Do you ever break out in a cold sweat at the mere thought of sending your rates to brands, worried they’ll laugh you right out the door when you take a stab at increasing your fees? Or maybe you’ve had brands agree to your first offer so you KNOW that you’ve undersold yourself and left some serious money on the table!
Trust me, I’ve been there, tweaking and adjusting my rates for what felt like eons before summoning the courage to hit that “SEND” button. But guess what? There is a 3 tired rate strategy that I’ve been using for well over 7 years in order to make sure I land the fees I desire whilst the brand feels like they are getting a good deal – it’s a win-win for everyone!
Today, I’m here to spill the tea and show you how to conquer your rate-setting fears. In this blog post, we’re diving into the three types of rates that will transform your brand collab negotiation game and ensure you’re not leaving any money on the table.
1. Base Rates: The Solid Foundation đŞ
Your very own (private) rate card, is a starting point when working out a brand collabs rates. Base rates is a guide for how much you can charge per deliverable not any additionals on top to be taken into consideration like production costs, scope of work, travel and usage etc…because as we KNOW there can be a lot more to play for when costing a brand collab. These base rates set the stage for fair compensation. Have these on hand when a job comes in and you are assessing the scope of work so you can then move on to….
2. Opening Rates: Where the Magic Happens â¨
Now, let’s talk opening ratesâthe game-changers in your negotiation arsenal that protect you from underselling yourself. Once you’ve gathered all the juicy campaign deets, it’s time to suss out a tasty fee that seems reasonable but it slightly marked up to what you’d be happy working for. These rates are the starting point for the negotiation dance and the first set of rates you share with the brand.
Think of them like a conversation starter.
Remember you want to strike that sweet spot where you’re not underselling yourself but still leaving room for flexibility. It’s all about finding that perfect balance and ensuring both parties can get a win-win situation.
3. Campaign Rates: Let’s sign that contract! đˇđ°
There’s not much strategy to share here only that after using your base rates as a starting point to create your opening rates you and the brand will negotiate and then will settle on an agreed fee – your campaign rates.
Even though every negotiation is different what tends to happen is the brand has negotiated down your opening rates to something that looks closer to your base rate but hopefully not beneath this. They’ve come away feeling like they’ve got a good deal and you have got you standard rate for the work you will be doing for them.
So, by harnessing the power of these three rate types, you overcome the fear of sending your rates and the nagging feeling that you’re leaving money on the table. This is the starting point for negotiation and costing brand collabs fees I teach my students in the IBA.
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