How to Pay Social Media Influencers
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Introduction

Figuring out how to pay influencers in mutually beneficial, cost-effective and forward-looking ways takes some knowledge and creativity. The best approach to creating an effective influencer program is to take the time to analyze your partnership and choose an optimal structure for both parties. Influencer marketing is continuously growing.

Marketers agree that Influencer marketing is expensive. Popular macro and mega-influencers come with a huge price tag like Kylie Jenner and Kendall Jenner. With the rapid growth of influencer marketing comes further challenges for marketers like thinking about “how to pay social media influencers.” Even though there are many more affordable micro-influencers now, many marketers are unable to customize payments and incentives to suit them.

This article will highlight five ways for “how to pay social media influencers” to make things easy for brands.

How to pay social media influencers?

There are many right ways to pay influencers. Following are the five ways in which brands can pay the influencers.

1. Gifting or Rewards

Gifting or Rewards
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Any influencer knows that gifting can be a vital part of growing their business. Therefore, even macro and mega-influencer partners still seek out gift-only collaborations. From an influencer’s perspective, gift-only collaborations can:

  • Make them more valuable to their followers
  • Provide simple yet effective content for their channels
  • Give them a low-commitment test run of working with a brand
  • Build their reputation and portfolio
  • Lead to long-term partnerships

It is essential that when brands do gift-only collaborations, they leave the influencer feeling valued.

2. Comped event or trip attendance for influencer content

In travel marketing, offering free trips in exchange for coverage of a destination is long-established. Offering a free stay for a celebrity or influencer who can make a product more marketable has long been a draw used to boost sales. For influencers, comped trips and events can also widen access to other opportunities and partnerships.

3. Store credit and rebating

Store credit and rebating work similarly to gifting; it tends to target the same influencers and yields similar results but with some additional benefits for the brand. It is unpaid. Therefore, many high-end influencers pass on these kinds of collaborations.

One diversion here is that brands seek authentic influencers for store credit and rebates; there’s no better place to start than your customers and those who are already fans of your brand. Hence, sometimes, they target their customers instead of proper social media influencers.

4. Content licensing fees for brand awareness

Content licensing fees for brand awareness
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User-generated content is a powerful marketing tool for any business. No matter how professional product photos and editorial shoots are, customers wearing or using your product will get the clicks. When you want to build up content for your website or social channels, paying influencers a content licensing fee could be an easy win for you and a great way for influencers to increase their income. When you agree to a license fee, you will also agree about where the licensed content can be used: across your website and social media channels, etc.

5. Pay per post and sponsored posts

There is a wide price range depending on follower count, audience engagement, type of content, and various other factors. But the good news is that not every sponsored post has to be as expensive as those created by the Jenners and Ronaldos of the world.

Pay per post and its impact is also achievable for those who can’t splash out and pay heavy sums of money on one post. It’s about selecting the most relevant and effective influencers for your product.

“Galaxy Marketing” can offer its services by offering organic followers to the influencers who will help increase the reach and engagement on the posts. 

Conclusion

“How to pay Social Media Influencers” can be very tricky as well as very simple to do. Brands need to be clear on their end regarding the kind of partnership they want, the content, the number of posts, and the influencer they are partnering with to achieve this. The best way to pay your influencer in partnership can be quickly drawn then.