‘No need to be rich to start investing’. This is what Robert Kiyosaki states as the pope of Real Estate investment (Rich Dad, Poor Dad). Whether it’s a house or a tricky marketing campaign,the principle remains the same: you shall start at the right time, and in the right state of mind.
The right time is the perfect mix of what seem to be an immediate opportunity and a long-lasting investment (with incremental added value).
The right state of mind is your ability to turn budgetary limitations into a strategic asset.
Influencer campaigns are an opportunity in today’s context
Your product has been launched during quarantine times, or will be put forward in months to come. Then, you need to make sure your marketing spendings are justified.
Your current traffic may be exponential, such as the large retail industry (+162%), or just rebooting from a slowdown, such as the beauty industry (-44% less traffic during quarantine).
Your business priority remains the same.
Each campaign you make sure:
-each spending is necessary
-impacts positively the next trimesters
-is justified by satisfactory ROI and understandable KPIS.
What influence allows, on these 3 levels, are 3 things:
- To boost your conversion rate for sure, in a context of high consumption of social media (+61%) by being present on the socials that have the most impact for your business.
- To boost your online store results in the long run, thanks to an upgrade to your product description, ratings and reviews. The latter have been doing most of the commercial dialogue during quarantine.
- Gain from a clear ROI that conciles Paid, Owned and Earned Media advantages -influence being at the crossing roads of Earned and Paid Media (if the influencer is remunerated).
This comes to show that influence is complementary to other advertising means.
According to a survey published by Cision, a balanced media planning is critical:
–Earned Media is an efficient way to gain trust from the consumer (72%, grow a positive brand image (54%), increase the visibility of a company (52%);
–Owned Media is appreciated for having the product or service gain popularity (41%);
–Paid Media is preferred to generate business(42%).
Let’s note that 76% the marketing managers are considering ROI their top priority.
If this is yours too, then hold on, read a bit further.
Use influencer marketing to secure your current spendings in traditional ad
Traditional advertising is gradually slowing down. Allocated budget are therefore narrowing too. As long as digital media continue to trend and perform you may think you have choices to make. And perhaps, some less efficient spendings to cut down.
It is true, and it isn’t.
An influencer campaign that is is, indeed, an additional cost to the tab. If it is well thought through, this spending shall only help you capitalize on a spending (already engaged in Paid or Owned Media).
But how? Influencer campaign will help you to voice your message and collect authentic content that you can re-use.
The case of TV
A drop of 0,7% has been recorded regarding TV incomes. A real risk has even been pointed by the famous Kantar Institute, for the brands that may be tempted to diminish this budget spending. “The brands that will not do TV advertising during 6 months, will see their notoriety drop by 39% “.
We won’t try to explain the reasons of the waking-up of TV during quarantine. Even though we may have clues.
We prefer to share an outlook that is all about including old to new recipes that work.
If consumers want advertising, they may also want a renewed communication. Indeed, 77% of the consumers expect advertising to speak about the new utility of the brand in day-to-day life. 75% also expect the brand to inform consumers of the efforts made to deal with the situation. 70% of the consumers finally expect a reassuring tone..”
So you may want to keep up with the digital media investments, but let’s be clear. This probably won’t be enough.
Influencers are finally a simple way to consolidate and strengthen the advertising effort that has been done. This also allows for evolving naturally and subtlety toward tomorrow’s branding.
Still. How to afford an influencer campaign when dealing with a diminished budget?
The opportunity of influence for a tight budget
Influencer campaign, is a tool that exists for everyone, at every rate. Like any product it has been molded for regular needs: product launches like the new set of Starbucks capsules or a brand new cosmetic product like the Lip Glowy Balm from LANEIGE.
Influence marketing also covers a diversity of service offering, from food delivery like Deliveroo for example, dr.groov’, a music box dedicated to old record enthusiasts. We also can note casino experience (e.g our Casinos Barrière campaign) and gym trials (e.g our FitWave campaign) have also been promoted through the Sampleo solutions.
More rare, but still a possibility, influencers are also solicited to partake in events and to host gatherings.
A wide service offering is therefore available with influencer marketing: from the simplest Instagram post, by a nano-influencer (someone like you and me, with private following) to big events with numerous well-known talents every campaign is possible to implement.
The question therefore is not, do I have enough budget, but will I gain or will I lose in the end.
A pro-tip to make sure you don’t overspend is to know your levels of pricing:
-play on the number of profile activated
-play on the typology of missions given to your influencers
-mix the levels of influence
-play on the duration of your marketing planning
The game is, of course, to balance it all out, to perfectly fit your needs.
Truth is, a campaign is always tailor-made. Never the same price, or the same promise.
The agency’s part is therefore to create a creative concept and a recruiting scenario that is relevant. This is the condition to be able to fit the brand’s DNA, and measure the results on common grounds.
In the end, influencer marketing is knowing a bit a new buzz, as you may have noticed right now. This type of marketing performs extremely well in a context where consumers are drawn to apps, socials, mobile devices in general. Though, good results and actuality like social distancing measures, do not suppress fully the hesitation to put money into these campaigns.
This is why it is important to know:
-what it concretely possible;
-how to manage your cost with the pricing levers you now know.
Like any cross-canal strategy that is now the norm in retail, your product or service story has to be visible on multiple touchpoints.
This visibility is reachable, and does not mean that budgets have to be ‘big’ to be afforded. ‘Big’ means a different amount if you are coming from a startup standpoint, or an agency’s one. The reality is: a big budget can mean 6K or 300K.
So if we can not say, for sure, how much an influencer campaign will cost, we still can foresee what it can and should earn. And this is never to be underestimated!
Want to know more about our solutions? Don’t hesitate and ask all your questions to our team!