Am I influenced yet? An Intro to Influencer Marketing
Welcome back to the Firecracker Marketing blog!
Today’s topic is about the service we get the most comments/questions/complaints about: influencers. We’ve heard the way influencers can be perceived by some brands, and it’s basically the same way my mom perceives a new iPhone:
Why is it so confusing?
Why is it so expensive?
Will it really work for me?
How do I make the text bigger?
To that we say:
Because it’s still a newer form of marketing and many traditional marketing teams are still navigating the space. This blog should help!
It doesn’t always have to be, but if you want the good stuff you need to invest in it.
Yes! If done right! See below!
Mom, just get glasses.
Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.
Let’s Start with the Basics: What is Influencer Marketing?
Influencer marketing is a digital marketing strategy that incorporates endorsements and product mentions from influential people on social media platforms, hence the term *~influencers~*.
These influencers typically have a devoted following (the people who are influenced) and hyper-niche vertical (the topic on which they influence their followers). That hyper-niche vertical might be fitness, makeup, fashion, interior design or Taco Bell + wine pairings (AKA our favorite influencer; see here for reference).
We generally give influencers a tier-based title, ranging from mega-influencers all the way to nano-influencers, based on their follower count.
Why does the tier matter? Well, to get straight to the point, oftentimes, the higher number of followers an influencer possesses, the more costly it is to collaborate with them for a social media campaign. That’s because – if they grew their following organically – their reach is considerably bigger, so it makes sense. But is bigger really better? (Or does it just depend how they use it? Okay… now this sounds like a Cosmo article. Sorry mom!)
The big question a marketer should ask themselves before pitching an influencer is if the influencer is aligned with the brand’s voice, niche and audience demographic. At the end of the day, the goal of any campaign is to secure a decent conversion rate and noticeable growth in brand awareness (that ROI, tho) and the influencer needs to be the right brand ambassador to help achieve that goal.
So, if you have a fitness product, what makes more sense? That big influencer with 5m followers (some of which might not be interested in fitness or even able to purchase your product in their country) or the mid-tier, fitness-focused influencer in NYC, where most of your customers live?
Which brings us to the next question:
Which Tier is Most Effective?
Most would assume that partnering with the bigger influencers would mean better results, but that’s not always the case. Data shows that the larger the following, oftentimes, the lower the engagement rate. According to Later, nano and micro-influencers have an average engagement rate ranging between 2-4%, while mega and macro-influencers have an engagement rate ranging between 0.8-1.4%. Therefore, for most companies, the nano and micro-influencers are the most effective influencers to partner with because they are most affordable, have hyper-niche and engaged audiences, and will more likely turn awareness into sales.
The whole point of being an influencer is to *~influence~*, right? Nano and micro-influencers have proven to have extremely loyal audiences, which means consumers possess a higher level of trust in their product recommendations. Nano and micro-influencers also possess the ability to more easily connect with their audience, so they act more as a friend who is giving a solid recommendation, rather than a celebrity who is getting paid 100k to tell you about gummy bears that make your hair strong.
As a marketer, it’s critical to ensure consumer trust is at the top of the priority list, and partnering with influencers that also have the same values will help strengthen customer perceptions and overall positive brand awareness.
But, my friends, brand awareness comes for a price…
So, Do Influencers Work for Free?
Idk, do you work for free? Probably not.
If you want to do anything right and get quality work, you should expect to pay. Truth hurts. That being said, there are small exceptions including very expensive products, long-term partnerships (like free airfare for a year) or high-dollar, experienced based partnerships, like travel/hotel stays, but if you have an everyday product, expect to fork up some $$.
There’s no magic number that all influencers charge, but a good marketing team will help you build a reasonable budget and gather the influencer work you need within it.
Should I Give Influencer Marketing a Shot?
If you’ve got the budget and want to get more content and more eyes (and hopefully wallets) on your product, then hell yeah you should! Influencers are basically digital salespeople who can INSTANTLY share your message with potential customers. How many times have you gone to a restaurant because your friend told you to try it? Yeah, that’s basically what influencers do, x20.
And more importantly, despite multiple wishful think pieces, influencers aren’t going away. In fact, they’re expanding. From Youtube to Instagram to TikTok, the influence is everywhere! According to Influencer Marketing Hub, the influencer marketing industry will grow to be worth $13.8 billion in 2021. (That’s with a “B,” everyone.)
In short terms? Influencer marketing is legit, and with the right strategy in place, it’s a powerful tool for marketers everywhere.
Interested in learning more about how we can help with your influencer marketing? Have a wine and Taco Bell pairing we should consider? Hit us with it at info@firecrackermktg.com
