Tips for Successfully Executing Influencer Marketing Strategy on a Budget

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In previous articles, this blog has discussed the benefits of influencer marketing and tips for picking the right influencer for your influencer marketing strategy. However, while many companies and brands have embraced the importance of influencer marketing, there is still a pervasive misconception that it is a strategy for big businesses and global brands. Companies with million-dollar budgets. In truth, small businesses are more than capable of executing effective influencer marketing strategies. Like with all campaigns, it just takes having a clearly defined plan and strategy. Here are a few tips.

  • Use Micro-Influencers – According to HelloSociety (an agency that connects brands with the right influencer for their campaigns), micro-influencers are 6.7 times more efficient per engagement than influencers with large followings (source: AdWeek). Micro-influencers are essentially influencers with a smaller audience as the regular influencer. However, smaller does not automatically mean less influential. As I noted in my post about picking the right influencer, it’s not always about big social media numbers. Yes, while an influencer having a large following is indicative of their reach, it does not always mean that their followers are engaged. Sometimes the individuals with 2,000 followers may have a far more engaged following than the individual with 2 million. Micro-influencers are typically cheaper than major influencers while achieving the same goals.

 

  • Contribute to their Content – Influencers do not always live on Instagram or Snapchat or the like. Many also have blogs and quite a few are willing to accept submissions from others, as long as it is in line with the theme and topic of their blog. Finding an influencer that allows guest posts for free is a very cost-effective way to utilize influencer marketing. It is also important to remember that influencers are not always individual people. Industry magazines, trade journals, news shows, television shows, brands, etc. can all be influencers. And a popular and influential magazine, for example, is a perfect avenue for submissions and guest articles that will be seen by a large and significant audience.

 

  • Offer Free Products/Services – One of the biggest hesitations that small businesses have regarding influencer marketing is that there is simply no budget for it. However, payment to an influencer does not always have to come in the form of money. Using resources that your business already has is a great way to save money while getting the most out of your influencer marketing strategy. For example, if are in the fitness business, e.g. own a gym or a vegan restaurant, etc. and you would like to work with a personal trainer or fitness expert with a large and engaged Instagram following, you can offer special discounts to the trainer and some of their most loyal customers in exchange for their posting about your gym or restaurant.

 

  • Activate Fans into Influencers – Here’s a little fact that some businesses are completely unaware of. Some of their potentially most effective influencers are already customers and fans of their brand. Many businesses assume that they need to look outward to find effective influencers, when the truth is, sometimes, someone with a fairly decent sized and active social media following is already using their product or service. Identifying those individuals and working with them can not only be a cost-effective way of executing a successful influencer marketing strategy but also an organic and credible way since the influencer was already a user and a fan of your product or service.

 

  • Become Your Own Influencer – I know what you’re thinking. It takes a long time to build enough of a following, credibility and influence to become an influencer. And yes, Rome was not built in a day. However, the potential benefits of establishing your business as an influencer are numerous, not least of all the costs saved by not having to constantly look elsewhere and pay others. Becoming an influencer largely involves establishing yourself as an expert and thought leader and there are many avenues to do so. Become a professor on websites like SkillShare, contribute to high-quality publications like Forbes and industry magazines, host free seminars, webinars and/or expos, etc. When people start to view your business as an expert and an authority, their trust in you will increase, which in turn will increase their willingness to buy whatever you’re selling.
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