6 Mistakes I See During $1,000/hr Coaching
One part of my business that really took off last year was 1-1 coaching.
I usually do 2-3 calls a week and it’s given me a pretty comprehensive understanding of the problems most creators face when negotiating paid sponsorships.
So I thought I’d kick things off by highlighting the 6 most common mistakes I see creators making, so you can hit the ground running in 2023!
1/ Not Having a Pricing Strategy
Remember: brands have different goals for each and every campaign they run.
But why does that matter to you?
It’s because your pricing strategy should change depending on what those goals are.
Your value to a brand that’s running a “repurposing” campaign will be totally different from a brand running a “conversion” campaign - and you’ve gotta make sure you’re being paid your worth in both cases.
2/ Not Offering Packages
When a brand comes to you asking how much you charge for “X”…
DON’T just spit back one number.
This is your chance to illustrate that you can provide additional value to them (and make a ton more money in the process!)
Therefore, you wanna offer them several packages.
Let’s say a brand reaches out asking your rates for a single integration in your weekly podcast…
Here’s what you could offer:*
Package A: 1x integration (what they asked for) → $300
Package B: 4x integrations (one per week for a month) → $1,000
Package C: 12x integrations PLUS exclusivity for the duration of the collaboration → $3,500
Package D: 12x integrations PLUS exclusivity PLUS paid media rights to an audiogram of the ad read for the duration of the collaboration → $7,500
*The rates suggested above are purely examples. Yours will vary based on a number of factors, including the brand’s goal type, your average listenership, etc.
The joy of offering multiple packages is that they won’t actually be much more work for you to execute, especially if you are smart and batch-record.
But what if the brand still goes with package 1?
No problem, because at least they now know you have more to offer.
After all, what’s gonna happen when that initial integration goes well?
They’re probably gonna be right back in your inbox asking about packages 2, 3 and 4!
1-1 Coaching to help you dial in your sponsorship strategy, work through a complex negotiation, overall audience monetization, or other creator business challenges
3/ Not Using the D.U.E. Rule
Did you notice how in the example above for package 4, I didn’t offer them more deliverables? But the investment jumped to $7,500?
This is a huge unlock because if you wanna charge 5x your rate for a partnership, that doesn't mean you’ve gotta create 5x the assets!
That’s because the deliverables are just one part of the leverage you have when negotiating a sponsorship.
There are two other ways you can sweeten the deal for brands.
First, you can offer them additional usage rights, like allowing them to use the assets for paid media, or their own social platforms/website.
Second, you can offer an extended period of exclusivity (not working with the brand’s competitors) for a certain duration.
5x the cash doesn’t mean 5x the work!
So remember the “D.U.E. Rule” when pricing your deals: Deliverables, Usage Rights, Exclusivity.
4/ Not Providing Feedback
One huge miss is failing to give the brand feedback on how future collaborations could be improved.
Whether that’s giving suggestions for making their landing page more user-friendly, or how the key messages could have been made clearer, or even how to improve the CTA.
Most creators just quietly grumble when they feel like the brand gave them lame/boring talking points… and never actually tell them directly!
The thing is, brands receive constructive feedback so infrequently, they’ll usually be super appreciative!
It gives the impression that you a) truly care about the brand’s overall success, and b) are an enthusiastic and helpful partner who wants to work with that brand again.
5/ Not Creating a Post-Campaign Report
Ever had that feeling at the end of a great partnership?
Everything went well, the brand loved the deliverables, and the cash just landed effortlessly in your account.
Ahhh! Time to put your feet up and enjoy a hard-earned peppermint mocha frappucino with oat milk (but extra whipped cream), right?
NO!!
I know it’s tempting, but one of the most important steps of a partnership comes after the deliverables have been approved.
Creating a Post-Campaign Report (PCR).
This is where you demonstrate to the brand exactly how successful your partnership was!
If they were running a conversion campaign, your report might include the data on how many clicks or sign-ups they got.
Or for an awareness campaign, you could include screenshots of all the comments your audience has made saying “OMG, thanks for telling me about this brand, I’d never heard of it before!”
BTW, I go into a ton more detail about post-campaign reports in week 3 of my course, Brand Deal Wizard.
But why are post-campaign reports actually worthwhile? The collaboration’s over now, right?
Well, I’m glad you asked…
6/ Not Nurturing Repeat-Business
Do you have any idea how much easier it is to convince a brand you already worked with to partner up again than it is to keep hustling to find new brands?
(Hint: it’s a lot easier).
So a well-presented post-campaign report that demonstrates EXACTLY how successful things were the first time around is gonna make it a no-brainer for that brand to work with you again!
Trust me, not all creators make a brand’s life easy!
So once they know how professional, timely, and pleasant you are to work with, they’re gonna be blown away when you send them that sweet PCR-icing on the cake!
So, what are you waiting for?
Get out there and start closing some deals!
Thanks to George Blackman for contributing to this piece.