How Partipost Guides Agencies to a Strategic Influencer Marketing Budget
August 10, 2023
In our previous article, we explored the exciting world of collaboration between Partipost and agencies, uncovering the various aspects of the partnership and the remarkable success it can bring your clients in the dynamic realm of influencer marketing.
At Partipost, we recognise the importance of setting a budget for influencer marketing between you and your clients. Drawing on our extensive experience working with agencies and a diverse range of clients and campaigns, we use strategic resource allocation to ensure they receive the attention and impact they deserve.
How does Partipost Help Agencies Plan Campaigns for Their Clients?
We help you deep dive into your leads or pipeline of potential long-term clients, allowing for better planning and the potential to seamlessly integrate additional sessions, if any, as some campaigns are ad-hoc or seasonal. On some occasions and in retrospect to long-term partnerships with agencies, we also provide comprehensive sales training in influencer marketing, including how to collaborate with different tiers of influencers, further enhancing their proficiency and expertise in the industry.
Through our collaboration, we help you and your clients optimise setting the budget to achieve marketing objectives. The budget discussed in this article refers to how we guide you to start the budget planning process and implement it for your clients.
What Are Some Considerations Before Setting a Budget?
By forming partnerships, we work to explore the potential agreements with your diverse pool of clients. For example, shortlisting influencer marketing opportunities is, firstly, crucial for agencies to make informed decisions. We then help you to understand the appetite for influencer marketing, and you can then identify clients who are receptive to this dynamic strategy and likely to benefit from it.
Before setting a budget, here are some considerations you should be taking to optimise influencer marketing campaigns for your clients.
1. In which industries do your clients operate?
Industry focus plays a significant role when setting a budget. Different industries have unique dynamics and audience behaviour, impacting the required investment for effective influencer marketing. For example, government-related and beauty clients are known to have a higher budget in their marketing campaigns, whereas start-ups and SMEs may have a lower budget to work with. Recognising these differences empowers our collaboration to tailor proposals that cater to each client's unique needs and resources.
2. Are you aware of the average influencer marketing spending in your client’s industry?
You should also consider your clients’ average spendings when setting budgets for influencer marketing campaigns.This enables you to gauge what is a suitable range of budget that your client is familiar and comfortable with that you can propose to your client. That doesn't mean that you cannot propose something higher than their threshold, but knowing their threshold helps you to make preparations ahead of time to answer their questions and justify the spending.
3. Is influencer marketing part of your clients’ marketing strategies?
It's essential that you guide your clients to reflect on their past experiences with influencer marketing. Have they implemented influencer marketing in their marketing strategy before? If yes, what are their experiences with it?
This helps you to understand their marketing objectives and KPI, and the reasons that might cause them to be resistant to trying influencer marketing campaigns. It gives you the time and opportunity to address their concerns and convince them with the right proposal again.
How Budgeting Works
Although overall budgeting varies between agencies, we typically have a few recommendations.
When we work with agencies, they typically place a lump sum with us for influencer marketing to be used across various clients over a period of time. As this is a long-term partnership, agreeing on a lump sum right at the beginning of the partnership helps the agencies to reap the add-on benefits as a premium partner. Our goal is to shift your perspective away from viewing the budget as a big lump sum and instead, help you efficiently allocate it across your various clients over a period of time.
By strategically breaking down the budget, we can ensure that each client gets the most out of their influencer marketing campaigns, maximising the impact and return on investment.
Here are some examples of how we advise agencies to work with a given budget.
For Agency A, you can split 60-40 budgets between your big and small clients to ensure equitable exposure and benefits.
Clients who are more inclined to spend on influencer marketing can leverage 60% of the budget for the entire year to launch products, integrate campaigns or increase traffic.
Smaller clients can receive a split of the remaining 40% of the budget for influencer campaigns or giveaways.
For Agency B solely working with SMEs, you can allocate 10 to 20k across multiple clients.
SMEs are typically less inclined to spend on influencer marketing because of a tighter budget when compared to their counterparts. That’s why we would suggest their budget allocated to them for short-term marketing strategies like paid ads.
Partipost's approach to budgeting empowers and educates agencies to be flexible and accommodates their specific needs. By breaking down the pitch and sharing a detailed budget breakdown, agencies can make informed decisions on allocating funds effectively. We understand that not every agency has the same budgeting, and that’s completely fine.
Customisability is key, as Partipost takes into account each client's spending on influencer marketing to create tailored proposals. Offering both short-term and year-long options, the partnership instils confidence in agencies to embark on influencer marketing campaigns with a strategic and assured outlook.