I recently had the unfortunate experience of having a company I had a short term promotional relationship renege on a three month contract after one month because it didn’t realize the level of return of investment (ROI) it wanted after one month.
As an attorney, I failed because I should have set up my contract to spell things out clearly and state explicitly whether or not the continuation of the short term contract would be conditional of meeting certain ROI benchmarks. I did not. Another mistake I made was not having the client pay in advance for services and limit refunds.
Most brands and partners that approach you, usually through a PR rep, should have done their research in advance into your reach,audience and market, and your social media followers number.
Before engaging you, they should acquire specifics like Unique visits, and other insider information they cannot learn on their own. Based on that calculation they take a risk as to whether your audience will react and respond with sales.
There is value to brand exposure but unlike an actual sale or FB follower increase, that is not easy to quantify. And if a brand doesn’t appreciate your helping them widen their brand reach, then you’ll be left holding the bag when they pull out, unexpectedly based on parameters that you did not agree with them on before starting a campaign.
This quick 3+ minutes podcast is me explaining the importance of setting up managed expectations upfront!
Jay Jay Ghatt is also editor at Techyaya.com, founder of the JayJayGhatt.com and JayJayGhatt.com where she teaches online creators how to navigate digital entrepreneurship and offers Do-It-For-You Blogging Service. She manages her lifestyle sites BellyitchBlog, Jenebaspeaks and JJBraids.com and is the founder of BlackWomenTech.com 200 Black Women in Tech On Twitter. Her biz podcast 10 Minute Podcast is available on iTunes and Player.fm. Follow her on Twitter at @Jenebaspeaks. Buy her templates over at her legal and business templates on Etsy shop!