Topics: Marketing Strategy
Much like the popular kids from our school days who effectively determined what was “cool” for the peer group, influencer marketing is one way to leverage an individual’s clout to create a desired effect without a direct exercise of command.
But with so many individuals flocking to online blogs and social media platforms to voice their opinions on everything from music to restaurants, how do you know which ones can effectively help build your brand?
Following are a few tips to help get you started.
Micro Influencers Are Key
Those with a strong following of users who trust and act on their opinions are proving to be a valuable tool for marketers. Smaller businesses should look to micro influencers, who are more cost-effective and have sway over consumers in the area.
Local influencers, often referred to as micro influencers, tend to have less than 50,000 followers and focus on niche topics, meaning their audience is more targeted. And considering that a 2016 study by TapInfluence and Nielsen Catalina Solutions showed that influencer marketing generates 11X more return on investment than traditional forms of marketing, local influencers can offer a great bang for your buck.
Be Realistic about Budget
Influencer marketing involves compensating a higher-profile individual to promote your product or service. Smaller businesses may feel like they cannot afford influencer marketing, which may be true if they’re going after the biggest names, i.e. celebrities (Kendall Jenner reportedly made $250,000 for a single post on Instagram!) Only the biggest brands can afford such a hefty price tag.
According to a 2016 study conducted by Bloglovin, 84% of micro influencers charged less than $250 for a sponsored post on Instagram, 90% charged less than $250 for a sponsored post on Facebook, 90% charged less than $150 for a sponsored tweet on Twitter, and 87% charged less than $500 for a sponsored blog post.
The Return on Investment
The following further demonstrate the potential of influencer marketing for your business:
- A 2017 study conducted by Influencer Marketing Hub revealed that influencer marketing is nearly 2X faster at acquiring customers than SEO, and that companies are earning $7.65 on average for every $1 spent
- Word of mouth is behind 20-50% of all purchasing decisions
- 81% of consumers are influenced by product reviews
- Nearly 40% of Twitter users have bought a product as a direct result of an influencer tweet
Statistics prove that influencer marketing can increase brand awareness, boost credibility, and bring in more leads. And since 77% of influencers are willing to partner with a brand more than once when given some creative freedom, utilizing their services is a matter of finding, connecting, and building that relationship with them.
Identifying which local influencers to connect with is made possible with online tools like Kred, BuzzSumo, and NinjaOutreach. Once you have a list of local influencers, start diving into their platforms to see how often they post and whether or not their followers engage with the posts to determine if the fanbase is dedicated.
How to Connect with Micro Influencers
Every relationship begins with an introduction. With a narrowed selection of influencers, draft a concise email or direct message that states who you are and how you think the influencer can be of assistance. From there, it is all about collaborating with the influencer to nail down which platform to focus on and what to post. Some will want more creative freedom than you may be willing to give, but don’t be too quick to dismiss the opportunity for a fresh take on your product or service (51% of marketers say that influencer-created content outperforms that of the brand.)
Understanding how micro influencers can help your business grow, isn’t it time you started reaching out to those in your area? After all, in order to see returns, you have to make the investment. If you’re having trouble conceptualizing a digital marketing campaign, our team of experts is available to help you build a winning strategy to engage new and existing customers. Contact Axis41, A Merkle Company, today to learn more.