Key Opinion Leaders and Social Media Influencers can potentially increase income by 2-3 times with the same amount of effort. It is no longer just about increasing your unique views or follower count. Here's how:
The structure typically comprises of two components: A flat fee token payment + Performance commission structure. The first component, flat fee token payment is exactly what you're used to - for instance, $500 per post. The second component is where your currently unrealized potential lies. Depending on the campaign objectives set by the advertiser, it allows you to be paid according to the actual results you brought about for them (i.e. pay-per-sale, pay-per-lead, pay-per-engagement). For instance, $10 per lead generated. Let's assume a key opinion leader with 15,000 unique monthly views, and that he/she manages to get 1% to provide a lead. That would amount to 150 leads, giving you an income of $1,500. Even if just 0.5% provides a lead, that would still amount to $750. For a clearer picture, use our income calculator to gain an understanding of your potential income using a value-based marketing model.
Becoming a more attractive marketing proposition
With the performance aspect of campaigns, it makes much more financial sense for them to engage you, despite potentially paying you significantly more. It was previously not possible as such campaigns would require tracking & transparency of results between both sides. There is now a complete solution to this as Marzze has not only enabled tracking & transparency between both parties, but also automated the whole campaign process - which means you & advertisers will only require extremely minimal effort to implement a value-based KOL / Influencer marketing campaign. Best of all, it is free to use, no subscription fees, upfront fees of any sort.
Creating & building a strong reputation
It is no longer about unique page views and follower count. Modern businesses recognize that an insanely high follower count means nothing if the audience is not relevant to their product/service. Rather, they very much prefer their marketing to be as targeted as possible. Simply put, a 10% conversion on an influencer with 10,000 followers is the same as a 1% conversion on an influencer with 100,000 followers. As performance-based influencer marketing analyzes the value created by key opinion leaders & influencers, you can utilize your historical results to build up reputation in this competitive industry. Show potential sponsors your past results, convincing them of the real value (your conversions) you can bring for them. Show the quality of your outreach for your sponsors' industry, which brings us to the next point on how you can achieve that.
Identify the strengths of your audience
Understanding the demographics and interests of your outreach is essential to generating more value for your sponsors, resulting in significantly more income. Many make the mistake of treating each engagement as a one-off and accepting any sponsor that reaches out to them without considering synergy between both parties. Like any other business, KOLs and influencers must seek to provide quality in their services. One effective metric you could use would be the number of returning sponsors. Having returning customers ensures more income stability, with higher potential of upselling. If you are unsure about what exactly the strengths of your target audience are, let Marzze help you as they analyse your profile and connect you with the best campaigns to monetise your outreach.
If you are able to have returning customers, try establishing long-term partnerships with them. Offer 'loyalty' discounts to keep them always looking for you. Businesses progress and change all the time. New products may surface. Promotional periods may be organised. All of these are opportunities which you could be involved with, should you build a strong, trusting relationship with your customers. That is the hallmark of a successful key opinion leader & influencer. If you would like to find sponsors, join our telegram channel as we update the latest available campaigns you may be interested in!