Marketing has changed dramatically over the past decade, and the rise of influencer marketing is now a becoming a prominent fixture in company budgets. If this strategy is implemented well can help to accurately target consumers who are invested in the person you are working with. This insight opens up an audience that is willing to listen to what the influencer is saying thus potentially drives sales to your business.
With this new marketing funnel opening up a world of possibility, budgets are being stretched to accommodate the sometimes-large figures fashion influencers charge for their services. So what do you need to know about influencer marketing and how it might help your business?
The blogger budget
The costs for working with influential bloggers is growing, so developing your marketing strategy with this mind will help to realise the potential it can bring to a fashion brand. The issue with blogger relationships is that companies are still looking at this partnership as an advertising campaign, but it delves much deeper than this. This type of collaboration, no matter how small or large should be viewed as an opportunity to deliver something unique to a targeted audience. Bloggers are entrepreneurs and content creators, and many of them are very good at what they do, so honing in on these skills can produce spectacular results for your business.
That said, the budget that you need to accommodate this partnership can run into the thousands, and that’s just for one campaign. You can, of course, work on smaller marketing collaborations but the cost of this still has to be weighed up against potential return on investment, which for all bloggers and influencers is still a murky landscape. If you don’t have full analytics for this type of campaign, you could be running blind and spending a lot of money for empty engagement.
Finance for business and marketing plans
Whether you are a new or established business, influencers can help to generate not only sales for your company, but also a new audience that will interact and want to buy into your brand identity. With this in mind, planning a marketing budget for this can be tricky, as this style of marketing is in its infancy. Research is critical in this area, as you will find that other companies and brands have tried various approaches to this marketing funnel. Unless you have a big budget, you may want to consider sticking to smaller campaigns to fit your plans or opt for finance to increase your reach. This budget should be taken as seriously as other areas such as digital marketing, SEO and PR, as one successful campaign could reap the rewards in other areas of your strategy.
Planning extra funding for marketing should be considered alongside the main business strategies for growth. It is a crucial business function that can directly affect sales and organic reach of your company, so utilising these resources to optimise this business area will ensure you take full advantage of the new wave of marketing influence.
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