What’s Your Number? How to Negotiate with Ease
When it comes to making financial decisions and negotiating with brands, you may feel overwhelmed on charging the right rates without underselling your work. In this week’s episode, Johanna Voss shares her tips on how to negotiate with brands with ease.
Making negotiations and sound financial decisions can be overwhelming for many business owners. However, Johanna Voss discusses this does not have to be a daunting task. She gives tips on how to get the best deal by being upfront and knowing your worth.
Episode 080: What’s Your Number? How to Negotiate with Ease
About Johanna Voss
Johanna B. Voss is a talent manager, trusted by social media influencers who want clarity on how to build their brands, grow their businesses, earn their worth and plan strategically for the future. On behalf of her clients, she’s closed over $3.5M dollars of brand deals, partnerships and speaking engagements. Her clients have partnered with brands such as Kroger, Walmart, AARP, Little Northern Bakehouse, H&R Block and ALDI. Negotiation is something she thoroughly enjoys, be it for her clients, friends or with strangers. Entering her 12th year of working for herself, she understands all about the necessary pivots entrepreneurs take along their journey.
How to Set Rates
When it comes to setting rates, you may feel unsure on whether you’re underselling or charging too much. However, do not overthink it; just follow your gut and pick a number. In addition, do not be afraid to ask someone with a similar profile and space what they would charge or what is their range of rates. Do not get caught up on the hours and effort needed because most of the time is not quantifiable. Always remember, if the brand says no, it does not mean that you are not worth that. They most likely do not have the budget for it. Most importantly, keep track of all your rates on a document to compare.
Get to Know the Brand
Before you make a deal with any brand, get to know them. Ask open-ended questions instead of yes or no questions. Allow the brands to tell you more about their company, their goals, expectations and the campaign. Moreover, do not be quick to want to establish long-term partnerships. You need to find out how their brand works and their agencies to avoid any future problems.
Not only do you need to know the brand you are interested in working with, but you need to know your own brand. If you know your brand, you will know why brands want to work with you. Moreover, you need to discern what brands work and complement with your brand.
At the Negotiation Table
When you get to the negotiation table, you need to be prepared with a sheet of rates, questions and examples of past partnerships. Be upfront in asking, and if they say no, then ask, “Well, what can you do?” Moreover, do not lead with asking for their budget, instead ask for the budget range. Most of the time, they do not know the budget and it does not keep the door open for negotiating rates. You need to ask specifics, what other brands you cannot work with and for how long, and the usage of the content. Figuring out the specifics will allow you to upsell and know exactly what they are getting.
You can connect with Johanna Voss on her Instagram @johannavoss and her website to read any FAQs.
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