Just like any fruitful working partnership, influencer collaborations require incentives. What to offer an influencer is just as unique as any other element of influencer marketing. By determining and establishing this element early on, brands can define the right campaign strategy and maximize their budgets for optimal results. As professional content creators, influencers will expect fair compensation for their work. That said, brands will have a marketing budget to respect and will want to ensure a high ROI. That’s why it’s important to get the balance right! When influencers feel valued for their work they’ll be more motivated to deliver their best work, exceed expectations, and renew partnerships – incentivize influencers and you’ll see great things for your long-term relationship and marketing strategy more broadly!
The popularity of influencer marketing has grown and influencer types have proliferated. There are many different categories of influencers, with creators to suit every industry niche! But with so much choice it can be difficult to know where to start; have you found the best match for your campaign and what should you offer as payment are pressing questions.
We have identified 4 key ways that brands can incentivize influencers, including a mix of monetary compensation and exclusive brand benefits like discounts, free products, and prize draws. You’ll get insights into the pros and cons of each method to help you make the best choice for your influencer campaign needs.
Incentivize influencers with a powerful value proposition
- Influencer partnerships work best when they are win-win for everyone.
- Your value proposition should incentivize influences to become long-term collaborators while maximizing campaign ROI.
Choosing the right influencer incentive
- The choice of incentive is based on your budget and type of campaign.
- Nurturing ongoing partnerships can help keep costs low in the long run.
Let’s break down the pros and cons of 4 popular incentives:
Pros: Low monetary cost for brands & works well for ambassador programs.
Cons: Most professional influencers expect some form of payment.
Pros: A good method for new/smaller brands to keep costs low.
Cons: Not suitable for nurturing long-term influencer collaborations.
Pros: It’s flexible. Fee can be paid per post or per campaign etc
Cons: Requires time spent on negotiation, which can be risky for ROI.
Pros: Drives long-term partnerships, sales & ROI.
Cons: Product prices might increase to account for affiliate share of profits.