Influencer marketing on a budget. It might sound like a dream, but it isn’t. By changing the way you work with influencers so it’s more data-driven and goal aligned, you can improve your return on investment, work on more of a budget and get better results.
Typically, when people think of influencers, they go straight to the Kim Kardashians of the world and assume it is out of their price range. First, you have to get crystal clear on your goals. What do you want to get out of this influencer campaign? More sales, more traffic, more likes? Something completely different?
The key then is to combine your goal with the following 3 key elements and then come up with a strategy to target the right influencers and track the results so you can optimize later.
- Influencer type
- Content type
- Payment models
Targeting the right influencer type, combined with the right content type and payment model means that you will get the best ROI for your campaign.
If you are on a budget focusing on macro, micro and nano influencers with a following of between 0-40,000 can help you avoid the high fees that come from working with mega influencers.
Initially, you’ll want to try a couple of different types of content to see what works best for your brand before moving certain influencers to the next stage: brand ambassadorship.
This is only more expensive because it’s a longer partnership, but once you’ve found the right influencers who convert well, then your ROI will be dramatically higher. There are different things you can try – shoutouts, competitions, takeovers. The choice is yours and experimentation is key in the initial stages.
As with content types, there are many different payment models in influencer marketing. The key here is to focus on a small fee, plus a commission per sale (known as CPA). You can track this using influencer marketing software.
Create a strategy
Once you have figured out the essentials, this is where strategy comes in. When you are looking for influencers make sure they are aligned with your brand in terms of audience. Is it a good match? Ask them what has worked best previously with their audience.
Look at the content type you’re going to test out. Decide if it would be a good fit for your goals.
For example, if your goal is to increase sales, try working with an influencer on a shoutout and include a coupon code for 10% off with a minimum spend.
Check for engagement on their social media. Estimate your return on investment before you say yes to working with them.
Remember, you can test multiple campaign types at once with different influencers.
Track and optimize
The next step is to make sure you track each individual campaign and your actual return on investment. Analyze what works best for your brand, and what doesn’t. Optimize in the future. Continue working with those influencers that have a high ROI for your brand and invite them to become brand ambassadors. Look for new influencers to work with and repeat what works.
Download the full guide to influencer marketing on a budget for more.