3 Things Business Owners Can Use as Leverage When Negotiating Higher Rates
I recently realized that I sometimes don’t notice how much leverage I have when negotiating higher rates. I sometimes still see myself as the broke 22-year-old trying to start a blog, not the business owner who has built one heck of a name for herself.
Fortunately, I did notice this and am now taking action to course correct. I’m also taking stock of where I have the most amount of leverage as a business owner. In this article, I’m going to lay out some of the things business owners can leverage when negotiating higher rates.
Social Media Following
I focused a lot of 2016 on formulating a plan to increase my social media following because I had a hunch that it would give me leverage when negotiating higher rates with potential clients.
I spent time and money growing my following into the tens of thousands of people across different social media channels in an effort to raise awareness about myself.
Well, my hunch was correct. Once I saw the numbers reach a certain point, I started to use it as leverage when negotiating higher rates with clients.
After all, a writer looks far more attractive to them if they’ve made one heck of a name for themselves already. In a client’s eyes, this also looks like the ability to get more eyeballs on their site when the writer shares their work with their audience.
Past Work and Experience
Using past work and experience as leverage when negotiating higher rates with new clients is a given, but we tend to forget it when we’re sitting at the negotiation table.
I’ve made it a point to have a list in planner of all the things I’ve been able to accomplish as a writer and business coach. From an Amazon bestselling book and speaking gigs to working with major brands and corporate clients.
That way I can just look at it to remind myself that yes, I bring a lot to the table and should charge accordingly.
Your own talent, experience and unique perspective.
There may be a million business owners out there who do the same thing as you, but the key thing to remember is that none of them are you.
We all bring unique talents, experiences, and perspectives into our businesses and we can use that to our advantage when negotiating higher rates for clients.
For example, I was recently negotiating a sponsored post on my blog with a major company. Since I’m Hispanic, I knew it would give me an edge on the negotiation table.
After all, companies are looking to cater to that specific market. As a result, I’ve been using my culture and upbringing as leverage when negotiating higher rates – and it works!
If you look at your own life, I’m sure there are ways for you to find some unique angles that potential customers and clients would be interested in hearing about. Don’t be afraid to think outside the box!
Business owners need to realize that they often times have more leverage than they think when negotiating higher rates. Keep these tips in mind the next time you’re at the negotiation table.