By Courtney Moser
“Will you accept this rose?”
This catchphrase is undeniably recognizable after more than twenty seasons of The Bachelor. But how does it relate to influencer marketing?
It all starts with matchmakers – of the love and business variety. The producers on The Bachelor choose 25 interested women who meet certain criteria to vie for the attention of the infamous bachelor. The Find Your Influence (FYI) team, on the other hand, chooses a number of influencers in their network who match brand-specific criteria (this varies depending on strategy and goals). From there, the brand has to decide which influencers they want to send offers to for campaign participation.
Just as the bachelor on TV hands out roses to the women he likes best, these brands send out invitations to influencers who match their criteria and reach their target audience. Because it’s a two-sided relationship (no thank you, unrequited love!), an invitation doesn’t automatically mean it’s a match. Some influencers may not be interested in the campaign topic, or may not respond in time for the start date, etc. To make up for this – and ensure that brands partner with influencers who truly care – the FYI team recommends sending out invitations to 150% of your campaign budget.
The 150% rule for influencer marketing budgets empowers brands with partnership choices. The influencers who accept quickly are more likely committed, engaged and easier to work with. If enough relevant influencers respond to your brand invite right away, you can shut off your campaign when you hit 100% of your budget goals in the FYI platform. Or, you can decide to up your budget as positive responses continue to roll in.
“The 150% rule offers brands more flexibility,” FYI CEO Jamie Reardon says. “It can open your campaign up to more success and increased influencer relationships in the future.”
Along with the above benefits, the rule also ensures you aren’t waiting on a few influencers and delaying the campaign. In business – and in love – you want to be with (work with) people who want to be with you. This mutual respect results in enthusiasm and authenticity.
As this Forbes articles says: “Influencer marketing works best when the influencer matches the brand, is in tune with the message, has control of the format, loves the content and knows whom he or she is working with.”
So, how many roses will you be doling out for your next campaign? Make sure your budget accounts for all of the possibilities!
To learn more about influencer marketing campaign strategies, read our blog.