Landing a sponsorship seems like a dream come true, but if you aren’t careful, you could get the short end of the stick. However, with the right tricks and tips, you can make brand deals work in your favor.
Here are three important things every creator should know about brand deals.
1. Setting your own rates will set you up for success.
Imagine you were selling a car. You’ve never sold a car before, but you want to make some money. Would you be more likely to set an asking price or ask potential buyers to make an offer? Most people would make the smarter decision to set the car’s price themselves. You can easily find out how much the car is worth by looking at similar listings in your area.
Setting your own rates for sponsored content works in a very similar way to establishing an asking price for a car. Your time and effort have intrinsic value, so you shouldn’t put yourself in the position to take less than what you’re worth.
How much you should charge for sponsored content depends on the size of your audience. To determine what your rates should be, follow the instructions in this post.
2. No deal at all is better than a bad deal.
Going back to the example about the car, imagine you found a buyer, but they wanted you to pay for it to be towed to their house. Maybe they said they’d only buy the car if you also paid for repairs and took it to the shop yourself. Then they might ask to keep the car under your insurance as well. If you did everything they asked just so they’d buy the car, your profit margin would quickly shrink, and you’d be liable for way more than you should be.
At that rate, it would be better to pull out of the deal and find another buyer for your car. Similarly, not having a brand deal is better than having one that puts you at a disadvantage. If the company you’re working with tries to short change you or take away too much creative control, you might have to walk away. The luster of a brand deal isn’t worth risking things like your viewers’ loyalty or your own creative integrity.
3. You can reach out to brands with your own proposals.
Returning to the car example one last time, maybe you heard from a friend that her sister is looking to buy a car. You might ask your friend for her sister’s contact details so you can send her information about the car you’re selling. You’d send her the make and model of the car, its accident history, and your asking price.
Likewise, you can reach out to potential sponsors with proposals for brand deals. Draft up a synopsis of your video idea and a simple contract outline. Include rates as well as how your audience matches up with that brand’s target demographic.
In order to land the best brand deals, you need to be prepared as well as proactive. Do your research and negotiate to make sure you’re treated fairly.
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Kristen Harris enjoys listening to a wide range of music, from Taylor Swift to, on occasion, Celtic instrumental. She also spends her time writing, reading, and baking.