What is influencer marketing?
Influencers are individuals on social media who promote products that will influence those who see it to buy. Influencer marketing is a tool you can use for your business so that a celebrity, online personality, youtuber will promote your product to their audience and boost your sales.
Brands are willing to spend hundreds of thousands on influencer marketing –
the power of the people. Now that traditional marketing methods, i.e. television ads and billboards are less influential, influencer marketing is the way for your business to make more sales.
Now, you might be thinking, by my brand isn’t aimed at millenials. But, there isn’t a certain demographic that hangs on on social platforms. The demographics show that anywhere between 19-75 year olds are on Instagram. The key way to make sales with influencer marketing are listed below.
How Can Your Brand Use Influencer Marketing?
First, we’re going to source for influencers.
What is your brand budget?
If you have a smaller budget, search for micro influencers.
Micro-influencers typically have between 500-10k followers and 3-10% engagement.
Using micro-influencers it beneficial to your brand since there is more flexibility with cost and trading products.
According to PeopleMap, you can calculate an estimate of how much a micro-influencer would cost by multiplying their followers by $0.01.
You may want to consider paying them more if they have a higher average likes per post. It’s not always the best idea to go for an influencer with 100k follower when there’s one with 30k and has more likes = better engagement = more bang for your buck. In this case, multiply their likes by $0.50
Ensure that the relationship between the number of followers your brand has aligns in a similar with the number of followers the influencer has if you’re not going to pay them. In this instance, you would give them an incentive, most commonly free product(s) in exchange for them sharing your brand with their followers.
Power Middle Influencers:
These influencers have between 10,000 to 250,000 followers.
How Much Are Influencers Paid?
Unfortunately, since influencer marketing is such a new industry you may have to negotiate with an influencer before coming to a rate that works for both of you. Additionally, influencers often set their own rates.
As an average, Instagram Influencers are paid $1,000 per 100,000 followers.
There’s an incredible calculator by Influencer Marketing Hub where you can compare a profile with that of Kim Kardashian’s profile (or another celebrity if you prefer) to know how much they would be expecting to be paid.
- Do some digging on the dirt – find out if they’re controversial, if their views don’t align with your brands etc. Remember this person is going to be representing your brand.
- Check the Instagram accounts of those who have followed and liked the influencers posts: it’s all well-and-good having an influencer with higher average likes, but what you need to do is check that those accounts aren’t dead/spam accounts which means they likely bought followers. These accounts are not “real” people, a majority of them won’t have profile pictures, content on their accounts, and will likely be following thousands of people with not one person following them. If you’re a fashion blogger what type of followers would you mainly find? Other fashion bloggers, people who follow other fashion bloggers, fashion brands.
- Quality not Quantity: yes, you want your brand to be visible. No, you don’t want your brand to become that brand, you know the ones that are sponsored by every influencer under the sun and now every time you see that particular brand you have to restrain yourself from rolling your eyes because they’re everywhere? On any demographic? On every platform? Instead choose quality, and that way your product will speak for itself and will spread through word of mouth. People will want to promote your product of their own volition.
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