Six years ago, Society6, an eCommerce store and online community that allows creators to sell their artwork through various products, wanted to boost their brand awareness.
They already have a broad product offering, so their target demographic was equally broad. They decided it would be most reasonable to focus on a single demographic profile and work with influential millennial women who are fashion-conscious and in college.
Through the influence of 21 women, the campaign resulted in 24 pieces of content published, viewed more than a million times, and an engagement rate of 5.68%.
Proving, yet again, that influencer marketing is the holy grail of marketing. But it’s not a cheap plaything, which has made most brands diversify their influencer partner portfolio to include more affordable micro and nano influencers due to the rising cost of influencers.
As someone who works or aspires to work with influencers, have you thought about how to pay them after a fantastic job?
Keep reading; you are about to find out the best way to pay your influencers and how more than 8 of the top Influencer platforms used this solution to scale here in Sweden.
How Influencers Were Paid In The Past
When influencer payout solutions didn’t exist, many brands and agencies made bank or PayPal transfers to influencers, which means they only worked with influencers who either had a company or a PayPal account.
Nowadays, the other option is to let your influencers send you an invoice, but you will probably spend days paying them one by one. Moreover, the process becomes even slower when influencers send the wrong invoice lacking relevant information.
However, with automated payouts to influencers, it doesn’t matter if influencers have a company or not; you will finally be able to pay them a salary or make a transfer to their company bank account, allowing you to scale your influencer marketing quickly.
You don’t need to ask them for bank account numbers. All you need is their phone number and their email address.
When you automate influencer payments, you save time and improve your relationships with influencers. In return, they will help you scale up your influencer marketing by being able to pay influencers, regardless if they have a company or not.
The best part is not having to deal with mundane administrative tasks, leading to less human error. And when your influencers get paid instantly after a job, you release massive dopamine that excites them to always work with your brand.
Fortunately, some of the best marketing companies in Sweden already have this implemented, and they use this to differentiate themselves from other platforms without sweating.
How To Instantly Pay Influencers Without A Company
You’re likely wondering - how do you instantly pay influencers without a company, and what are the common types of payments for influencer campaigns? The thing is, there are many ways you can pay influencers. You could even offer them a goat, and they'll take it without hesitation. But aside from gifting, here are other types of influencer payments:
- Comped event or trip
- Store credit or rebating
- Content licensing fee
- Pay per post
- Performance only
- Fixed-rate + performance bonus
The key is finding the ideal payment system for paying influencers, especially one that allows international payouts when you work with creators across the border.
By all means necessary, stay away from influencer gifting since there’s a VAT risk here in Sweden. You’ll lose a few bucks on VAT deductions as your gift is regarded as a marketing expense by the Swedish Tax Agency.
This has made influencer gifting unappealing since influencers will, in a sense, pay to receive a gift. Not forgetting, the process is a headache for influencers.
That is why influencer marketing networks and marketplaces like Memmo, Adrecord, Society icon, Ksting, and many other platforms use Gigapay to streamline payouts to influencers and creators with and without companies, without worrying about compliance, knowing Gigapay will take care of it.
In simple terms, we handle the heavy and boring stuff so you can focus on the big picture. Take our word; your CFO would love you for such a genius implementation. Go ahead and book a demo; we’d be excited to show you how this payment system works.