The Keys to A Successful Influencer Marketing Budget

One of the first steps to running a successful influencer marketing campaign is to set up the right budget. However, a large budget does not translate to instant results or a high return on investment either. For influencer marketing to work, you don’t need an outrageous budget to get started. Instead, you need the right budget that includes specific key information depending on your goals; this will and should vary.

Here are the keys to creating a successful influencer marketing budget:

Understand Your End Goal

This is by far the most important step to your entire influencer marketing campaign. Without clearly defining your goals, you can’t know what materials you need or who you can hire for the project—leaving many costs unaccounted for.

Pick Your Influencer Campaign Strategy

Each influencer level comes with a different set of fees and expectations. Typically, the fewer followers you have as an influencer, the lower the rate.

The following are common set rates for each level of influencers for a single post on Instagram:

Nano – Influencers with 1,000 to 10,000 followers charge a rate of $10 to $100.
Micro – With 10,000 to 100,000 followers, they charge around $100 to $500.
Macro – They have 500,000 to 1 million followers and charge $5,000 to $10,000.
Mega – Over 1 million followers cost $10,000 and up.

These are just estimated ranges that many companies have reported. The numbers can still vary outside of these ranges due to their metrics compared to your specific campaign goals, what type of content they create, and the platforms they use. In addition, follower numbers do not automatically transfer into a positive return on investment. This means these numbers should just be used as a baseline or starting point.

Pick your Pricing Model

While many influencers will charge a set price, that doesn’t mean there are no other ways to do it. Here are some common pricing models to pick from:

Cost Per Engagement
Cost Per Acquisition
Cost Per Click
Cost Per Mentions
Set Compensation Package

It’s important to note that even if influencers charge a set price, you can use these payment models to determine if the return on investment is worth it. For example, if the influencer is charging 500 dollars for one post and your goal is to get at least 1,000 engagements, then the following formula can be used:

$500/1000 = 0.5 * 100 = 50%

For this example, your return on investment would be 50%. As long as the influencer can show supporting metrics or other information that the post will get that much engagement, this would be a great partnership and more than worth your money.

Determine Other Campaign Costs

Influencer compensation is not the only cost needed to run a campaign. Remember to highlight products used, travel expenses, tools, software, third-party services, and any other supporting material costs required.

As outlined above, your budget is determined and set by your campaign goal. Keep it specific and clear to easily determine the right costs and run a more successful campaign.

Define Your Influencer Marketing Goals

September 12, 2021

Daily Habit for Success: Manage Your Money

A daily habit that will propel you to success is learning to manage your money. This isn’t really about investing. Although you should definitely set up regular investments and plan for your future, this is more about the idea that you should always know what’s coming in and what’s going out (and from and to whom) any moment of any given day.

To manage your money every day, you’ll want to:

Develop Plans for Your Money – What you do today with your money has everything to do with the plans you’ve created for the money you have. If you are not planning for big expenditures, you may overspend, or you might even miss opportunities that you would have taken otherwise.

Track Your Spending – Even if you spend a buck on a candy bar at the checkout, you need to track what you spend your money on. If you make it a habit to track every single day, it makes it easier than having to do data entry later after the fact. Use apps to help you automatically track your spending.

Track Your Income – It’s also important to track what is coming in on a daily basis. Don’t worry. This is not hard if you’re using a good online bank that offers the ability to categorize your income as it comes in. When you habituate glancing at the results once a day to stay up to date, it becomes easy.

Know Your Income Streams – Most wealthy people have about seven income streams on average. Knowing how each of your streams is working out, whether investments or something else daily, is imperative. What you track grows.

Create a Realistic Monthly Budget – If you are having issues sticking to your plans, redo your budget. If it’s not realistic, you won’t stick to it. Make your budget work for you by using real numbers and deciding what to do based on reality. For example, if you work until 9 pm, the idea that you’re going to cook from scratch every day is a pipe dream.

3 step plan

Pay Your Bills on Time Every Time – Paying your bills late accounts for billions of dollars in income to corporations that charge these fees. Don’t give them more of your hard-earned money for nothing. Instead, set up automatic payments and then double-check by using text alerts when the money comes out of your account so you don’t ever miss a payment.

Kept Consumer Dept Reasonable – The fewer payments you need to make, the less work you’ll have to do keeping track. Consumer debt has a place, but it should be used to buy appreciating assets over depreciating assets and kept to a minimum.

Track and Manage Recurring Payments – Everyone has recurring payments set up these days, but it’s important to be mindful of them and not just ignore the money coming out. Please pay attention to it coming out of your account so you can check whether you really need that item or not based on how you feel about the payment in comparison to the value you receive.

Save For Emergencies – Having fast cash available in case of an emergency, whether something tragic or an exciting opportunity, is a great way to cut down on decision paralysis. Try to have at least six to nine months of emergency money available in cash at all times.

Build Your Future Long-Term Savings and Investments – Using many automation methods, start investing in your long-term future using automatic payments or benefits to clubs or cards, or jobs.

When you know what you have coming in and going out, it’s a lot easier to make judgment calls when opportunity knocks. Paying close attention every day to your expenditures and keeping track of savings as you plan for your future will ensure your success in the future.

How to Be Realistic About Time

February 28, 2021

9 Tips for Choosing Awesome Contractors for Your Business Needs

When you decide to outsource to others using contractors, you must understand how to find good ones and keep them before you get started. Nothing is worse than finally deciding to pay someone else to do something and making a bad choice.

Know What You Want – If you don’t know exactly what you need, it’ll be hard to hire the right person or team to help you. If you cannot write a detailed job or project description highlighting the expected deliverables and timetable, and budget, you are not ready to find a contractor.

One Thing Per Contractor – When it comes to your small home business, you don’t want to hire one person to be in charge of an entire project because it can cause problems. For example, if you hire one writer to write, edit, format, and do every part of a project for you and they get sick, you may end up without a project. But if you hire someone just to do the writing, someone else to do the editing, and yet someone else to make it pretty, you’re more likely to get a better product in the end. Plus, it’s a lot easier to replace someone only responsible for editing since each skillset is specific.

Know Your Budget – You need to know the range you’re willing to pay for the projects you’re trying to outsource. To generate the number, you need to find out what the going rate is for that particular expertise. Don’t try to get a rocket scientist on a minimum wage budget.

Check References – Even if your friend recommends a person or company for your project, always check up on them to be sure they are who they say they are. You’d do this if you were hiring someone to come to your storefront, do it when you are going to work with someone in your company every single time.

Start Small – When you first work with someone, don’t hire them for a long-term project. Instead, hire them for a short-term project with a faster turn around time so that you can find out if they are right for you for future or more critical projects.

Respect the Laws – When you hire a contractor, they are not your employee. How they produce your deliverables is not any of your concern. The important part is to answer the question: Did they deliver the results you paid for? You don’t control their time because they are not your employee. For this reason, pay by project or task and not hourly.

Use a Project Management System – Some independent contractors have their own system and want you to sign up for their project management system. This is important because it helps establish that they are not employees. But if they don’t use their own, set up a system for them to use with you as it’ll keep everything more organized and on task.

Communicate Regularly and Quickly – When your contractors have a question, get back to them as quickly as possible with the answers. They have their own timeline, and if you’re not fast with responses, you can end up being really hard to work with.

Pay on Time – Don’t mess with someone’s pay. If you promise to pay them a certain amount of money for the work, then pay them when you said you would. Don’t hire people if you don’t have the funds to pay at that moment.

Remember that the old saying that if it’s too good to be true, it probably is. Always check up on anyone you plan to work with, whether you are going to pay them, share private information with them, or have them associated with your business name in any way. There are lots of great people who want to work virtually as a contractor, so if you know what you want and do your due diligence, you will find them.

October 8, 2020December 20, 2020

Develop a Realistic Business Plan

One reason for burnout is incongruency between the life you want and the life you’re living. Most of that problem is due to a lack of planning.

Many small business owners think that if their business is a home business or a small business that they don’t need a real business plan. After all, they think I am not going to get a business loan, so why do I need to do all that planning?

The truth is if you want to succeed, and you want it to be repeatable, and you want to avoid the potential for burnout, you must develop a business plan. A business plan will help you structure, run, and grow your business realistically and sustainably. Plus, creating a business plan isn’t even hard to do. Let’s learn how to make a one-page business plan for your home business right now.

Your one-page business plan should include the following. However, keep in mind it doesn’t literally have to live on only one page. You should include as much information as you need in your business plan to help you develop a guiding document for your business. If one page works for you, that’s fabulous!

Describe the Problem

You’ll want to write a well thought out description of the problem that your customers have that you can solve along with any relevant data that describes how you can do that to show proof.

Your Product or Service

This is the solution to the problem above, so you’ll want to go through each product or service you offer and describe the solution in terms of how it solves the problem that the customer has. If you have more than one solution, this is the area that might end up taking more than one page. However, going through this can help you with marketing later.

How You Make Money

This is considered your business model. How will you make the money, how much will it cost you to make the money, and what is the price the customer will pay for the solution and how will they pay it?

Do you Know your Freedom Number?

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Describe Your Customer(s)

Understanding your target market is an essential component of your business plan and your business planning needs. Include a customer avatar through the buying journey. Talk about how many customers there are, and how much you can earn from each customer throughout their customer life cycle.

Describe How You’re Different

It can help to describe how you’re going to differentiate yourself from your competition. This is called your “competitive advantage” in business. It’s how you use your differences to stand out from the competition and create customer loyalty.

Describe Your Team

Even if it’s just you, it helps to write down all the tasks and roles that need to be accomplished to make this business work. However, even if it is just you, it’s not just you due to the technology you can use, such as email marketing software, funnel software, and other automation.

Also, if you plan to outsource anything, write that down too. Maybe the first year you’re doing it all yourself but include financial metrics that trigger outsourcing or major software purchases.

Include Key Financial Metrics

Do you Know your Numbers?

You need to know what your budget is for marketing, software, outsourcing, and so forth. This is often called a Financial Summary in a business plan. You’ll want to include figures for now, and your future as you forecast potential sales. Finally, you’ll want to add what funding you need right now to get started or to move forward with your business.

As you go through this, just focus right now on writing a summary of each section so that you see what needs to be done in one easy to read page. As you move forward, you can add more information to the plan, which may make it grow past the one page, but it will be a helpful exercise to help keep on moving toward your goals.

As you move toward your goals, you’ll be a lot less likely to experience burnout when you’ve set up your business realistically in balance with your entire life. Writing down the business plan helps you see it more clearly and plainly, thus allowing you to really accomplish what you set out to do rather than keeping it as a dream.