How to Compensate Luxury Influencers
A luxury influencer writes a great review about your product, rakes in a lot of support for your marketing campaign, alters the buying decision of his audience towards your luxury product while maintaining integrity and authenticity. The message is not “crafted” or controlled by your marketing team; therefore it resonates within the community as an opinion that is valued. As a general rule, a blog post from an influential blogger or social media leader is more trusted than a marketing campaign promoted with banners, commercials and gimmicks. Why? Because the influencer is trusted as a valuable source of information while the marketing campaign is simply seen as what it is – a way to lure consumers to spend money on your products.
Although not everyone will agree, if a luxury influencer generates a lot of awareness for your brand or products, you should let them know that their services are appreciated by finding the best way to compensate them. Saying this, you should not attempt to “buy” the love of an influencer, but simply compensate for the valuable work done. Influencers, most of the anyway, want to be noticed, appreciated and rewarded for writing influential posts.
The best way to reward influencers is by first thinking about what motivates them, finding more about their interests and making sure that the relationship is not all about money. Offering a reward that is both commercial and non-commercial will help you create friendships rather than just pure commercial relationships.
So what are the best ways to compensate luxury influencers?
Financially: Although most influencers will ask for some kind of appreciation and recognition, some of them might be a little offended if you offer them money through your initial conversation. The best way to decide on whether to pay or not an influencer is to first ask them about their editorial and marketing solutions for luxury brands. If the influencer sends you a price list, then you should understand that blogging/social media is a business – it’s about the money. However, if you get a request to experience your product first hand, then don’t offend with money – it’s about the experience.
Shout-Outs: Since your influencers write about your brand and products in their blogs or profiles, you can reciprocate their efforts by sharing their posts about you in your social media outlets. When you share their posts on your wall, it will make them feel important and recognized. A short tweet or a comment about their influential post will do wonders for their site’s traffic. Once the campaign is over, continue to engage with them socially to strengthen the relationship.
Product Rewards: Giving away your luxury products is another great way of rewarding the work done by your influencers. Remember to give the influencer the choice to select amongst a few products, making feel like part of your team.
Giveaways – Contests: Giveaways and contests are also a time-tested way to appreciate the audience of your influencers. Partner up with them for a social media campaign that will beneficial to both influencer and brand.
Unique Experience: Offer your influencers unique experiences such as inviting them for a complimentary hotel stay, a dinner experience or to an exclusive event. Become offline friends then take the relationship back to digital.
Content: Everyone wants insider information about top brands, and your influencers are no different. Offer your influencers some information about forthcoming products, VIP events, and more. Make your influencers feel important.
Product Discounts: Offering product discounts is a really old method of garnering public interest, and its charm hasn’t waned even in the social media days. Offer your influencers a discount on their favorite luxury item, but remember to make the offer really alluring – 5-10% probably won’t cut it.
Remember this: if you want luxury influencers to promote your brand and products, play by their rules and offer something irresistible. Stand out from the mass by getting to know them and listening to their needs.
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