The time it takes to close an endorsement deal is an important factor to launch your marketing campaign on time.
Most companies can be slow making marketing decisions and even slower adding in a review by the legal department. The amount of time it takes to execute an agreement is often overlooked or underestimated by the marketing team.
Understanding your company’s policy on timing, legal review and payment terms beforehand, will allow you to execute a campaign on very short notice when you don’t have the luxury of time it would normally take to close.
As the saying goes, “Timing is everything.” Entering into a spokesperson or endorser deal is no different.
Here are three ways to get the deal done quickly.
First, conduct research to identify the best qualified celebrities for your campaign. Here’s a brief list of considerations to find the candidate that is the best fit for your brand:
- Allocate a preliminary budget range, roughly 5 percent of your media spend is good place to start.
- Identify an initial list of celebrities to vet by determining those who would be a good fit. Eliminate those with conflicts or that aren’t within your budget.
- Let advertising, PR, social media, etc., help create your celebrity “short list”. You’ll need to determine which service is most important to your marketing campaign.
2. Prepare the contract
When preparing the initial draft, it is important to ask for everything that you think is needed upfront. It is much easier to take items away in the negotiation process then it is to add more services and usages. This will also save you money by asking now, not later when leverage is reduced. Most of the time, companies have already spent a lot of time and money to create a template for an initial draft for just about any type of agreement. If so, this is a great time saver in legal review as the lawyers are usually less concerned about services than the actual body of the contract/legal terms.
3. Negotiation and legal review
Knowing your own time-table and the time it takes for the legal review is crucial to shortening the process. Most of the time, there will be comments on the first draft of the agreement from the celebrity. If your legal department requires two-week time periods for document review, recognize this timing and build it into timing the campaign launch. A celebrity’s legal team can also take another couple of weeks, so having a good understanding of their time-table is equally important.