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Beats by Dre did extremely well through influencer marketing… so well that Apple bought them for 3 billion dollars.
If you want to leverage influencer marketing, you shouldn’t be paying people. Instead, you should be giving them free products or services in exchange for the promotion.
If that doesn’t work, pay them. But negotiate and don’t go through agencies as they mark up the costs a bit too high.
Now when picking influencers you have to pick relevant ones. For example, Fit Tea picks people who are into fitness and weight loss.
I had a famous soccer player offer to do influencer marketing for $60,000. But I am in the B2B niche… so it wouldn’t make sense. Only pay people who are in your target demographic.
When leveraging influencer marketing you have to be patient as it takes months if not a solid year to see results. This isn’t a short term investment. You need to continually do it each week for months at a time.