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What is Influencer marketing & why does it matter?

by | Jan 4, 2021 | 0 comments

What is Influencer Marketing?

Influencer Marketing is when you collaborate with an online influencer to promote your product/services. You’re essentially borrowing access to their audience to build brand awareness. An example of this can be hopping on someone’s podcast and doing an interview where you discuss your business. A more well-known version would be Instagram Influencers who to product haul trying on outfits and providing reviews.

Why does Influencer Marketing matter?

When you have a goal of building brand awareness. Making your business known and increasing your exposure. Influencer Marketing can be a useful Digital Marketing Strategy. By getting that exposure and borrowing access to their audience you’re potentially increasing your own audience. In the hopes of creating more sales.

Influencer Marketing is a useful strategy when you can collaborate with someone that has access to your target audience. The process of gaining access to a larger audience that trusts the person/business can save a lot of time and marketing budget.

Is Influencer Marketing Effective?

Influencer Marketing can be effective when used properly in your digital marketing mix. You can not only increase your brand awareness but there are statistics that show an increase in sales. For every $1 spent on influencer marketing businesses are seeing a $5 return on their investment (Influencer Marketing Hub).

If you have a target audience under 30 you will most likely benefit from a collaboration with an influencer. Identifying an Influencer with your target audience is not just about getting exposure. Many businesses benefit from user engagement. It is a great way to gather feedback from potential customers.

Are there risks to Influencer Marketing?

Yes, there are definite risks to using Influencer Marketing. You do not control the reviews or the response. Which, is one of the reasons it is important to do your due diligence when selecting who to collaborate with. The influencer controls the narrative and there are some horror stories of brands held hostage by influencers.

There are businesses that consider paying an influencer to promote their product/services. Paying someone to say nice things about your product or service isn’t the same as a genuine review. It can do more damage than good to both you and the influencer. Turning an audience off to your brand and business. These collaborations should always be authentic.

Where do I find Influencers? Where are Influencers most effective?

You can find Influencers on many platforms and websites. The 3 main places that you can find an influencer and their audience will be Instagram, YouTube & Podcasts.

  • Instagram- A great resource for those that have physical products. Since Instagram is mainly about its photographs. Influencers can easily promote products and services with stories, videos, and image posts with descriptions.

 

  • YouTube- A great resource for both physical products and services. There are vlogs that do reviews for all types of products and services. YouTube is going to be a platform that provides more opportunities for services.

 

  • Podcasts- An underrated use case for an influencer but effective nonetheless. Podcasts have loyal followers and don’t need to physically look at their devices to gain insights. Here you’re relying more on descriptions, case studies, and use cases.

 

What kind of budget do I need for Influencer Marketing?

The budget depends on who you collaborate with and your goals. If you’re a small business and your budget is limited. You can seek out a collaboration where the influencer is looking for more content to post. This can be a partnership that benefits you both. You provide the product/service for free and they provide a review of it. Making the cost of the review the same as the price of the product/service

Whereas you may seek to partner with a more popular and higher-end Influencer and they set their own pricing. Think of these influencers as you would a publisher. You would be paying for space on their website or magazine. Paying for access to their audience and exposure. Taking it a step or two beyond providing free merchandise.

Are there different types of Influencers?

Yes, there are different types/levels or influencers to collaborate with or have for your business. Let’s take a look at a few different kinds of influencers.

  1. Celebrity Influencer- People that have a large following outside of what they do and more so because of who they are. An endorsement can go viral and boost your business’s brand awareness.
  2. Social Media Influencers- These are people that have popular blogs, podcasts, and are considered stars online. Yet they still have a really large online following. It can range from 100K or more.
  3. Online Influencers- Similar to Social Media Influencers but they have a smaller following and it may not be across multiple platforms. This may sound less appealing but This may be the sweet spot for businesses. These influencers will have more of a dedicated niche following. Making them more accessible and reliable to you as a business owner and to their followers.
  4. The Brand Champion Influencers- These are people who have used your products/services and feel strongly enough about it that they promote and defend your brand. I consider these ongoing testimonials online. They’re willing to speak on and share their positive experience with others as well as have your back and speak to the quality of it when other people speak negatively about your business/brand.

Influencer Marketing Summary

I’ve covered what Influencer Marketing is and reviewed why it matters. It’s important to have at least a beginner understanding of the different types of Digital Marketing that there are out there. The more that you know and understand it. The better the questions you can ask when presented with it by a third party looking to offer the service.

I see and receive so many emails, direct messages, and promotions for Influencer Marketing online. Some by people who will promote anything and everything and yet still charge an above-average rate for limited exposure. Posts with a shelf life that may only be displayed for a limited time. Limited time equals limited value. Especially when it’s not a niche target audience. There attention span for your post will be limited. Knowing there’s another right around the corner. The influencer wasn’t that invested in it so why should they be?

Hopefully, this helps you with understanding Influencer marketing and gives you a better idea of whether or not it is something that you should add to your digital marketing mix. There is a method to the madness and best practices to consider when using this strategy. If this seems like more than you want to take on yourself. You can find out more about Majority Media Influencer Marketing Management services here.

In addition, you can subscribe to the Entrepreneurs Newsletter. Where I source and share helpful tips and insights for the do-it-yourself type business owners and entrepreneurs. You can subscribe here.

As a bonus and continuation of this article. You can download the free eBook on “How to select the right influencers to promote your business”. Providing more information for the DIY’ers who would like to gather more insights and perhaps manage this themselves.

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About Sean Atkinson
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