How to Do High – Impact Influencer Marketing on A Budget
A Practical Guide for Data-Driven Influencer Marketer
How to work with influencers on a budget – Intro – navigating influencer marketing. When you think of traditional influencer campaigns, mega influencers and
Celebrity influencers are the first thing that comes to mind.
With eye-wateringly high pricing and little to no accountability when it comes to reaching your goals and getting results, this can be an expensive and frustrating experience for brands on a budget.
But it doesn’t have to be. You can do it differently. Learning how to run high impact, low-cost campaigns is essential for success. At its core is changing your way of working to be more strategic.
Utilizing influencers, pricing models, and content in combination with tracking campaigns to see real, measurable results and optimizing is where you will start making a real difference to your influencer marketing strategy. Tapfiliate can help you to do that.
Our in-depth guide will help you discover how you can change your way of working with influencers while staying on budget.
Let’s dive in!
Make use of different payment models
Influencers work with several payment models, and there is no “one size fits all’ pricing model. That’s why it’s crucial to figure out what type of payment model works best for your brand in collaboration with the influencer so that it’s a win-win situation.
Additionally, it is important to understand that different content types and different influencer types can impact the pricing. Your strategy here is essential. More on how to leverage content types and match your goals to different influencer tiers later.
Influencer payment models
First, the different payment models:
But how do you get influencers to agree to different payment models without paying a huge upfront sum? We’ll show you how later.
Regardless of the payment model you are using, it is essential to make sure you are tracking the results of these campaigns.
Tapfiliate can support you with tracking these payment models – you can see the number of clicks, conversions (with amounts in the order currency), the influencer who referred to the sale, campaigns, and more.
Check the screenshot below for a sneak peek:
Track your ROI
Tracking your return on investment is a vital aspect of any influencer campaign. By tracking ROI, you will know what works for your brand and what doesn’t.
Using the data, it’s possible to optimize future campaigns to leverage what works and what doesn’t for your brand, saving you time and money. This increases your chances of success, sales, and further growth.
There is a simple formula for calculating ROI.
You need the amount of money earned by your campaign – Sales revenue.
You need to work out your costs Pricing model, fees, freebies,
coupon codes, etc.
The number that you’re left with is your return on investment. Doing this for every influencer campaign that you do can help you see what influencer type and campaign works best for your brand and where you need to tweak.
While traditional Influencer marketing software reports brand mentions from influencers, you can use Tapfiliate to track the actual orders, clients, or leads coming in from those mentions with the influencers you choose to work with.
You end up having two buckets of data: brand awareness and ROI. This will help you make data-informed decisions when distributing your influencer marketing budget, which is key to driving future growth for your influencer marketing campaigns.
You can see data from individual influencers over a set period of time and use the data to optimize your campaigns in the future.
Read Much More Inside…
How to align influencers to your goals using the 4 tiers
Take advantage of brand affinity and audience demographics
Use different content types
Influencer content types vs Relative costs
Create great relationships
Work with more than one influencer at a time
Budget for boosting posts and remarketing
Estimate your ROI
Chapter 2 How to find influencers to work with
Open up your search with bloggers
Be strategic with Google Search
Run an email campaign
Research popular hashtags in your industry
Search on LinkedIn
Go through your own Instagram followers
Use BuzzSumo to help you find influencers
Chapter 3 How to approach and convince influencers to work with you
Interact with them on social media
Tailor your pitch
Chapter 4 How to track your influencer campaigns
Intro – the two ways of tracking
How to track using referral links
How to track using coupon codes
You’ve seen that influencer marketing on a budget is possible by being strategic and tracking the data using Tapfiliate. You can now go data-driven with your influencer campaigns, track the actual ROI, maximize impact and optimize budget. Feel free to reach out to Team Tapfiliate with any questions or comments, and stay tuned for more influencer marketing features in our tracking tool.
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