Influencer marketing carries many benefits: it is great as a third-party endorsement, it offers high exposure to new audiences, and it allows for great content creation that features products in innovative ways. The biggest problem is that it may be too expensive for small businesses. By working with influencers in collaborative and creative ways, small businesses can take advantage of influencer marketing without enduring a high price tag.
Below, we are including top 4 ways in which small businesses can work with influencers while having a limited marketing budget:
- Offer product gifting: small brands can offer products as gifts in exchange for coverage on influencer profiles. They can allow influencers to choose a product of their liking and even host giveaways with influencers to gain additional followers. According to A&E, an influencer marketing agency in NYC, businesses should think outside the box when doing product gifting in order to maximize campaign ROI. For example, they should target wellness influencers when thinking about gifting beauty products instead of just beauty influencers. This type of targeting increases their likelihood of success as other niche influencers may not be as competitive but still offer a great ROI.
- Work with micro and nano influencers: although many brands often flock to top influencers for collaborations and partnerships, many micro and nano influencers are often completely overlooked despite having potentially very high ROIs. For small businesses on a budget, micro and nano influencers with exceptionally high engagement may be ideal for sponsored posts. They may not charge much and can deliver exceptionally organic and authentic product reviews.
- Suggest affiliate marketing partnerships: smaller businesses can benefit from working with top influencers on affiliate basis. For example, they can structure partnerships that will have portion of the campaign paid and portion be completely affiliate based. This way, they can still have access to larger influencer partnerships but shift some of the risk onto influencer performance.
- Develop influencer product lines: small businesses can develop product lines with influencers that incentivize particular influencers to promote the brand on continuous basis. For example, fashion brands can do a capsule collection along with their favorite influencers where the influencer also participates creatively and receives credit for their work. These influencers can then receive profit sharing from the sales of the collection.
Small businesses can benefit tremendously by partnering with influencers while staying within their budget. By thinking outside the box and getting creative with their partnerships, small businesses can reach new audiences, increase sales, and improve their branding.