Over the past week, I've been spending lots of time planning out Chicory's marketing plan through the end of the year. We have lots of "growth hack"-y ideas, some plans for paid advertising, and definitely want to hop on the influencer marketing bandwagon. And while I build out this plan, I've come away with some realizations about blogging I wasn't expecting to learn.
Something to know about marketers is that we often have to build our budgets backwards. Particularly at startups or smaller companies, we have to put together a plan and say to our teammates this is how much we need to spend in order to reach our goal this quarter. Then, the budget people push back, possibly make some cuts, and what's left is what you work with.
In my experience at larger companies, this differs only in that larger companies tend to have been around for longer, so rather than starting from scratch, the marketing team can instead say this is what we spent last September and these were the results. We recommend adjusting this year in the following ways...
Since I'm in the former group, I spent a few days last week writing to a bunch of bloggers with a pitch, hoping to understand what kind of budget I should build out for any future influencer initiatives. And what I found really surprised me.
Let's look at the stats first:
- I emailed 175 bloggers with a pitch.
- I heard back from 30 interested influencers.
- When asked about reach, 6 bloggers responded.
- When asked about rates, only 3 bloggers responded.
As a blogger myself, I was really surprised by this turn out. Having feeling taken advantage of marketers myself before, I made sure to be honest and forthcoming about fees. I asked bloggers about what they felt was appropriate rather than suggesting something that perhaps would be way off-base. I followed up. I was friendly. I was asking to give them money.
And yet only *three* bloggers responded with rates--and three bloggers does not an effective influencer campaign make.
So, I wanted to take a moment to share this story and implore all of you bloggers and influencers out there to be forthcoming about getting a fee for your work. If you get a pitch that resonates with you, respond! And specify as soon as possible how much you think would be a fair price to be paid for a post. Believe me, we're willing to pay for it.
How can you make more money with your blog almost instantly? Differentiate yourself from the crowd and make it easy for brands and marketers to know how much you get paid for your work.