Let's be real, while the world of influencer marketing is very effective, it can also come with a very steep price tag. But the good news is that even if the cost of influencer marketing continues to tick up, your dollars don't have to. Before we give you the inside scoop on how to make the most out of your influencer marketing budget, there are a few important things we want you to keep in mind when it comes to an influencer's rate.
Based on an influencer's following, reach, engagement rate, and cost per impression, their metrics will dictate the price they charge for specific deliverables. Also, depending on the type of content (video, static images, a combo, etc.) you request and how you plan to use the content on behalf of your brand, it will affect the price the influencer charges. While it is important to keep all of these factors in mind, let's get to the good stuff! We are going to tell you the 411 on how to stretch your dollars so that you can find an influencer partner without breaking the bank.
How to Stretch Your Marketing Budget for Influencer Support
1. Set Marketing Goals
The goals you set for influencer marketing will dictate the amount of money you can budget for a partnership. For example, if your goal is to get some new recipe content, you can get that for a reasonable price. Whereas, if your goal is to receive more engagements and impressions, it will come with a higher price tag. Setting goals like these up front is key to accurately determining your overall influencer marketing budget.
But don't worry, if you don't know where to start or what would be the right goal for your brand, let's work together! We can help you set accurate goals for your brand based on what you are looking to get out of an influencer partnership.
2. Determine Criteria for an Influencer Partner
An important thing we do at DMA before beginning our search for an influencer partner is to develop "influencer criteria." This helps make our search way less stressful and saves us time. A couple of things we include in our criteria list are:
- Specific types of product(s) we want to see on an influencer's social media platforms
- Photography/videography style
- Target audience
Determining the criteria you're looking for can help weed out influencers who would not be a good fit for a brand based on the criteria we put in place. Finding the right influencer partner doesn't have to cost you time or money!
3. Look at ALL of your Options
There are thousands of influencers that exist in our world today and the industry is continuing to grow at a rapid rate. Your options are endless! When we are searching for influencers on behalf of the brands we work with, we don't settle! There is definitely an influencer out there that will want to work with a brand AND within a specific budget.
The bottom line, know your brand's worth and make sure the price is fair for both sides! But if the endless list of possibilities feels overwhelming, we've got your back! Between our well-known influencer contacts and pricing context, we can help find the perfect influencer for you.
4. Ask for Bundle Pricing
A great way to stretch your dollars when it comes to working with influencers is through bundle pricing! We often ask for bundle pricing when searching for influencers to partner with on behalf of our clients. Most of the time, if you agree to work with an influencer for several posts over an extended period of time, they will usually offer you a "bundle price." The influencer finds the bundle price appealing because they like the fact that they are building a relationship with a brand over time. This also makes the influencer come across as more authentic to their audience by working with a brand long-term, instead of in a one-off, random post.
5. Communicate Openly & Build Relationships
Communication and relationships go hand in hand!
When it comes to communicating with an influencer, be clear from the get-go on what content you are looking for and what budget you are working with. We find that if you are clear upfront about your max budget, they are usually willing to negotiate and find a happy medium to make a partnership possible. Be real with them and they will be real with you!
Relationship building is key to saving you money long-term. We have found that influencers we have worked with for more than 1+ years usually give us some sort of discount in pricing, a bundle pricing option, first dibs at availability, and other incentives. When you invest in the influencer upfront, they will invest in your brand long-term (aka saving you $$$).
We know working with influencers is no easy task. If this sounds like something you can't fit into your 9-5, let us help! We have experience working with a wide range of influencer marketing budgets and also have influencer contacts in various industries. Let us take the stress off your shoulders and find you the right influencers for your brand while maximizing the budget you have to work with. Contact us today!