What is Influencer Marketing? And is it Right for Your Brand?
Influencer marketing isn’t going anywhere.
Learn more about what it is and how to use it effectively.
Influencer marketing is always a popular topic with our clients. However, influencer marketing often creates a fair amount of intimidation and fear. And, understandably so. A marquis and established influencer can easily command as much as six figures and it’s assumed that smaller - macro, micro and nano - influencers don’t have the same reach or scale, so what’s a brand to do?. Before we get into the nitty-gritty, let’s start with the basics.
What is influencer marketing?
Influencer marketing involves collaborating with individuals who have an established following or “influence” on social media or within a particular industry. It is a way for businesses and brands to reach new audiences and promote their products or services through the endorsement and promotion of influential people.
Types of Influencers:
Nano-influencers: 1,000–10,000 followers
Micro-influencers: 10,000–50,000 followers.
Mid-tier influencers: 50,000–500,000 followers.
Macro-influencers: 500,000–1,000,000 followers.
Mega-influencers: 1,000,000+ followers.
It’s important to take these follower counts with a grain of salt. Before recommending influencers, it’s important to assess their current engagement rates, the health and status of their following as well as the quality of their content. Services like Sprout Social, Brandwatch and Upfluence are just some of the tools our agency relies on to find the very best influencers across each follower tier.
Is influencer marketing right for me and my brand?
There are several reasons your company should consider influencer marketing:
Increase in social media engagement: As the use of social media continues to grow year over year, influencer marketing provides an effective method for businesses to reach and engage target audiences through platforms such as Instagram, TikTok, Pinterest and YouTube. Creating engaging and native content that sparks awareness and dialogue with your niche audience is essential.
Trust and authenticity: Consumers are becoming accustomed to tuning out traditional advertising and are more likely to trust recommendations from people they follow and respect. Yes, consumers also understand the influencer marketing game too. This is why it’s essential to select your influencer carefully and thoughtfully. Is their content spammy? Or carefully curated? Though consumers understand the relationship between a brand and an influencer, influencers that are strategic about their posts have built trust and authenticity with their audience as well as their brand partners. Businesses can tap into this trust and authenticity to promote their products or services in a more integrated and holistic way.
We also recommend that a brand be prepared to engage in a long-term commitment with an influencer. One-and-done campaigns raise the alarm for consumers. For a campaign to feel authentic and trustworthy, we craft 90-day, multi-touchpoint partnerships.
3. Personalized content: Not every brand can afford copywriters, graphic designers, videographers, and social media administrators. When an influencer creates content, you’re filling the need for all of these positions with original and unique content that speaks directly to your target audiences. Influencers know their followers the best. They also know how to create personalized content which can make their recommendations feel more authentic and relatable. This can be particularly effective for businesses looking to set themselves apart from their competitors.
4. Cost-effective: If done correctly, by utilizing an agency with experience, influencer marketing can be a cost-effective way for businesses to reach their target audience, particularly if they are targeting a specific niche. Not all influencers charge the same rates. Many of our clients have heard about the exorbitant rates A-list celebs command. That tier of influencer may not be in your budget, but others will be. Many are willing to enter into a long-term contract for a discounted rate. Others may even be interested in equity. There are a myriad of ways to effectively and strategically work with influencers that offset the need for expensive advertising campaigns with questionable ROI. Don’t be overwhelmed, an experienced and reputable agency, such as Wise Collective, can handle this for you.
Overall, influencer marketing can be an effective strategy for businesses to reach and engage their target audience, build trust and authenticity, and promote their products or services in a personalized and cost-effective way. We don’t see this trend dissipating anytime soon and it’s important to work with an agency that understands the nuances and best practices for planning and managing an influencer marketing program. Contact us today to learn more and get your program started.