5 Ways To Incentivize Influencers To Work With Your Brand
Planning before moving a step is a great way of winning the battle even before you have entered the field. Similarly, if you don’t propose a solid influencer marketing strategy to your shortlisted influencers, it’s hard to attract their attention sooner.
Once you are done building a strong foundation strategy to pull your marketing media, it’s time to incentivize your influencers. Your influencers run on the bread and butter of social media. Their strength is their followers and reach. So no cheating in any step. One wrong move and your brand will be seen drowning.
You can also check out our important factors on how to pick the right influencer for your brand.
Once and for all no one formula variants in. Some variations and exceptions will bend you to being fragile and think twice before signing a cheque. The most important criteria are:
- Creator Class (Nano, Micro, Macro) depends on the bunch of followers they adhere to
- Content Type (Reels, Story, Long Ig Videos, Posts, or Live Videos)
- Business Type (SaaS, e-commerce, Events)
- Your Brand Value (Startup, Small business, MNCs)
Sehaye helps you shorten the gap between interested brands and influencers. It is a new-generation app that qualifies in bringing prospects to its sellers. It helps brands to choose between a wide variety of content creators and discuss the prices of putting and sharing content. Post-campaign reports are also available on the same platform.
Depending on these, you can properly choose a better method that suits your needs. There are 5 tried and tested methodologies you can fairly bet upon.
- No Cash only Souvenirs Method
- Gift+ Payment Method
- Pay Per Conversion
- Base + Performance-based Bonus Method
- Selling Shares
The objective here is to make the process of buying and selling your products through influencers easier and more convenient. You should not feel cheated after investing in influencers on several social media platforms. There’s so much worth involved that researchers expect the influencer marketing business to reach $2.85 billion by 2025.
So let the money flow!
1. No Cash only Souvenirs Method
Pros: This is one of the easiest and cheapest methods you can adhere to. You will have to just bear the transportation cost and packaging charges if you go for premium fitting options. But all in all gifting souvenirs becomes a much easier option for all those who can’t afford flat fee campaigns. The influencer will be happy receiving free products and can do better marketing by using them in daily life.
Cons: Not everything goes as planned. As you may not be the only brand preparing such types of products, your competitor brands may have applied the same rule of sending souvenirs, and sometimes big creators value money over gifts. Not everyone will be obliged to post about your brand as soon as they receive it.
2. Gift+ Payment Method
Pros: You get priority and attention over brands that just send gifts. Easy to manage and you can collaborate with more influencers.
Cons: Payment before work. You may not be able to regulate the mentions on the creators’ accounts. So the return on investment is at stake if the influencer is not serious about the brand.
3. Pay Per Conversion
Pros: This method is one of the safest methods if we take the brand into concern. You will be just paying for real sales. There will be the least chance of fraud as one cannot fake out on sales. Faking engagements is a cakewalk nowadays. You can maintain long-term partnerships with the influencer and discuss further strategic changes in advertising. The creator is seen to be more involved in sales like this.
Cons: It is a time taking method because hiring new influencers and asking them to connect readily may make the payment process delayed. Even if the conversions go quickly, a startup has to make grand changes in the budget for handling such bulk. Quantifying the customer load becomes difficult.
4. Base + Performance-based Bonus Method
Pros: It’s a mix and attracts a lot of influencers. It’s a win-win situation from both ends. The content creator is motivated to work for your brand and develops an interest in promoting it. Even you as a brand manager will be assured about whom to hire. The ones who are dedicated to one brand like yours can serve as great brand ambassadors in the future.
Cons: This system can cost hard on your pocket if you observe that you are paying generously much more than the flat fee structure. It ought to be checked about the commissions and discounts your conversions or your influencers are taking profit of. Thereafter you can make 25-40% cuts on the base price to add the bonus.
5. Selling Shares
Pros: More involvement from the influencers as they are always getting something out of the growth in your business.
Cons: New Methodology, New Teachings. Not everyone is used to the stocks and equity culture. Might take extra investments.
Influencer marketing can take a toll on you if you are not experienced or guided by a mentor.
Vavo Digital, an influencer marketing agency extends a helping hand to up-surging as well as creative setups that firmly believe in the power of influencer marketing. Got any queries regarding how to proceed? Share your queries at firstname.lastname@example.org and we will be right back to you with the complete process. We are available to serve you 24/7.