What is Influencer Marketing
According to tapinfluence.com, Influencer Marketing is defined as “a type of marketing that focuses on using key leaders to drive your brand’s message to the larger market.”I'm learning what #InfluencerMarketing is, and so can you! Click To Tweet
What is this “Influencer Marketing” you talk about?
The idea behind Influencer Marketing is to take people who have a large following and an engaged audience and encourage them to promote your product through their accounts. It is also commonly known as something along the lines of sponsorships or ambassador programs.
Influencer Marketing, like many types of marketing, can be done for little out-of-pocket expense depending your goals behind it.
A very popular way of doing this now is using micro-influencers. These are everyday people, often are already a fan or customer of your business, but still have a larger following than most. People like this range from High School to College students or people who are “on their way to the top” such as a singer that hasn’t signed yet but is still very popular.
Why should I do Influencer Marketing?
It isn’t uncommon that you are busy and can’t find the time to create content, right? Well this is where your influencers come in handy, because besides building brand awareness with their content, they are building you a content database to go back to and pull from.
When working with influencers, the best way to organize it is to get an agreement for one piece of content to be produced per week (or bi-weekly), let them have some freedom of what the content is, but make sure it is being done. Now all you have to do is save the image or video they post, and repurpose it on the business’ social profiles, you don’t have to worry about making sure your product is in it, because it already will be.
Alright, but how much does it cost?
That’s the beauty of influencer marketing, it is up to you!
Influencer marketing at the entry point (micro-influencers) is extremely underpriced. Many times you can offer free merchandise instead of actual money and those people will be stoked to promote your product. Because at this level you will be contacting people who are probably already fans of your business and have never done it before (or not many times), it is easy to get them on-board for free merch.
On the flip side, at the larger scale on influencer marketing, you can be looking at 5 figure payments for one person. Celebrities, like Scott Disick and Kim Kardashian, have been known to charge brands up to $30,000 for one picture. The return on that investment could be massive, but I have no clue the actual ROI for that so I won’t even try.
I like it, how do I find micro-influencers?
Easy, open your Instagram, go to your followers, find one that has between 1,000 and 1,500 followers and engaged followers, click the 3 dots on the top right, click “send message.”
Now the wording of your message is up to you, but it should structure what you’re wanting to promote, what you’re expecting from them, and what they get out of it. Be as up front as possible with the details of the agreement to try and prevent any misunderstandings.
I’ve got a budget, can I get bigger influencers?
Absolutely! Like I said, you can have a budget of anything from free merchandise to $100k.
Depending your budget, you are going to want to look for people who have a following between 10k-25k if it is a smaller budget or 100k-500k followers if it is a little larger of a budget. Once you get to about 750k followers and up, the budget is going to need to be pretty large, and anything over 1mil followers is going to be substantially larger depending who the actual person is.
Cool cool, now how does this help my business?
Influencer Marketing is all about building a brand for you, it is creating buzz about your business and also generating a content library for you.
Don’t expect to see an immediate turnaround in sales, but it could happen. Depending who you are working with, you may see people start to buy your product right away because that person holds that high of an influence on their followers. That is rare though and if you are simply offering merchandise, think of it more of a brand awareness campaign and less of a conversion campaign.
Feeling a bit more confident in what influencer marketing is and how it could help your business grow? I hope so! If you still have any questions about Influencer Marketing, feel free to reach out to us here!
Also, check out this HubSpot article on some great influencer campaigns to get some ideas going!
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