Framing out a budget is never an easy task, and building one for influencer marketing is no different. If you are thinking about using influencer marketing for a campaign, you may be required to back up the budget ask with research.
Consider including these stats when trying to justify your request:
- Nearly 40% of Twitter users say they’ve made a purchase as a direct result of a Tweet from an influencer.
- Sixty percent of YouTube subscribers would follow advice on what to buy from their favorite creator (i.e., YouTube influencer) over their favorite TV or movie personality.
- Nearly one-fifth (19%) of the average consumer’s total media consumption is now made up of influencer content.
- More than half (57%) of those surveyed by Good Relations have “made a purchase based solely on an influencer recommendation.” That number grows to 69% for millennials.
- Instagram influencer marketing alone could reach $2 billion by 2019.
Once the budget for your influencer marketing program has been approved, it’s time to consider some critical details.
Does your brand have an influencer marketing strategy already in place?
If so, how successful was it? What kind of metrics were used to measure the success or failure of the influencer projects, and were they tied to bigger marketing or brand KPIs? It’s important to move beyond the “pay and pray” model.
What do the influencer marketing strategies of your brand’s competitors look like?
While there isn’t a surefire way of knowing exactly what your competitors’ outcomes are, it is possible to keep track of how many influencer projects competitors are launching, which platforms they are using and the types of influencers with which they are working. This can help the brand frame out and/or refine its own influencer strategy.
What existing plans does your brand have that influencers can help with?
Don’t assume existing campaigns should get scrapped. Maybe your company already has something planned that could get a boost from working with an influencer or several influencers.
Which type of influencer is the most appropriate to help your brand achieve its goals?
Don’t allocate a large chunk of your budget to work with a really big name. Smaller influencers often have more actual influence with their audience, and they’re more affordable to work with.
How are you going to measure the influencer’s marketing success?
Make sure to have specific KPIs in place before you sign an influencer and launch a campaign or partnership.
Answers to these questions will help frame out how much of the marketing budget you should allocate for influencer marketing.
In short, make sure:
- Your brand approaches the right influencers
- The influencers and your brand agree on exactly how you will measure success
- You measure success before a campaign or partnership is launched
- You have the right tools in place to do that measurement
Of course, ensuring that the influencer delivers is key, especially when you make the case for an influencer in the marketing budget.
Need help capturing metrics or sourcing influencers? Contact Cision.