align perfectly with our brand's values. While your proposed rate is a bit beyond our current budget for this campaign, we would love to establish a long-term relationship. Would you be open to discussing a rate that fits our budget? If all goes according to plan, there will 100% be the opportunity for increased compensation in future collaborations."
- Value and Budget Alignment Approach:
- "Hello [Influencer's Name], it's great to connect with you and thanks so much for your interest! We've been following your work and are impressed with your impact. We'd love to collaborate but have to be mindful of our current budget limitations. Could we explore a rate that works for us as we get to know each other? We believe in fair compensation and want to ensure a mutually beneficial partnership."
- "Hello [Influencer's Name], it's great to connect with you and thanks so much for your interest! We've been following your work and are impressed with your impact. We'd love to collaborate but have to be mindful of our current budget limitations. Could we explore a rate that works for us as we get to know each other? We believe in fair compensation and want to ensure a mutually beneficial partnership."
- Learning from Past Experiences Approach (Mentioning Past Burn):
- "Hi [Influencer's Name] 😊 we're thrilled about the prospect of working together. Your approach to content is exactly what we're looking for. We've had experiences in the past where partnerships didn't align with our expectations, which has led us to be more cautious. This isn't a reflection on your credibility but a step to ensure we're aligned in our intentions. Would you be open to starting with a rate that fits our current budget, with a clear path to revisiting this as we build our relationship and see the tangible results of our collaboration?"
- Long-Term Relationship Building Approach:
- "Hi [Influencer's Name], your creativity is exactly what we need for our brand. We're looking for partners who are interested in growing with us over the long term. While your proposed rate is higher than what we initially had budgeted, we're open to discussions on how we can make this work. Maybe we can start with a lower rate for the first campaign and plan for increments as we continue our partnership. I cannot understate how excited we are to work with you!!"
What is the purpose of negotiation on the Lionize platform?
Negotiation is a critical feature of the Lionize platform, designed to ensure that brands can collaborate with the best creators at the most favorable rates. This process helps both parties reach an agreement that reflects the influencer's value and the brand's budget.
How do I enable negotiation for a campaign on Lionize?
To activate negotiation, your campaign must be set up as a "State Your Rate" campaign. This can be done in the payment section of the Campaign Builder by selecting the “Influencer Provides Their Rate” option. This setup allows influencers to suggest their rates for completing the content requirements.
What's a fixed rate campaign vs. an asking fee campaign?
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Fixed Rate Campaigns:
- Definition: Offer a set amount to all influencers, regardless of their follower count or engagement rate.
- Advantages: Simplifies budget control and ensures consistency in payments. Best suited for campaigns targeting a smaller audience or a specific follower range.
- Disadvantages: Limits flexibility and negotiation. May not attract larger influencers who expect higher compensation.
- Example: Allocate a $1,000 budget to pay 10 influencers $100 each. It is ideal for campaigns with high-value products where budget consistency is crucial.
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Asking Fee Campaigns:
- Definition: Allows influencers to submit their rates, which you can review and negotiate.
- Advantages: Provides flexibility to target a broader range of influencers. Enables negotiation to align with your budget and the influencer's value. You can set a starting bid to ensure influencers don’t propose rates that are too high.
- Disadvantages: Requires more time and effort to negotiate rates with each influencer.
- Example: Start with a bid of $100 and allow influencers to propose their rates. You can then negotiate based on the influencer's proposal, fostering a sense of fairness and flexibility.
Why should I let influencers state their rates?
Allowing influencers to state their rates can increase both the volume and quality of influencers willing to participate in your campaign. It provides influencers with the freedom to propose rates that they believe are fair for their services, enhancing the likelihood of attracting high-quality talent.
How can I negotiate a rate with an influencer?
If you find an influencer’s rate to be too high, you can initiate a negotiation by clicking the negotiation button next to their offer. From there, you can propose a new rate and include a message explaining your offer. It’s important to acknowledge that your counteroffer is serious by checking a box indicating that you'll honor the agreement if the influencer accepts your offer.
Can I negotiate directly with an influencer through Lionize?
Yes, for more detailed negotiations, you can use the Lionize Inbox to message the influencer directly. This allows for an in-depth conversation and helps both parties reach a mutual agreement. After reaching an agreement, you can formalize the negotiated rate by updating the offer in the offers section.
What should I do if I have questions about negotiating with influencers?
If you have any questions or need assistance with negotiating with influencers, you’re encouraged to reach out to your dedicated Client Success Manager. Alternatively, you can use the help chatbot available on the Lionize website for support.
Is it necessary to honor the negotiated rate with an influencer?
Yes, when you send a counteroffer to an influencer, checking the box to indicate that your offer is valid signifies a commitment to honor the negotiated rate if the influencer accepts it. This ensures fairness and trust in the negotiation process.