5 Tips to Make Your Influencer Marketing Campaign Cost Effective
In the last 5-6 years, influencer marketing has exponentially grown. As per Forbes projection, by the end of 2022, brands would have spent a staggering $15 billion on influencer marketing. Content creation on social media platforms is also expected to grow and so will the consumption of those content. Influencer marketing is therefore a safe haven for many advertisers to promote their products and service.
However, budget is a big concern for a lot of brands. While traditional forms of sponsored ads on social media and print are getting more and more expensive, influencer marketing is turning out to be a more cost-effective alternative.
In this write-up, we will share 5 tips that will help you make your digital influencer campaign cost an effective affair. Read- on
#1 Tip - Don't bank on a single Influencer
Given the sheer volume of influencers on varied social media platforms, marketers have a large resource pool to pick from. There are mega social media influencers with millions of followers who can change a big sum to do any kind of promotional activity on their platform. At the same time, there are small or mid-sized influencers who will be ready to work on a modest budget.
So, instead of pumping in all your marketing budget on a single influencer, it is a wise move to divide the influencer marketing budget among several influencers at a time. A high follower count does not necessarily mean a higher engagement rate and ROI. Micro influencers with a modest follower count in fact give better results and work out to be more cost-effective.
#2 Tip - Pick an influencer who is closest to your target audience
Do not choose any random influencer that fits your budget. You need to be visible to the audience that is closest to your user persona.
For example, if your products deal with interior decor, target influencers who create content around themes like lifestyle, home improvements, carpentry etc.
Just make sure to choose the right set of influencers for the job. Working with multiple influencers from the same genre or domain is more targeted and will prove to be cost-effective over time.
# 3 Tip - Pre-decide the type/nature of content creation you need from the influencer
The best thing about influencer marketing is that the onus of content creation largely rests on the creator. You will not have to incur the production cost of creating the video unless you want to pool your resources in content creation. In that case, the influencer marketing budget will increase.
In addition to that, the size of compensation will also depend upon the type of content you want the creator to make. Here are some examples -
- A post with a picture and relevant hashtags
- A brief product mention if any of their regular videos
- A small-sized video or reel about your product
- Detailed video or product review
The pricing will change with the intricate nature of the content. A post with just pictures and hashtags will cost less whereas a video with detailed product reviews will cost more. So, pre-decide on the type of content you want from the influencer and determine the pricing beforehand.
Also remember, the cost of production will increase if the influencer has to create the content in an outdoor location vis a vis their home or home studio.
#4 Tip- Give out free samples to the influencer to review
Try and find influencers who are ready for free samples/sessions of the product and service you want to market. There is nothing wrong with approaching an influencer with this mindset. Many beauty companies regularly send their products to be used and reviewed by influencers.
Or if you are a cleaning company, you can send your cleaning team for free to the influencers' house to deep clean the house. Creating a video around this experience is not just engaging and honest, but also proves to be cost-effective.
#5 Tip - Sign up for a trusted influencer marketing platform
Although hiring an influencer marketing company to help you kickstart your influencer marketing campaign may sound expensive, it actually works out to be cost-effective. Companies dealing with influencer marketing are already aware of the competitive industry rates which you may not necessarily know.
They can connect you with a group of influencers who will not only fit your budget and campaign goals but will give you a higher engagement rate.
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