Recession Influencer Marketing Campaign
Recession Influencer marketing
Micro Influencer Marketing
Every other day, we’re seeing more and more companies laying off their employees.
In July, we witnessed Shopify lay off 1,000 employees. Snap, the parent company of Snapchat, laid off about 20% of its workforce – that’s more than 1,280 people. Add companies like Netflix, Amazon, Meta, and many more to the list.
One major factor that has been contributing to these massive layoffs is the recession.
Are we in a recession?
But if you Google the term “recession usa,” you’ll find top publications and news channels rolling out news articles with headlines like:
Investors are worried about their money. There’s immense pressure on C-level executives – which is the reason behind these massive layoffs.
And that’s not all.
Companies are freezing their hiring. At the same time, we’re seeing them slashing their marketing and advertising budgets. Companies that used to have a marketing budget of $10,000 per month have now slashed it to $1,500. But that’s not even the worst.
Some companies have decided to put a pause on their marketing and advertising efforts.
It’s crazy out there.
If you run influencer marketing campaigns or if you’re a senior executive wondering whether it’s a good idea to run recession influencer marketing campaigns, you may be wondering – where does this put us?
Should we slash our marketing budget? Should we even allocate money for influencer marketing? Is it even worth it?
We get it.
To help you understand whether you should run recession influencer marketing campaigns or not, we’ve put together this blog post.
We’re so excited to share our thoughts with you.
Let’s dive in.
Should You Run A Recession Influencer Marketing Campaign?
First, it’s important to note that – no matter what you do, there’s a high probability of your company cutting down its marketing budget. And if that’s the case, you may end up wondering – whether you should invest in influencer marketing or not.
If yes, how much?
And the big question is – how to smartly invest in a recession influencer marketing campaign.
Right now, you’ll see more and more companies putting a pause on their marketing and advertising efforts. But as Henry Ford said, “Stopping advertising to save your money is like stopping your watch to save time.”
It doesn’t make sense.
During a recession, it’s time to think smart.
If you have a $1,000 per month influencer marketing budget, then you can’t just put all your eggs in one basket. This means – we won’t advise you to collaborate with three mega-influencers (who charge you $300 per post). In that case, you’ll just be wasting your marketing budget.
“When money is tight as an eCommerce seller in a recession there is no better use of funds than micro-influencer marketing since you can really stretch your dollar by getting a combination of UGC, sales, awareness, and brand building by only giving away products. Mitigating risk is another important factor in staying alive during a recession, and unlike putting all your eggs in one basket working with a celebrity influencer or relying on paid ads which just keep getting more expensive and less effective, you really diversify your risk with micro-influencers. There’s no other marketing or advertising channel in existence that will give you that much value and it’s important to keep marketing expenses low and effectiveness high during economic downswings which micro-influencers provide.”
Simple – if you want to stay alive in a recession, don’t put all your eggs in one basket. If you have a $1,000 monthly budget, working with a celebrity influencer doesn’t make sense – as they charge a lot. And running paid ads on top of that – you’ll exhaust your marketing budget in no time – without even generating the desired results.
Micro-Influencers don’t charge as high as celebrity influencers do. A micro-influencer may only charge you anywhere between $0 – $250 per post; whereas a mega-influencer charges anywhere around $10,000 per post.
We know – that’s huge.
We’ve put together the standard market rates to give you a rough idea.
And when you work with mega-influencers, they’ll not be personally invested in your success – as they will already be working with dozens of brands at any given time. Who knows – whether you’ll even be able to reach out to them directly or not, as they have their own team in place to do the talking.
Whereas, as Sidney Pierucci, the founder of ESPLMedia stated, “Micro-influencers are personally invested in your success. They are trusted sources of recommendations for their followers. It’s not just about eyeballs. Instead, the game is about getting eyeballs to care.”
When compared with mega-influencers, micro-influencers have more engaged followers. At the same time, working with micro-influencers is budget-friendly; and in today’s economic scenario, it’s really important for companies to smartly invest their money in marketing.
Don’t Stop Your Influencer Marketing Efforts!
Honestly, we believe it doesn’t make sense to put a pause on your influencer marketing efforts – as in today’s ever-competitive world, trusted recommendations are what people are looking for. Just like you, people want to spend their money wisely – and one of the best ways to win their trust is by collaborating with influencers they trust.
What we wouldn’t recommend – putting a pause on your influencer marketing efforts just because a mega-influencer charges $10,000 per post. Instead, tap into micro-influencers and get the most out of your marketing dollars. At the same time, you should also tap into product seeding – which will get you the best bang for your buck in with influencer marketing.
Read our “Learn Why Product Seeding Promotions are the Best” article to know more.
At Stack Influence, we help brands run results-driven micro-influencer marketing campaigns and really stretch their dollar by getting a combination of sales, UGC, awareness, and brand building.
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