Influencer marketing is one of the most popular digital trends. It’s no surprise that influencer marketing is quickly becoming a crucial aspect of many brands’ digital marketing strategy, given its potential to reach new audiences and earn an 11x better return on investment (ROI) than traditional techniques.
Small firms, on the other hand, may find it difficult to know where to begin. While some people just do not understand the value, others fail to successfully engage influencers or get lost in a sea of new regulations and ambiguous measuring methodologies. The low-risk, high-reward nature of influencer marketing, on the other hand, is too good to pass up, especially for SMEs.
So, what are the best ways for small businesses to capitalize on this trend? Here are some pointers on how to make the most of influencers.
Find the right target market.
Because the online area is so crowded, the ability to find a specific audience is critical to campaign success. Kylie Jenner, a well-known influencer, is said to charge more than AU$1 million each social media post. However, not all firms are aiming for the masses, and most will obtain better results with smaller influencers for a cheaper charge.
The advantage of utilizing micro influencers, who have between 10,000 and 50,000 followers, is that they are often less expensive, with some even taking payment in products and services. Plus, at the end of the day, influencer marketing is all about interaction. This indicates that the greater the level of involvement, the more powerful the influence.
According to Influencer Marketing Hub’s 2021 Influencer Benchmark Report, influencers with fewer than 15,000 followers had a greater engagement rate (about 18%) than those with more than a million followers (approximately 5%). For small businesses, this is a win-win situation: not only can you target a highly engaged audience, but you can do so on nearly any budget.
Frank Body, an Australian beauty brand, is an excellent example of a small business engaging influencers. The company began in 2013 with only AU$5,000 in its bank account and no marketing budget. They altered the brand by engaging with influencers, seeding their products, and encouraging people to share on social media with hashtags. In just over a year, the brand had over 350,000 Instagram followers and a yearly income of $20 million.
The entrepreneurs understood they could communicate with their audience on Instagram, and they discovered a low-cost strategy to enhance product awareness and generate discussion. The impact is obvious: influencer marketing offers a low barrier to entry, allowing SMEs to expand their brands without breaking the budget.
Define your goals and how you’ll measure your progress.
Is it your goal to see a boost in direct sales? How do you raise brand awareness? Do you want to improve your online presence? How you engage with an influencer, as well as the direction of your content strategy, will be directly related to the campaign’s goal.
Once you’ve determined your goal, collaborate with the influencer to determine how it will be measured. At Metigy, we did this during a recent influencer campaign. This campaign’s purpose was to promote brand recognition and draw attention to our new creative services, which give small businesses quick access to visually compelling graphic design. Because our goal was to raise awareness, we held a week-long competition with three influencers, giving users the chance to win a three-month unlimited package for the service.
We raised our social media following by 11%, added 40,000 new accounts, and nearly doubled our content interactions as a result of this campaign. These statistics show that we were able to reach out to and engage a completely new audience, which was a critical goal for us. While there are many ways to measure a campaign, the most important thing is to stay focused on the goal.
Establish long-term relationships with influential people.
Cultivate the relationship once you’ve located the ideal influencer. Developing a relationship with an influencer can lead to them being a brand ambassador for your small business. It also means less time spent on production because you both know what you want to achieve, what kind of content will work, and how things should be done. It’s crucial to remember that influencer relationships are typically mutually beneficial, and as the relationship develops, you may be able to negotiate a lower pricing in the long run.
During our most recent influencer campaign, Metigy limited the field of content creators by ensuring that our vision, purpose, and messaging were all in sync. Each influencer brought their own distinct brand to the table, but they all had the same aim in mind: to encourage people to establish their own businesses.
They identified with our mission and felt a sense of connection to our cause because they were small company owners themselves. Because we both entered into the campaign with the goal of mutual support and a similar vision, this allowed us maintain a long-term relationship with each influencer.
The most important thing to remember while working with influencers
Influencer marketing is one of the most popular digital marketing concepts, but it’s much more. Social media is obviously here to stay, with over a billion people using Instagram each month and nearly double that on Facebook. The most important takeaway for small businesses starting out on their influencer journey is to work with an influencer that shares your brand values.
At the end of the day, you’re establishing a working relationship with someone who has the potential to become a brand evangelist. Is this something you’ll be proud of as a result of your collaboration? With a clear understanding of why you should work with an influencer, the only question is: what are you waiting for?