Influencer Marketing on a Budget. It might sound like a dream, but it isn’t. By changing the way you work with influencers to be more data-driven and goal-aligned, you can improve your ROI, work with a bigger budget, and achieve better results.
Typically, when people think of influencers, they go straight to the Kim Kardashians of the world and assume it’s out of their price range. First of all, you need to be clear about 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, then come up with a strategy to target the right influencers and track the results so that you can optimize later.
- Type of influencer
- Content type
- Payment models
Type of influencer
Targeting the right kind of influencer, paired with the right kind of content and the right payment model, means you’ll get the best ROI for your campaign.
If you are on a budget, focusing on macro, micro, and nano influencers with a follower count between 0 and 40,000 can help you avoid the high fees associated with collaborating with mega influencers.
Initially, you’ll want to try out different types of content to see what works best for your brand before taking some influencers to the next step: brand ambassador.
It’s only more expensive because it’s a longer partnership, but once you find the right influencers who convert well, your ROI will be significantly higher. There are different things you can try – signings, competitions, takeovers. The choice is yours and experimentation is essential in the early 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 (called a CPA). You can track this with the help of influencer marketing software.
Create a strategy
Once you get the gist of it, this is where the strategy comes in. When you are search 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 with their audience before.
Look at the type of content you are going to test. Decide if this would suit your goals.
For example, if your goal is to increase sales, try working with an influencer on a shoutout and include a promo code that is 10% off with minimal spend.
Check the engagement on their social media. Estimate your return on investment before you say yes to working with them.
Remember that you can test several types of campaigns at the same time with different influencers.
Monitor and optimize
The next step is to make sure you are tracking each individual campaign and your actual ROI. Analyze what works best for your brand and what doesn’t. Optimize in the future. Keep working with influencers who have a high ROI for your brand and invite them to become brand ambassadors. Find new influencers to work with and repeat what works.
Download the Complete guide to influencer marketing on a budget for more.