Influencers with a broad reach expect to be compensated for their work. Nano-influencers can get by with free products, but a larger influencer campaign requires a dedicated budget.
Major brands that work with celebrities must therefore raise significant sums. In the United States, influencer marketing is expected to exceed $4 billion by 2022 .
Spending on influencer marketing in the United States between 2019 and 2023
Source: eMarketer
Consider the payment structure that best meets your goals, while also taking into account the influencers' needs. For example, consider an affiliate or commission structure instead of a flat-rate fee, or consider reducing that fee.
Thus, 9.3% of American influencers say that affiliate marketing (links and promo codes) is their main source of income.
That being said, the standard formula for setting the price of a post by an influencer on Instagram is as follows:
$100 x 10,000 subscribers + extras = total price
But what do these extras amount to? Check out our article on influencer kuwait phone number data rates to find out.
Keep in mind that micro and nano influencers have more flexible payment terms.
Create an influencer marketing strategy
1. Define your goals
The main goal of brands using influencer marketing is to reach new customers, which makes perfect sense, as these campaigns provide access to your partner's followers.
You'll notice we talked about reaching new customers, not necessarily closing sales right away. Sales are actually only the third goal of influencer campaigns, behind increasing brand awareness and factoring the product into purchasing decisions.
Paid content and influencer programs are used for various purposes.
Source: Advertiser Perceptions
Consider how your influencer marketing campaign will fit into your overall digital marketing strategy and create measurable goals that you can track and report on.
We've dedicated an entire article to how to set goals . Feel free to check it out to get started!
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2. Get to know the people you are trying to influence
To be successful, you need to reach the right people, with the right tools, and also through the right influencers.
The first step is therefore to define who the audience for your campaign will be.
To make sure you have a good grasp of them, there's nothing better than creating profiles . Perhaps you're looking to expand your current audience or attract a whole new audience.
Next, develop a set of influencer profiles. This process will help you define the qualities you're looking for in your future influencer collaborators.
3. Learn the rules
Before you jump into influencer marketing, you need to understand the rules. In the United States, these rules are set by the Federal Trade Commission .
The FTC takes transparency very seriously. Be sure to include transparency guidelines in your influencer contracts.
Therefore, influencers must present their sponsored posts as such. Unfortunately, they don't always do this or make this information unclear.
The UK's Competition and Markets Authority (CMA), for example, has looked into hidden advertising on Instagram and has required Facebook, the network's parent company, to make changes to make it easier and clearer to mention the sponsored nature of posts.
The exact rules vary by country, so be sure to check the latest regulations that apply to you. Generally speaking, it's enough to be clear and straightforward so that the sponsored nature of a post is obvious to everyone.
Here are some of the highlights established by the FTC :
Video reviews must state the existence of the partnership in writing and orally. This information must be an integral part of the video (it cannot simply be mentioned in the description).
Social media's built-in tools aren't enough, but we still recommend using them. Instagram now specifies that any sponsored content (influencer marketing) published on its platform must use the appropriate label. This label adds the text "Paid partnership with [your brand name]" to the post's caption.
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