In our modern world marketing efforts are constantly evolving especially in the digital space. Small businesses in particular are working harder than ever to try to compete with larger corporate companies to find their space in the digital world. Of the more recent trends, influencer marketing has become one of the top ways that small businesses can get more eyes on their products or services and reach new customers in farther places than they ever imagined. So how can you as a small business owner reap the benefits of influence marketing? Let’s dive into the why, how, and benefits of using it!
Why Influencer Marketing is a Powerful Tool
To put it simply influencer marketing is the process of engaging individuals or groups who have a significant following across various social media networks. The power of using an influencer lies within the connections that these individuals have with their audience and the trust they have built with them. Their followers are more likely to check out and buy something recommended by their favorite influencer vs just seeing it on a social media post. Influencer marketing can open the door for small businesses to reach a much larger audience without having to spend large amounts of money. Typically you can get buy with just a flat fee for the influencer or a free product that they can feature in social media content. Not only is the cost much lower than traditional advertising but it’s also easier to get started.
How to Get Started with Influencer Marketing
The first step you’ll want to take when creating an influencer marketing campaign is to identify influencers who would be a good fit for your business and brand. You’ll want to check out their social media profiles and see what type of content they post, who their core audience is, and what their personality is. You’ll want to also pay attention to how many followers they have in comparison to how many likes/comments they get. If you see someone who has a large following and a low like/comment ratio this means their following isn’t as engaged (or worse all bots!) so you’ll want to steer clear of these accounts. Create a list of at least 10-15 influencers that you’d like to reach out to and create a personalized letter to send to each to inquire if they’d like to work with your company and what they can expect from working with you, such as a flat fee, commission, or free product. Being as clear as possible upfront can help you in securing an influencer to work with you.
Best Practices for Working with Influencers
Alright, you’ve secured the right influencers for your small business, you’ve established the terms, and agree on what the payment will be. Before they get started you’ll want to clearly define what goals are and expectations you expect to see as a result of the campaign. Be sure to include the type of content they’ll need to create, the timeline for them to create it, and the KPI (or key performance indicator) that you will measure once they start promoting your product or service. You’ll also want to invite them to ask you any questions they may have. Remember transparency is key when it comes to working with influencers.
Measuring the ROI of Your Influencer Marketing Campaign
When it comes to measuring the ROI (or return on investment) of your influencer marketing campaign, it’s important to set the KPIs in advance. This will help you track the reach, engagement, and conversions associated with the influencer campaign. It’s also important to track the number of sales attributed to the influencer vs organic sales that naturally occur. One of the best ways we have found to do this is by offering a small discount code for the influencer to promote the campaign. Every time someone sees the influencer promote your product or service they will be reminded of the code to use at checkout. You can track all the times the code is used to know which sales came from the influencers you’re working with. Keeping up with this data can help you see pretty quickly if the influencer’s campaign is working or not and if any adjustments need to be made.
Influencer marketing has become a great choice for small business owners looking to reach new customers, expand their presence on the Internet, and compete with larger companies. Through careful research and setup, small businesses can gain a lot of advantages from this marketing method, taking their business to the next level. Now that you know why and how to use influencer marketing, it’s time to start implementing it for your small business! Ready to get started? Let The Social Robin do the hard work for you and you can focus on running your business. Contact us today to learn more about our influencer marketing packages.