Marketing is an essential function of any business, with influencer marketing becoming an increasingly popular channel. For this reason, B2C companies need to invest more into marketing channels to reach their various customer segments and, therefore, must establish a healthy marketing budget.
The June 2020 CMO survey revealed that B2C businesses that sell products allocate an average of 13.9% of their revenue on marketing, whilst their service-oriented counterparts spend an average of 15% of their revenue.
It’s no mystery that consumers value influencers, either. Back in 2019, Estée Lauder announced that they would commit 75% of their marketing spend to social media influencers, indicating the value that influencers possess. However, before carving out a budget, it's wise to determine your campaign objectives. For example, SevenSix Agency founder, Charlotte Williams, told The Drum that where a campaign’s objective is sales-driven, it’s always best for businesses to ensure “the influencer’s audience is open and looking to buy products like yours”.
Where does SevenSix come in?
As an influencer marketing agency that works closely with brands of varying sizes, we at SevenSix would like to learn more about marketing budgets for micro and small businesses as well as mindsets surrounding influencer marketing campaigns.
So, we’re conducting a survey to evaluate general marketing efforts, in order to help future clients scale their campaigns. If you are the founder of, or employee at, a micro business or small business within the UK that is either interested in or already working with influencers, please help us out by filling out our survey below!