No business can enrich itself without the boost of social media. And today we will discuss how you can Pay Influencers for Social Media Collaborations. They play a vital role in your business. As now we all are confined to our room in this covid scenario, social media is the best possible way out for marketing.
You probably already know the basic mechanics of influencer marketing: you have to find to promote your brand on social media, pay them for their content creation services, and measure the results of that content. They will also choose the best social media handles for you so that you can proudly represent your brand.
But how do brands actually pay influencers? There are various ways, and it’s important to understand the different forms of influencer incentive before starting a campaign. Let’s take a look at the most popular ways you can pay influencers for social media collaborations.
Free products, services or experiences
The first way you can pay influencers is with free stuff. Gift them free products, services, experiences, or whatever your brand offers. This type of compensation is included in most influencer collaborations, as brands want the influencers to have something tangible to use and review when creating content.
For small businesses and brands with limited budgets, you can sometimes close a deal with Instagram influencers for free products as the only type of incentive. The key to doing that is to search for nano influencers, who have between 1-5K followers. These influencers are just starting out, and so they’re more receptive to smaller-scale incentives.
The price is just one of the benefits of working with nano influencers. They also have the find influencers in the industry. Engagement rate measures the connection between an influencer and their followers. It shows how interested followers are in the influencer’s content. Nano influencers are relatable and can better manage their social communities. Therefore, their audiences trust them more, leading to high engagement with their content.
Tips for when you pay in product
Here are a few things to have in mind if you plan to pay influencers with free products:
- Don’t forget about shipping and handling, with respect to budget and time.
- If shipping becomes a hassle, try sending influencers vouchers to redeem at your online store. This also allows them to choose the products they like best.
- When sending specific products, find out which variation the influencer likes best. Do they want red or blue? Large or small? The happier they are with the product, the better their content will be.
- Unless the product is very valuable (think fine jewelry or a motorcycle), contracts aren’t always necessary when paying in products. In fact, when working with nano influencers, contracts can sometimes be conversion killers, meaning they actually prevent you from sealing the deal. Instead of signing a contract, you can put the details in an email.
Another common way to pay influencers is with a flat fee. To work with the top social media influencers, you’ll usually have to pay them a fee (and send them the product you want them to feature in their content). Based on their follower count, engagement rate and other factors, influencers will set a certain price per piece of content.
Different types of content have different prices. A video is more expensive than a photo post, for example. And on Instagram, a story would be cheaper than a static post, as stories disappear from the profile after 24 hours.
As another note, many top influencers have managers, who can sometimes drive fees up by about 20%. When paying fees, and when managers are involved, it’s more common to sign contracts.