May 28, 2024

The Essential Guide to Negotiating with Influencers for Canadian Marketers

Discover how to successfully negotiate with influencers and maximize your influencer marketing strategy using Canada’s leading influencer marketing platform, Embold.

The Essential Guide to Negotiating with Influencers for Canadian Marketers

Imagine unlocking the full potential of your brand by partnering with the most influential voices in your industry — sounds like a dream, right? Look no further! Influencer marketing has become one of the most popular and effective strategies for businesses looking to promote their services. As a matter of fact, Forbes Magazine Council Member, Michael Kuzminov reports that 89% of marketers who used influencer marketing in 2023 planned to either increase or maintain their investments in it.

Even though, historically, influencer marketing can date back to the Roman Empire, the recent rising interest in influencer marketing comes with the surge of social media as influencers have gained a significant following and have become valuable partners for brands. However, negotiating with influencers can be a daunting task for many marketers. In this guide, we will discuss the essential steps for negotiating with influencers and how Embold, the leading Canadian influencer marketing platform, can help you achieve your goals. 

Define Your Objectives and Budget 

The initial stage of negotiations with influencers starts by clearly defining your campaign objectives and budget. What are you hoping to achieve with this campaign? Are you looking to increase brand awareness, drive sales, or create user-generated content? Going into a negotiation with clear set goals will not only help you navigate your discussions with influencers but also ensure that there is an appropriate alignment between your brand and your selected influencers’ content style and audience. Additionally, having an allocated budget will help you determine the type and number of influencers you can work with. This will help ensure that your campaign remains financially practical whilst maximizing your return on investment (ROI). Hence, it is essential that there is a clear understanding of your goals and budget before approaching influencers.

Identify and Research Potential Influencers 

The next phase involves hefty research and identification of potential influencers that align with your brand and campaign objectives. Selecting the right influencers is important because it secures the authenticity of your brand with your audience. Partnering with influencers who genuinely believe in your product is reflected in the content they produce, enhancing the credibility of your message. Additionally, in order to maximize your ROI, you need to select influencers who will deliver high quality content with high quantity engagement. Having high quantity engagement doesn't necessarily only mean influencers that have high followers and likes, but also influencers who can achieve tangible business outcomes for your campaign via increased website traffic, sales, or even brand mentions. Once you have a list of potential influencers, take the time to research their content, engagement, and audience demographics to ensure they are the right fit for your brand. Overall, finding the perfect influencers is essential for maximizing your ROI and general success of your influencer marketing efforts.

If you are just starting out with influencer marketing, finding the right influencers for your brand can be a daunting task, but we have the perfect resource to guide you through the process! Additionally, with Embold's influencer database, you can easily search for Canadian influencers based on category, audience size, engagement rate, and more. 

Reach Out and Make an Offer 

When reaching out to influencers, it is crucial to personalize your message and explain why you believe they are a good fit for your brand. Personalization can be done by referencing content they have made or outstanding aspects of their content niche. In your outreach to influencers, it is important to be transparent about your objectives, budget, and the type of collaboration you have in mind. As discussed earlier, being upfront about your campaign objectives and the allotted budget is really important for a successful partnership. It helps manage expectations so that both parties are on the same page from the start, especially if you are trying to recruit multiple influencers at once. With Embold, you can easily send offers to multiple influencers at once and track their responses. By taking advantage of Embold's features, you can optimize your influencer marketing efforts and ensure seamless collaboration with influencers.

Negotiate and Finalize Terms 

Once the responses from influencers start coming in, it's time to roll up your sleeves, and start negotiating! Negotiations are important because they help set the standard for what each party is expecting from the collaboration. For example, what type of content needs to be produced? Is it a Tiktok video, an Instagram story post, or a combination of both? Each influencer will have different rates for different types of content and the number of posts. Similarly, you, as a brand, may have your own set of expectations as to what can be posted and what aligns the best with your brand’s messaging. Hence, this step becomes crucial in establishing a smooth and successful partnership. 

As with any other partnership, flexibility and compromise becomes key for fostering success. Setting high expectations with little to no flexibility can become damaging for both parties. Understand that influencers may have their own styles when it comes to delivery, constraints in timelines, and different communication styles. Of course, it is vital to have detailed discussions about the deliverables, timelines, and payment. However, it is equally important to find a middle ground in these conversations to ensure a healthy mix of a professional environment and a positive working relationship. Luckily, Embold's platform allows you to negotiate and finalize terms within the messaging system, making it easy to keep track of all communications. 

Track and Measure Results 

After your collaboration with influencers has ended, it is essential to track and measure the results of your campaign. This phase is important because it can provide valuable insights into how your campaign performed as well as keen into areas of improvement for next time. Embold's platform provides detailed analytics for each influencer, including engagement rates, reach, and audience demographics. Understanding the reach of your campaign will help you measure the exposure and visibility of your campaign. Additionally, analyzing metrics such as engagement rates, reach and audience demographics will help you evaluate whether the campaign achieved its campaign goals. Was there increased brand awareness? Did website traction increase? Was there higher sales? Possibly, your original goal was to increase brand awareness but instead the campaign led to higher sales. Answering these questions via thorough analysis will contribute to more informed decision making for future campaigns. 

Wrapping Up

Negotiating with influencers can be both a challenging and rewarding process for Canadian marketers. It’s a process that requires careful planning, strong communication, and a healthy collaboration. By following these steps and leveraging Embold's influencer marketing platform, you can effectively negotiate and collaborate with influencers to achieve your marketing goals. 

Remember to always have an open line of communication, be open to compromise, and be flexible with differing needs of people. Lastly, tracking your results is key to refining and optimizing your influencer marketing strategy over time. By analyzing metrics such as engagement rates, reach, and audience demographics, you can gain valuable insights into what's working and what's not. Ready to elevate your brand and achieve your marketing goals? Embold's influencer marketing platform is your key to unlocking success!

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