Influencers are not the only creative ones; partners can be creative in how they compensate their influencers.
Typically, influencers request financial compensation for their creator or ambassador contributions but providing product or experiences might be considered if the exchange is comparable. The barter arrangement is a valuable tool to create invaluable influence within an accessible budget.
DETERMINING THE VALUE OF THE PRODUCT OR EXPERIENCE
Before beginning an influencer marketing campaign, analyze the value of your product or experience and determine if it is an appropriate compensation in exchange for the ask of the influencer. For example, is the retail value of a product of equal value to what the influencer is monetarily worth for their requested output? If the value of the product is not equivalent to the influencer’s rate, the partnership offer can be increased to account for it.
THE BEST INDUSTRIES FOR EXPERIENTIAL COMPENSATION
Experiential compensation is a valuable tool for unique and personal exposure of your brand to a specific audience.
Travel brands like airlines and hotels are perfect for experiential compensation. Airlines, especially those with routes to dream worthy locations, can provide complimentary flights to their new destination. A hotel can consider partnering with a local tourism board in a picturesque area for a VIP experience that will entice influencers. Both brands benefit from the exposure, organically create opportunity for influencer content and creates a full experience for the influencers.
If a brand sponsors any sporting events, festivals or other types of shows, these also provide perfect opportunities for an experiential partnership. There may be an allotment of tickets/access as part of that sponsorship, which can be distributed out as compensation given the perceived value of such experiences. The influencers can promote the event through Instagram stories and host Instagram lives before and after the event.
THE BEST INDUSTRIES FOR PRODUCT COMPENSATION
Because luxury brands have a higher retail value, influencers may be willing to partner for a selection of product rather than financial compensation. An ideal way to build a partnership is by sending the influencer the new collection before its released. This increases awareness around the release while giving the influencer a feeling of exclusivity.
EDUCATE INFLUENCERS ON YOUR PRODUCT OR EXPERIENCE’S VALUE
To help the influencers see the value of a product or experience, allow them to see some of the specifics behind the curtain. For example, if a trip is bartered, share the additional experiences & itinerary they’ll have on the trip, the brand-building & networking opportunities they’ll have, and the unique value in exposure and content the influencer will be able to create.
PREPARING CONTRACTS FOR PRODUCT AND EXPERIENCE INFLUENCER CAMPAIGNS
If a product or experience is agreed upon, a contract is still essential: outline the terms of the agreement for both the influencer (number of posts, types, #hashtags) and state the exact product and/or experience for compensation (including details like travel to and from the venue, products, food, tickets, entry fees). Even if it is not financial, it is still a binding agreement due to the value exchanged.
Financial compensation isn’t the only way to form partnerships with influencers. Using products and experiences instead can help make influencer marketing more accessible for your brand while building relationships with influencers and their team. By keeping these key points in mind, you can craft mutually beneficial partnerships, build brand awareness, and drive sales.
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