Getting Commitment From a Brand Deal
Summary
- I believe commitment is about eliminating alternatives. If you want someone to be fully committed to your business, you need to remove other ways they can make money.
- Treat influencers like a founder or co-founder by giving them a significant share of the business, like 20%, 30%, or even 50%.
- Make agreements that restrict them from doing anything similar or, at the extreme, from doing anything else at all.
- Tailor your agreements based on the size and influence of both parties involved.
- Always consider the economics of the deal carefully to ensure mutual benefit.
Video
How To Take Action
I would suggest implementing a few key strategies that can help your business or personal growth without costing much time or money:
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Eliminate Alternatives for True Commitment: If you want someone to commit fully to your business—whether it's a partner, employee, or influencer—you need to ensure they don't have other ways to make money that conflict with your interests.
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Give Significant Ownership: Consider giving influencers or key partners a substantial share of your business. Think in the range of 20%, 30%, or even 50%, depending on the agreement. This makes them feel like a crucial part of the business and aligns their success with yours.
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Write Clear Agreements: Draft agreements that clearly restrict them from engaging in any similar business ventures. At the very least, ensure they can't do anything in the same industry, and at most, restrict them from other businesses altogether during your partnership.
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Tailor Your Approach: Customize your agreements based on the size and influence of both parties. A larger influencer might need a bigger share or stricter terms to make the collaboration worthwhile for both of you.
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Consider Mutual Benefit: Always think about the economics of the deal. Make sure both parties stand to gain significantly from the collaboration. This ensures everyone remains motivated and committed.
By implementing these strategies, you create a win-win situation that fosters commitment and drives growth, all without needing hefty investments in time or money.
Full Transcript
how do you make sure that the influencer after you make a deal actually does what they say they're going to do I prefer to think of commitment as we defin it as the elimination of Alternatives and so if you want someone to fundamentally commit to your business then you want eliminate all the other ways they can possibly make money besides doing it with you if you're treating them like a founder or co-founder and they're getting 20% 30% 50% of the business that you are doing with them then it would make sense to say well at the base level you can't do anything tangentially related in the space and at a extreme level you can't do anything else period there are different ways that you can play this it really depends again on how big you are compared to how big they are and the economics of the deal
