Negotiating with brands is not easy, especially when you’re just starting out. The most critical thing that you need to remember during negotiations is that you are also bringing something to the table. No one is doing you a favour, you are providing a service, and you need to be adequately compensated for your services.
There’s nothing worse than underquoting. Trust me I’ve been there. So before throwing numbers out on the table during your next brand deal, there are a few things you need to consider when negotiating with brands.
What are the deliverables?
Make sure that you are clear on the deliverables. I would suggest that you ask them to send you a list of what they want from you so that there’s no room for miscommunication when sharing your rates. The last thing you want is to settle on a figure only to find that you’ve short-changed yourself because you were not 100% sure about what’s expected of you.
Terms and Conditions
Let’s say you’re partnering with a haircare brand, and they want exclusivity rights for 6 months following the partnership, which means you can’t work with other hair care brands during that time frame. This is a potential loss of income, so you will need to charge the brand for exclusivity terms.
How long it will take you to create content
Time is money. So, think about how long it will take to create the required content, then add an hour or two as a buffer. Knowing your timeline for creating certain pieces of content takes practice. Make sure you don’t sell yourself short. For example, you should charge more money to create an IG Video than an IG post because it takes more time to shoot and edit a video.
Think about all the costs you will incur when creating content: photography, videography, hair, make-up, petrol. Anything outside of the rate you charge for the exposure the brand is getting needs to be accounted for.
Timeframe of campaign
Some brands will give you a few days to create content, and others will reach out weeks in advance. Charge accordingly. You can’t be charging a brand the same rate for a week turnaround as you would for a two month turnaround.
Remember, negotiating is all about coming to a mutually beneficial agreement between both parties, so don’t be afraid to make counteroffers.