A Brief Definition of Influencer Marketing
Social media has become an inseparable part of our lives. We spend hours browsing Instagram, Twitter or YouTube. These days, it’s pretty normal to see your favorite blogger or influencer, promoting a new product on one of these platforms. This collaboration between an influencer and a particular brand is called influencer marketing.
Influencer marketing is a kind of social media marketing that businesses use to promote their brands by collaborating with famous social media users, influencers or bloggers. For example, today, there are tons of beauty influencers on Instagram or YouTube, advertising cosmetic products. Also, there are a lot of cosmetic companies that are willing to pay a large amount of money to beauty influencers. Due to the close connection between influencers and their followers, influencer marketing is a reliable way for advertising, and it also helps you achieve new audiences.
Let’s take a quick look at some statistics about influencer marketing in 2020:
- Influencer marketing industry has been growing to 9.7B$.
- The highest number of followers and also the highest average price per post belong to the influencers who create content for fashion and modeling industry.
- Instagram posts, stories and videos, also YouTube videos are the most popular platforms for influencer marketing. In fact, 87% of marketers prefer Instagram for influencer marketing.
How to Choose an Influencer Who’s Best for Your Brand?
Choosing an appropriate influencer for your brand is not an easy task. But first, remember to specify your campaign’s objectives. In order to find the right influencers to work with, doing some research is a must. During your research, keep the following approaches in mind:
For instance, if you own a sports brand and you want to promote your new sportswear, you’d better look for an influencer who is pretty well-known in sports industry or someone who is constantly posting or talking about exercising. The main goal of influencer marketing is to find an influencer or blogger who works in your niche and ask them to promote your products.
High Engagement Rate:
Engagement rate is a marketing factor that shows the number of active users out of all your followers. Active users are those who constantly like, share or save your posts. As an example, an engagement rate between 3% and 6% is relatively high for an Instagram account. The higher the engagement rate is, the more audience you achieve.
Number of Followers:
They might have millions of followers but you should evaluate the loyalty and the quality of relationship between influencers and their followers.
Advantages of Influencer Marketing:
- Reaching target audiences: When you collaborate with an influencer who has the same niche as you, you can convey your message to your target community and relevant audiences. Therefore, you’ll automatically omit irrelevant audiences.
- Does not seem pushy: One of the most important reasons that makes influencer marketing more effective is that your target audiences have eagerly chosen to receive this content and no one has forced them to watch ads (like Push Ads). Therefore, using this strategy significantly increases the chance of being seen by relevant audiences.
- Affordable: Influencer marketing is not so expensive unless you are willing to collaborate with celebrities. But celebrity’s audiences are so general and most of them may not even be your target audiences. So, your advertisement won’t be effective even though it’s been seen by millions. Studies show that using micro-influencers (influencers having from 1,000 to 100,000 followers) is much more economical, because they have higher engagement rates in comparison to celebrities. Also, they ask for less money to promote your products or services. So, influencer marketing can be definitely budget-friendly.
- Faster sales process: Influencers have spent so much time and effort to reach their audiences. In other words, they’ve made it so much easier for you. So, you don’t need to look for relevant audiences. Consequently, you save a great deal of time and money.
Disadvantages of Influencer Marketing:
- Choosing inappropriate influencer: As we said, choosing the right influencer is the first thing that needs to be considered and it takes lots of time and effort, but picking up the wrong influencer can ruin your brand’s reputation.
- Unpleasant results: You might work in partnership with an influencer who’s very successful and has an excellent background but for some reason, he/she fails to promote your business. Unfortunately, this would be a huge waste of money.
- Fake followers: There are certain fake accounts on social media that decrease the engagement rate. So, if you unconsciously partner with these fake influencers, you won’t receive any positive feedback. It is possible to recognize their fake followers by searching through their comments and number of likes. They generally have a great number of followers but receive generic comments and a few likes.
- Time consuming: It takes a lot of time to build an effective and organic relationship with influencers. Also, reaching your objective is not guaranteed.
Nowadays, influencer marketing is growing constantly and many brands use influencers as part of their strategy. Like any other marketing techniques, it has pros and cons. You can use pros to extend your business but you need to be aware of cons.