When I recently reached out to one of my favorite social media influencers and dear friends Fedorah (Instagram: @namedafterahat), she explained to me the fact that most influencers feel lost when it comes to reviewing brand contracts and negotiating terms that are favorable to them. After reviewing a music licensing deal for another client, I realized that contract negotiation is a big issue not only for influencers, but for all creatives. In part one of this negotiation series, I want to begin sharing key techniques that you need to know when it comes to contract negotiation, so that you feel confident in creating agreements that are favorable to you.
The most important thing to keep in mind when negotiating a contract are the interests involved. There is POWER in understanding interests. In almost every negotiation, each side will have multiple interests, so it’s important to define what your interests are and to know those of the opposing party. The more clearly you understand the other side’s objectives, the better you’ll be able to satisfy them at a minimum cost to yourself. For example, if your goal is to get a brand to pay you a certain amount of money, you’ll want to have a plan of action regarding how you’re going to go about negotiating these terms in the contract.
One technique to utilize is to ask your “Why”? Why, for instance, should a brand or company pay you a certain amount of money? Some answers that you might come up with are that you have a high engagement rate, you’ve generated a certain amount of sales for that brand in the past, or that you have a large following and expect to bring a significant amount of traffic and sales to their site.
If the brand or contracting party refuses to increase their offer, another negotiation technique is to ask yourself why they are taking this position and figure out how you can meet them in the middle so to speak. Figure out where their minds are and see if you can work from there.
Lastly, never underestimate your value. If a brand, company, or media outlet has reached out to you to work with you, then you already have a huge advantage. You already have leverage. They want to work with you because they need you. This fact alone should already make you feel confident.
For more tailored negotiation advice or to work with me directly, contact me here.
**DISCLAIMER: The information given here is general in nature and does not create an attorney-client relationship. If you have specific questions — please consult a lawyer. **