Understanding the objectives for your programme will help to ensure that you are maximising the return on investment. When working with luxury merchants, ensuring a solid return on investment can be a key concern, and often an obstacle when it comes to obtaining sign-off on this kind of activity.
It is important to consider the aim of the activity in order to correctly measure the return. Spending budget on building awareness of the brand, or specific launches, may not always result in instant spikes in revenue. The long-term benefits of introducing the brand to a new audience and educating users on the brand, however, should not be discounted, and measuring return on attention (through traffic, social likes and comments, for example) may be an ideal metric to assess success.
Use your budget wisely, and utilise possible gifting opportunities to bring new eyes to the brand, thereby only paying cost price for your own products plus postage, minimising the financial investment in this objective.
If, however, your aim is to increase revenue, you will need to carefully select the right type of publisher to work with. Taking the time to closely review a content creator’s previous work can be invaluable in reducing the risk of a disappointing return. Look at which – if any – of your competitors have chosen to work with them or their peers previously, and investigate their reach and engagement levels.
Obtaining as much information as possible is key to successful budget allocation. Any influencer or blogger should be happy to provide detailed information to a brand willing to spend budget in collaborating with them. Tools such as Buzzsumo and Phlanx can also help in this research and are often invaluable tools in the arsenal of any affiliate or outreach campaign manager.
Finally, it is important to understand the ways in which influencers have chosen to monetise their content; have third party influencer networks (with generally larger commission requirements) been used, or is there scope to utilise direct links to your affiliate programme? When revenue is the key objective of the activity, information is key!