You may have heard the term ‘influencer marketing’ bandied about recently, but what exactly is it? And how can it benefit your business?
To put it simply, influencer marketing is when a brand and an influencer have a working relationship.
You could say that it is the new version of celebrity endorsement. However, influencers have built their own brand surrounding a particular niche or industry that they are an expert in, rather than simply being famous to begin with.
For example, there are influencers for every type of business; fitness, food, fashion, beauty and travel. Celebrities simply put their face and name to a product and encourage sales through their popularity. However, influencers have knowledge about that particular industry, and thus their endorsement of a product is seen to be genuine and from a place of experience.
Influencers are generally “real people.” This is why they have credibility and appeal to a wider audience. Anyone can become an influencer if they have something interesting to say, expertise on a subject and a good grasp of social media trends.
Who should you work with?
As a brand you need to find the right influencers to work with. One within your industry that has an engaged following. They must be the right fit for your brand and appeal to your target customer.
You can find them by researching on social media sites and search engines – although you will probably already have a list of people you respect within your industry.
Top influencers can have millions of followers, however to work with them you will need a big budget! One source I was researching quoted £1000 per 100,000 followers for one social media post.
This is why many brands are now looking at working with influencers with a smaller number of followers. “Micro-influencers” have between 2,000 and 10,000 followers but they tend to have higher engagement rates. Micro-influencers see an engagement rate of around 8-10%, whereas those with 10,000 to 100,000 followers have an engagement rate of around 2.5%.
As a brand you’ll want to see as much engagement on your work with the influencer as possible to show that you have achieved an increase in brand awareness (and thus, sales!).
Whatever your budget, you’ll want to contact the influencer (or their management) first to find out their statistics. Discuss the success rate of their previous sponsored posts, engagement rates and reach. Consider how you will work together to create the content and what you are looking to achieve from the partnership.
Why should you work with influencers?
Social media platforms are quickly outperforming traditional media channels meaning that their power is only set to grow. Digital marketing is quickly evolving, so it’s important that brands stay current and continue to find new ways to reach potential customers.
Working with influencers can also be budget friendly when compared to traditional print media (I should know, I used to work in print!). As a business you will want to spread your marketing budget across both digital and print to reach the widest audience possible. But that’s a blog post for another time.
By choosing to work with influencers, you will also be targeting a very niche audience of interested customers. You already know that their audience are your target customers, so this should lead to sales opportunities and a good return on investment.
The influencer will be able to work out the exact statistics of your campaign and this data will help you formulate following campaigns. You can see what type of customer interacted with the content, and how many clicked through to your website. From here you should be able to determine how many sales were made using your own website analytics. It’s much easier to see a sales funnel through digital advertising than it is when advertising in a printed publication!
If you’d like to find out more about influencer marketing or would like some help choosing the right influencers for your brand, drop me a message.
Here at Bloom Content Creation, I work with a number of local influencers to promote my clients. It can be an innovative way to increase brand awareness and sales, as well as adding to the clients’ overall marketing mix.
For more information about my influencer marketing services, click here. [link to Influencer Marketing services page]
Written by Georgia Watson
Founder & Director of Bloom Content Creation