Getting the Most From Your Influencer Campaign Budget
Last week, I discussed three key things to remember when adding influencer marketing to your strategy. While it can be a fantastic way to raise brand and product awareness, it’s sometimes hard to know where to start, and more importantly, what kind of budget to set for it.
Linqia recently released it’s findings from a survey to marketers on their influencer marketing. The study revealed this information about influencer marketing spending:
“In 2016, most marketers spent between $25,000-$50,000 per influencer marketing program, which survey respondents report will double to $50,000-$100,000 per program in 2017. Overall budgets are set to increase as well, with 48% of marketers planning to increase their influencer marketing budgets in 2017 and only 4% planning to decrease their investment in the channel.”
However, in another report from Bloglovin’, it was determined that “many marketers report spending less than $5,000 per campaign, making influencers remarkably cost-effective for the reach they can provide.”
I’m not sure about your budget, but $5,000 seems a lot more doable to me than $25,000—at least this year! So can you actually run a good influencer campaign for $5,000 or maybe even less?
You bet you can!
Quantity -vs- Quality
The first step in maximizing your budget is to determine how much coverage you want. Do you want a lot of coverage spanning a certain amount of time and a variety of channels (quantity), or do you want your coverage to be extremely focused and in-depth (quality)? Understanding this will help you set the budget accordingly.
As an example, with the quantity approach, you could possibly work with 100 different influencers at $50 each and ask that they complete a couple of different postings on sites such as Facebook, Twitter, Instagram, Pinterest, etc. At that rate you would typically get ONE post on 2-3 sites. This can give you a lot of exposure to a lot of different audiences and can be quite effective if it takes place over a certain stretch of time. I wouldn’t use this approach for a short period (like a week’s span) unless you’re specifically wanting to drive attention to something dated. This approach would be best used for a 4-6 week span or longer approach.
With the quality approach (and please note, I’m not saying the example above lacks in quality… it’s more that it lacks in individual depth), you work with fewer influencers and pay them a larger amount of money with greater expectations in the content they produce. These people will typically have a much larger reach in their audience as well. With this approach, one of the things that you’re paying for is that larger following. With this approach, you may work with 10 influencers at $500 each or 5 at $1,000. Or even possibly only one very large one, although I would be hesitant to recommend that. You can expect to have a much bigger “ask” at this rate. A possible line-up could be a blog post, YouTube video, a few posts on each social media channel, or a giveaway, etc.
While these scenarios are by no means exhaustive, hopefully they give you a general idea of what you can do with a budget as well as getting you thinking outside the box and the possible ways you can incorporate influencers into your branding strategy.
Source: Atlantic Web Works