Small budget, big impact?
So, you want to try influencer marketing, but you are tight on budget? Here are some strategies to get your influencer marketing right without digging a hole in your pocket.
Influencer marketing is not what it used to be decades back when celebrities promoted products on TVs and radio. Influencer marketing has taken a different meaning with the advent of social media.
Previously, influencers were limited to celebrities and sportspersons. Today, you can find influencers in millions, crowding various social media platforms like Instagram, YouTube, Facebook, TikTok, and Twitter.
Influencers with large followers (above 50k) ask for huge amounts to endorse products for brands. Only large businesses can afford to hire the top macro-influencers.
Startups and growing businesses do not have money in their kitty to spend on celebrities and macro-influencers to endorse their products.
So, does it mean that influencer marketing is only for large businesses? No. Even startups and small businesses on a tight budget can be successful in influencer marketing campaigns if they follow clear strategies.
What are the strategies to leverage influencer marketing on a tight budget?
There are infinite options if you think of influencer marketing strategies out-of-the-box. The go-through route is paying to collaborate with the influencer. But some other meaningful strategies along with the influencer campaign will help you better your results.
Influencer marketing is a collaboration rather than an exchange. If your influencer has an aligned vision, the campaign will have more impact. A big budget limits the potential of influencer marketing. Instead, opt for a smaller budget, think about the strategies to make it work, and you will weave success out of it.
Let us now understand some strategies to leverage influencer marketing on a tight budget.
- Go for micro-influencers and Nano-influencers
It is no use utilizing your budget on a single macro-influencer. Anyways, macro-influencers and celebrities are beyond your reach when you are on a limited budget.
The best way to use the limited financial resource is to hire influencers with less followers (10k-50k). These micro-influencers and Nano-influencers have a loyal community of followers and higher engagement rates.
Moreover, surveys show that the ROI is more when you collaborate with such influencers. They produce content in sync with their follower interests and follow it up with continued conversations, thus influencing the purchasing decision of potential buyers.
An influencer marketing platform is a go-to place to collaborate with micro-influencers and Nano-influencers. It is the perfect marketplace to find and collaborate with influencers that fit your niche and budget.
- Grow beyond Instagram
Instagram is a social media platform that gives the best result for influencer marketing campaigns. But the cost of investing in it is more. You can try influencer campaigns on other less popular channels. Once you have a steady count of followers, you invite them to follow your Instagram account. In the end, you will have increased followers on all the social media platforms.
Another way is to produce one content and promote it on other social media platforms. You can also tell your influencer to promote it on their social accounts.
If your brand has more followers on Instagram, create a campaign for it. Promote it on other channels like Facebook, TikTok, and YouTube.
Take advantage of the social media platform features like hashtags, tagging, location, stories, Reels, and others to gain maximum exposure.
For conversion-optimized campaigns, you can hire the services of a good influencer marketing platform. It designs campaigns for brands by collaborating with relevant influencers and offers you end-to-end solutions in influencer marketing.
- Lure influencers with exposure & associations
Think beyond payment when you collaborate with influencers. What other non-monetary business benefits can you provide for your influencers? When working on a limited budget, you can offer unique incentives like exposure, access, and association.
Even an influencer wants to grow their audience just like you. You can share and comment on their media posts or allow them to contribute an article on your website blog.
Inviting them to product launch events, sharing goodies, sending them free products for reviews, introducing them to your business network are some of the ways to allow them access to your business experiences.
Creating long-term association through creative content liberty, facilitating participation in company activities like events and philanthropic causes benefits both you and the influencer.
- Collaborate with complementary brands
Have you heard of the term complementary brands? These are brands that complement your products. Take, for instance, a shaving gel with a shaving blade or a laptop with an online course.
As a brand, you can collaborate with non-competing complementary brands to secure more opportunities for your influencer campaign. If you are a fashion brand, you collaborate with an accessory brand and hire influencers to endorse the products. You and the complementary brand share the payment to the influencer.
- Turn your loyal followers into brand ambassadors
Influencer marketing is not the end of gaining followers. You should have strong content and engagement in place to retain the followers for life.
If you have to leverage influencer marketing on a tight budget, make sure that you follow it up with other content strategies. Resolve customer queries instantly. Reply to their comments. Persuade them to like and share the post. Run giveaways and contests to follow up your influencer marketing campaign. It will keep your viewers engaged and turn them into loyal customers.
Brands that have good products gain free publicity through their loyal fan base and user-generated content. Customers post images with products and tag brands. The brands repost this content on their account. It makes their followers happy, and it also builds trust among their fans. Engage customers regularly by replying to their reviews about your products.
You can leverage influencer marketing to the maximum extent by engaging with followers for the long term.
Leveraging influencer marketing on a tight budget is not impossible. It is a myth that influencer marketing costs a lot of money. In fact, it is flexible to suit every brand’s budgeting needs.
A few strategies in place, and you are ready to achieve influencer marketing success on a tight budget!