Influencer is the celebrity on the social media platform. Influencers help the brand in growing their business and business corporation or brands are paying against their efforts, and this is the best way for gaining real and automatic Instagram likes. But we have noticed many brands don’t know how to build the compensation influencer marketing model and on the behalf of which factors brand need to pay the influencers as well as many brands get in the trap of the fake influencers which is happening on every social media platform. In this article, we will completely guide you on how you can create the best compensation model for influencers.
Select a Compensation Mode
When you are dealing with the Influencer for the advertisement of your brand then you should need to finalize the payment mode and model means how you will fund the influencer. This is good for monitoring your finance. In this section, you will learn how you can fund your influencer. There are four main methods on behalf you can invest in your influencer marketing strategy.
Pay Per Post
In our suggestion that this is the best and simple compensation model for the influencer strategy. In this model, you decide on an amount with the influencer and in return the influencer post your content on their social media, for example, the Instagram influencer will post the picture or video on his or her profile, The Youtube influencer will review your product on their youtube channel or the influencer can post the content on their website or blog.
Every Influencer has different charges for per post such as Kylie Jenner is the most popular celebrity and influencer on Instagram and she charges $1 million for one post. If you want to estimate the price for the influencer then you use the handy earning calculator in which you just need to type the username of the influencer then this calculator will show you the estimated pricing.
Gift the Product to the Influencer
In this compensation model, you are gifting the product to the influencer or you are allowing the influencer for accessing your services for free of cost, then in return, the influencer will review the product or services on their social media accounts. Mostly Youtubers accept this offer you have watched many times on the Youtube the Youtubers review the products in the form of unboxing they are gifted by the brands and in return gift they are reviewing the product. For example, if you are selling the laptops for influencer marketing you gift the one laptop to the influencer and in exchange, the influencer will review the laptop.
This strategy can also apply when you are giving away the product to the audience means you start the competition on the social media platform through the influencer and the competition is the audience has to like, comment, share and mention the one friend on the post. After 24 hours you will announce the winner’s name. During announcing the winner name please double-check the winner while you are mentioning and tell the audience on which factors you have chosen the winner.
Pay Per Sale
This strategy also called affiliate marketing. In this compensation model, you are paying to the influencer on each sale which means if you get the sale from the influencer then in return, you have to pay the commission to the influencer. For example, you have decided the 15% commission to the influencer on each sale and you get the sale of $200 then you have to pay $20 to the influencer as a commission. This is a great strategy for both brands and influencers. Influencers can generate lots of revenue by selling the products through their account and brands are in benefit because they are getting more sales.
Now let’s talk about how brands can keep track of sales from the influencer so how the brand will not face any kind of difficulty while paying the commission. There is the best solution that the brand provides the unique code to influencer and influencer provide that code to the audience while he or she publishing the product post and asks the audience to buy the product by using this code. This is how you can keep track of the influencer’s sales.
Pay Per Engagement
This compensation model is somehow similar to the pay per sale. In pay per sale, you are paying for the sale but in the pay per engagement you are paying for the likes, comments, shares, impressions, reaches, etc. This is not compulsory that you just use this model for the likes, comments or share you can also use it for the sign-ups, if you are contacting to the Youtuber then you can pay for subscribers, number of views and number of clicks coming from youtube videos.
Set Your Goals Before Influencer Marketing
Setting goals is the initial step for starting any new work. If you are talking about influencer marketing then you should have to define your goals first. Many people don’t know how to define the goals, what things they need to keep in mind before starting the influencer marketing. The first thing the brand should identify which influencer is best for their needs, how could you identify? You can see is the influencer is relevant to your brand niche, check the number of followers and first confirm the budget of the influencer.
How to Avoid from Scam Influencers
Influencer marketing is no more than any gamble means there are lots of scammers and fake influencers are still exist in the social media platforms. They scam you in this way they ask you to pay first then they will not publish your post on their social media accounts, then how you can get avoid these kinds of influencers? Before searching the influencer you should need to research well. Use different tools for analyzing the influencer reputation. You can also read the reviews of the influencer for confirming the authentication of the influencer.