A Cheat Sheet To Influencer Marketing

1. Write down 10 keywords related to your business
2. Write down 10 interests related to your target audience
3. Write down, if possible, 10 influencers who are in your industry that can connect your product to your target audience.
4. Calculate how many followers each of them has. If each of them has 1M followers, then 10 influencers will have 10M followers. Let’s deduct the followers that overlap since they are all in your industry. If the overlap is 20%, then 10M followers is really 8M unique followers.
5. Base on their number of followers, what is the flat fee they will charge you per tweet? With a million followers, an influencer may charge $1000 per tweet. So, you are paying them $10K total if each of them tweets for you.
6. Estimate how relevant their followers are to your product. Since they are big influencers, they might have a very broad audience. Let’s say if 20% of their followers are relevant to your brand, then 8M followers x 20%= 1.6M followers who are relevant to your brand
7. Since people’s Twitter feeds are always flooded with tweets, each tweet might only be seen by 1% of the audience. So if you do the math, (1.6M x 1%) that means 16,000 people will see the tweet for your product.
8. Once people see the tweet for your product, they might like it, comment on it, or even retweet it. But data shows very few people might actually click through to your product’s website. Suppose 1% of the audience clicks the link to see your site, which means that 16,000 x 1%=160 people actually check out your product’s website.
9. To sum up, you’ve paid $10K for 160 people to visit your site. This means that each person that visited your site costed you $62.50 via flat fee influencer marketing with big name influencers.
10. Your costs don’t include logistics like your time spent searching for the right influencers, talking to each of their agents, negotiating the terms of their contract, and making sure everything is clear. In reality, this may take several months to gather 10 big name influencers who are willing to tweet for you.
    Or, you can do everything different. And that is the point of this article.

You can do a performance-based bid: you can say, “I am going to pay each of you $0.50 per person that visits my site.” From my experience, big name influencers don’t like to hear this. They know if they get paid per click, they cannot make that much money. If you don’t believe me, ask them.

So to make the most of influencer marketing, this is what I suggest:

1. If you have your keywords ready, you know who you want to target.
2. Let’s forget about big influencers with millions of followers.
3. Let’s find who has interests that match your product’s keywords. Your target audience for your product should be everyday people: the girl next door, the bus driver, the office lady, the school teacher, etc. If 100 of them would like to help you out, each of them can tweet for you, and if they take your cost-per-click $0.50 campaign, then you will only pay for the results.

Let’s do some more simple calculations.

If each of these 100 everyday influencers has just 100 followers or social media friends, then you have an audience of 10,000. Since they are likely close friends, they usually have more interests in common. Everyday influencers don’t only share things on Twitter, they also share Facebook and other social media channels to get more visibility for the posts. Let’s say half of their friends are interested in your product. Let’s also say 20% of their friends see the posts, and 20% click through to the website, so that means 100 x 100 x 50% x 20% x 20% = 200 people who have clicked to check out your product’s website. For 200 people, you will have paid 200 x $0.50=$100.

Let’s compare:

Flat-fee traditional influencer marketing: 10K for 160 website visitors

Everyday influencer marketing: $100 for 200 website visitors.

With everyday influencers, there’s always room to scale up. If you have a $10K budget, then you can have 20K website visits.

So if you want to choose influencers one by one based on their “fame”, you can do the traditional route. If you care about performance more than the “fame”, then you can click here to start creating a campaign to get everyday influencers to help you get the word out about your product.