4 Essential Tips For Influencer Marketing On A Budget
4 Minute Read
Influencer marketing is one of the most powerful techniques to reach your target market today. Social media influencers are experts of their industry, they hold a trusted relationship with their following, they boost brand awareness through creative thinking, and generate increased sales and web traffic.
Sounds pretty good, right? Of course it does, but with the average cost of a single social media influencer post coming in at approximately $1000 per 100,000 followers, establishing a reach in that niche market is not always cheap.
It seems frustrating that without a bottomless pit of financial resources, you won’t be able to make an impression on your desired market. But that isn’t necessarily the case.
This post will explore the less financially burdening ways to use influencer marketing and gather that web traffic needed to generate sales and continued brand awareness.
Compensation models for influencer marketing
People are often sceptical about the power of social media influencers – and you probably should be. Just because someone has a large audience doesn’t necessarily mean they can generate you a large amount of sales. Throwing thousands of your limited budget at one Instagram post is a big risk (especially for smaller businesses and start-ups).
This is where compensation models help to redistribute the power between the business and the influencer. Take ‘Pay Per Post’: this is the most common form of influencer post. It is a one-off payment that ensures an influencer will be paid for a social media post dedicated to the product/service you have agreed. This method is often expensive, difficult to predict reliability, and doesn’t always reach the right crowd.
As a solution, ‘Cost Per Acquisition’ ensures that a payment is made to the influencer based off of the number of sales/subscribers that they generate for your business. ‘Cost Per Click’ provides a similar sentiment, although this payment method is based upon the amount of traffic that is driven to your website as a result of the influencer’s post. These methods save you from shelling out on an ad campaign with a possible dead end, with greater payments only made if there is greater traffic driven to your site/sales.
For a business on a budget, getting a Kim Kardashian on board to boost your businesses reach may be a little intangible. However, a recent sweeping trend of micro-influencers is being used by smaller companies to get an early reach, at a much cheaper cost. Research conducted by Collective Bias suggested that just 3% of consumers were actually influenced by celebrity endorsements when making a purchase. By selecting the right micro-influencer, you have a very powerful tool that allows you to access the niche market that you have been trying to find. They’ve already done the work for you.
Take this for example – @blissedhappiness is Karina Blackwood’s Instagram account. With just over 18,000 followers, this page is dedicated to promoting Karina’s passion for fitness, health and wellbeing, and clothing. For a small fitness apparel company, Katrina obtains a gathering of follows that would suite their target demographic. Her engagement is genuine, she has a trustworthy rapport with her followers, and acts as a promoter for her reliable audience. The big numbers aren’t everything, right?
The tricky bit about using micro-influencers is finding the correct ones. They tend to be more difficult to find than macro-influencers for obvious reasons. However, there are tools to to help you. BuzzSumo is a search engine that generates suggested social media accounts based on a keyword search. A ranking of these pages is based on website domain authority and their number of followers. You can quickly see who is generating the most attention in your niche market, also allowing you an insight into the most popular content.
Use influencer marketing tools such as Shopcast
Using free software is the perfect way for your business to test out the latest influencer technology and stay on top of your industry. Shopcast is an ecommerce tool that allows influencers to bring their engaged shoppers to your site and shop with them live, creating a fun and social experience. Whilst social media posts often rely on an influencer posting a link (which is not even possible on Instagram posts), Shopcast allows influencers to actually bring shoppers to your site and engage with them live. Bunting offer a free model of Shopcast, check it out and get in touch if you have any questions.
Use your customers and in-house experts
Have you got experts on your team who can fly your company’s flag? Or maybe your own customers have an engaged following on social media and could promote your products at a far lower cost than more established influencers.
Tools like Shopcast don’t have to be used by established influencers, either – someone on your team with a great knowledge of your products can do a live Shopcast, sharing their coveted wisdom with your visitors. Shoe expert Jenni Bailey from specialist retailer Calla Shoes recently used Shopcast to showcase her summer products for ladies with bunions, sharing her vast knowledge of styling for this condition. The session saw an impressive 18% conversion rate.
To wrap up…
Influencers are the modern-day masters of marketing, they provide content to an audience that trusts their opinion. But after all, it is your decision. Be picky about how you are spending your limited budget and explore all the options before making a decision.
Remember, a mass following does not always ensure results. Be careful about who you select, considering multiple micro-influencers rather than one macro-influencer, as they usually have a much more loyal following.
Try out new technologies. Optimize on your influencers ability to engage with your potential customers by experimenting with new products and ideas, like Shopcast.
If you would like to find out more about Bunting’s influencer marketing tool, get in touch with the team.