With the continued growth of the influencer marketing industry, more and more companies are upping their budgets and looking to strengthen their influencer marketing activities.
Today, almost 4 out of 10 brands and agencies say they invest between 10-20% of their marketing budget into influencer marketing. But that figure is already on the move with 76% planning to increase their investment in influencer marketing over the next three years. So don’t risk getting left behind.
Scaling your influencer marketing
In this article, we had a chat with Julia Arheden, Client Manager at Cure Media.
“To me, these are super exciting times to be in this industry. Consumer behaviours, the way we shop and are influenced – it’s all changing so fast. Plus there are new platforms and features to consider which makes it super important to stay on your toes, be constantly up to date, curious and adaptable.” – Julia Arheden
Why you need to scale up your influencer marketing
Principally, the purpose of scaling up your influencer marketing is to get more out of the channel. It enables you to establish more touchpoints with your audience and communicate with a larger portion of them.
What does scaling up influencer marketing mean?
Let’s start from the beginning by defining what we’re talking about. Scaling up means growing your influencer marketing over time. This might mean increasing the number of influencers you work with or the frequency you work with them.
Let’s talk numbers
The extent to which you need to scale your influencer marketing will be unique to your business depending on the size and importance of your audience on any given platform, the size of your brand, and what kind of budget you’re working with. While ‘more’ is usually the most straightforward answer, we’ll do our best to provide a more succinct guideline.
A good benchmark to have in mind is to allocate roughly 10-20% of your marketing budget to influencer marketing. If you’re working within fashion, health and beauty, or interior design, you probably need to be on the higher end of this range. However, if we refer back to the statistic from the beginning, that 76% of brands and agencies are planning to increase their influencer marketing budgets over the next three years, then we can see that this range should be considered a jumping off point and not the end goal.