Prior to the introduction of social media platforms, brands with a solid marketing budget would often pay celebrities large sums of money in order to endorse their products or services. Today influencer marketing has changed drastically as businesses now use everyday people with high levels of followers and engagement on their social media profiles to promote their brand. It’s quite a powerful strategy and utilises their social platform in order to reach their followers who trust their opinion and advice. Their followers rely on their word to provide credible information relating to their area of expertise within the social media world. Businesses are reaping in the benefits and are seeing a massive ROI from incorporating influencers into their marketing strategy.
How does influencer marketing work?
A brand or business will approach an influencer who appeals to their target audience and put forward a collaboration proposal. They will create an agreement entailing what they require from the influencer whether it be a one-off post or regular posts and will include what they are willing to provide in return for their services. Some influencers are happy to receive free goods or services and a discount code for their followers in order to create and share content on their profiles. Some have a set rate they charge per post/ story and some will be willing to negotiate pricing with you, depending on how much work you require from them. It’s important to have a clear objective planned out prior to approaching influencers, so you can obtain the most from using their platforms.
Micro vs. Macro influencers
When delving into the world of social media marketing, you will often hear the terms ‘micro’ and ‘macro’ influencers. This relates to the number of followers an influencer has and helps business owners and marketers plan their strategy. Micro influencers are influencers with a following between 1,000 and 10,000. Macro influencers have a following from 10,000 and above. Determining which type of influencer to use for your business will differ depending on your marketing strategy and budget. It’s important to remember that quality is sometimes better than quantity and, in some cases, micro influencers are much greater at providing an ROI. The more followers an influencer has, the more they charge per post and the lower their engagement rate. The benefit of using micro influencers is their followers are usually genuine and they interact with them frequently on a personal level. Consumers are more likely to trust the reviews of a micro influencer as they are more relatable.
Why should you use influencer marketing?
Statistics will reveal how effective it is for businesses from a variety of backgrounds to utilise some form of influencer marketing. Businesses are making $5.20 for every $1 they invest into influencer marketing. Generally, influencers are everyday people, they have jobs outside of social media, some are mums and dads and most importantly they are relatable. This means consumers are likely to buy your product or service because they trust the influencer as much as they would trust a review from a friend or family member. By investing in influencer marketing, you can reach a bigger audience, increase your social media following and website traffic, obtain more leads, convert sales and build trust with your consumers.
How to find the right influencers?
Finding the right influencer to promote your brand can sometimes prove to be a difficult task. However, if you create the right strategy and are clear in what you wish to obtain from an influencer, you will generate impressive results. It’s crucial to find influencers who reflect your brand’s image, you want to avoid using an influencer who posts inappropriate content or content which could jeopardise your business. Look for someone who replicates your ideal customer or client. Always look at their engagement levels and how frequently their followers interact with their posts. This will help you determine whether or not their followers are genuine or paid. If you don’t have time to source influencers yourself, there are a number of social media influencer agencies which source out the ideal influencer for your business. It would be beneficial to try both micro and macro influencers to determine which would be the right fit for your business objectives.
As business shifts to the online world, it’s important to stay current and know the most beneficial marketing strategies to utilise. Influencer marketing has proven to benefit businesses of all industries and is guaranteed to provide you with an impressive ROI if you develop the right campaign. For assistance with your influencer marketing strategy, contact our expert team at DGreat Solutions here.