You're low on funds for compensating influencers. How can you still creatively reward them?
When funds are low, it's crucial to think outside the box for compensating influencers. Try these strategies:
How do you creatively compensate influencers when budgets are tight? Share your strategies.
You're low on funds for compensating influencers. How can you still creatively reward them?
When funds are low, it's crucial to think outside the box for compensating influencers. Try these strategies:
How do you creatively compensate influencers when budgets are tight? Share your strategies.
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Creators need to get paid for creating. It's their job. If you don't have budget, dont expect to get content in return. Period.
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Another option is to simply be a good human and pay people for their work. 👏 If you don’t have budgets to be partnering with influencers, that’s okay. But don’t ask people to work for free.
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Provide them with your home address, as well as a lifetime subscription to free farm-fresh eggs. Alternatively, pay them with gift cards to Hot Topic. Oooh. I know! Be a real business and use this thing we invented called currency to pay them.
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I already approached this subject since I am a journalist but also an influencer. I think that the brands should compensate the hard work that influencers do on social media. You can imagine how much time and effort to create good content and I esteem fair to pay them. Having said that, exposure is not always interesting, because very often the brands don't have a real exposure (apart from the top ones) . Free products may be a strategy but it's not adequate for a long time partnership. Networking opportunities is more interesting and in this case I think that you can build a solid partnership. My advice: try to have a budget for influencers!
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You can't, because 'creative rewards' don't pay the bills. Pay your creators fairly. With money. If there's no money, you can't expect content in return.
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Don't get yourself into a situation where you cant pay them. If you think it is optional then you are either using the wrong talent or you are not a business owner with integrity.
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Creators simply need to be compensated UNLESS they express the desire in working pro bono. Exposure is a terrible offer but ok if requested on their end. Commission/profit splits can work in certain cases. What I would do is build real relationships with creators and see what kind of symbiotic relationship can be built. Unless they want exposure that’s not a mutual exchange of value.
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As others have already said: don’t! If you can’t afford to compensate someone fairly, you can’t afford their services. Gifting and exposure are not fair compensation for labor. That being said you CAN get creative with HOW you compensate creators from a payment structure standpoint. Some ideas: -Revenue sharing: offer a bounty for each lead or sale that comes in (in addition to fixed cost for creative) -Long-term partnerships: more money but over a longer term time horizon -Use current customers as creators and offer them product discounts in exchange for their participation in a campaign TL;DR though…don’t be cheap. If you can’t afford a Mercedes, you don’t ask the dealership to give you one for free!
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When budgets are tight for compensating influencers, innovative strategies are essential. One effective approach is to offer increased exposure by showcasing their work prominently across various channels, enhancing their visibility. Providing free products or services can also demonstrate value while fostering goodwill. Additionally, creating networking opportunities can be advantageous; introducing influencers to valuable contacts helps expand their professional network and may lead to future collaborations. By employing these creative strategies, brands can maintain strong relationships with influencers, even during financial constraints.
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You could offer equity. I focus on creating UGC content for SaaS products. Many of the brands I work with are amazing startups with tremendous potential; I personally would consider being paid in stock options if they vested immediately. Now if you don't have stock options or equity to give, G.T.H.O.O.H...
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