Influencer Marketing ROI- Commission
Influencer marketing has become the go-to strategy of many marketers and is an integral part of their marketing strategies. Its popularity has surpassed that of print marketing on Google too. It is thus no surprise that more than $1.5 billion was spent on it in 2018 alone.
The main reason for this is the huge ROI that you can get from influencer marketing. It was found in a study that for every $1.29 that was spent by brands on beauty influencers, they got $11.38 in revenue. That’s an ROI of 8x!
To get the maximum ROI from your influencer marketing campaigns, you should have the following:
Must-Have Things To Maximize Your ROI From Influencer Marketing In 2021
Cash is the most basic yet essential part of a successful influencer marketing campaign. Influencers expect to be compensated for their efforts to promote your brand to their audience. While the exact amount will be based on their audience size and reach, you need to plan a budget for it.
This is applicable when you incorporate an affiliate marketing model into your influencer marketing campaign. You can provide them with an affiliate link through which you can track purchases made using it.
Whenever anyone purchases your product using the link, you can pay the influencer a commission. This is a great way to motivate them to drive more sales for you.
3. Product or Service
It is necessary to have a good product or service to promote in the first place. Additionally, some influencers may agree to work with you on a barter basis.
In such a case, you will be required to provide them the product or service for free in exchange for their services. A specific budget should be allotted to these types of collaborations too.
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Another important ingredient of a successful influencer marketing campaign is time. You need to dedicate enough time to properly plan your campaign.
Similarly, you should also take time to build a relationship and rapport with your influencers. Remember, the key to a successful influencer marketing campaign is communication.
You need to negotiate compensation, discuss objectives, and build long-term relationships with influencers. All of this time invested into your campaign can give you a higher ROI in the long run.
5. Influencer Marketing Platform
Managing an influencer marketing campaign is no easy task. It requires a tremendous amount of planning, communication, and tracking.
To find out more about influencer marketing and its ROI, you can check out this infographic by Grin.
Brian Mechem is COO and Co-Founder of Grin, a software solution for companies who run influencer marketing programs. Grin’s software powers some of the best influencer programs in the world, providing insights on ROI and adding efficiency to the influencer marketing process.