How To Make the Most of Your Influencer Budget
Getting the balance right between budget, content and campaigns is important for running a profitable business. It’s also essential to help you calculate return on investment (ROI) and to ensure that you’re getting value for money from your campaigns. By planning your partnerships effectively, managing your influencer budgets properly and taking the time to evaluate the best ways to work with influencers you’ll be on the way to elevating your brand to success. Need some tips on how to make the most of your influencer budget? Read on:
Gifting can be a more cost-effective way of working with influencers to promote your product. Rather than agreeing to a paid partnership, lots of influencers (especially smaller ones) will do a review or talk about a product that they received as a gift from a brand. You have less control over the content and if the influencer chooses to talk about the product but it can be an effective strategy that lots of brands use. However, there are still rules to follow, so make sure you’re up to date!
Try Different Platforms
Don’t throw all of your eggs in one basket if you’re balancing a budget, try reaching out to influencers on a range of platforms. Smaller, newer channels can sometimes come at a lower cost but still come with the benefits of working with influencers – you might even find an influencer or a platform that goes on to do big things!
Competitions and giveaways, user-generated content and discount codes/commissions are all different ways of getting around limited budgets so think a little further than a straight-up influencer collaboration.
Smaller, Niche Influencers
Working with smaller influencers who are well-known in their community (and align with your target audience) can be a really great way to get more from your influencer budget. Smaller, trusted influencers with extremely engaged followers can actually drive more conversation and conversions than bigger influencers that don’t have this sort of targeted following.
We’re definitely not saying to undervalue influencers or pay less than their worth but there are some times when negotiating absolutely makes sense. It might be a longer-term collaboration, more posts, a share of profits or a lower fee but more products provided that allow you to negotiate a lower fee per piece of content. Go easy on this as you don’t want to offend anyone but it’s worth remembering that there are no set industry rates for influencers.
Use Influencer Content Elsewhere
Influencers create amazing content that looks fantastic so it makes sense to use it elsewhere if you can. Make sure that you have agreement from the influencer but sharing across your other channels, using influencer content on your website and even in editorial and PR pieces can make sure your budget works harder. It might even mean that you can utilise the budget planned for other purposes to pay for influencer content as it’s fulfilling a number of different roles in the business. Even better, this content can actually attract more people to check your business out!
Enlist An Agency
Still not sure on what’s best for your brand?
Enlisting an agency can be a cost-effective way of spending your budget! At each&everyone we have years of experience, great influencer relationships and know the best and most cost-effective way of driving results!
We know that one size doesn’t fit all, so we have bespoke packages, tailored to your brand! We can save you time, whilst also increasing your ROI and taking the stress out of an Influencer campaign get in touch today to get started!