Influencer marketing has been growing at an unprecedented rate these past few years. In fact, it is predicted that the influencer marketing industry will hit $16.4 billion this year alone. There are plenty of explanations for why influencer marketing is so successful, what with the proliferation of platforms like TikTok and YouTube, but it nevertheless raises the question, is it time you found your influencer?
Sorry we couldn’t resist.
Onto the serious stuff.
Influencer marketing is huge right now and for good reason.
The explosive growth of the platforms they operate on has put influencers into a whole category of their own.
They’re not quite deemed celebrities (controversial, I know) but they’re surely as, if not more, valuable from a marketing standpoint.
To give an example, car manufacturer Subaru saw a 10% increase in their annual sales through their “Meet An Owner” influencer campaign.
This saw Subaru team up with 20 influencers across various categories, from fitness to art. Each influencer produced a unique piece of content relevant to their own industry with the focus being on the Subaru car.
The most successful was a video by Zach King, which currently sits at 8 million views with over 1.8 million likes.
Believe us, this is only one of many success stories surrounding influencer marketing.
So, does this mean that influencer marketing is foolproof and you should blow your entire budget on one or a combination of influencers to flog your product or service?
Like anything in life, for every success story there is a multitude of failures that never see the light of day.
You need to do your homework.
Don’t worry though, we’ve got you covered.
Well, as you may have guessed from the introduction, yes.
Of course it works. That’s why it’s so popular as a marketing tool.
Influencer marketing is an exceptional tool for achieving marketing goals.
In fact, it is estimated that 61% of consumers trust influencers’ recommendations as opposed to 38% trust for branded content.
Even from a business perspective, we’re seeing an increasing interest in influencer marketing. Google searches for “influencer marketing” soared by 400% in the UK from 2016-2021 and around 44% of brands are reported to be increasing their budget to include influencer marketing.
One of the more interesting statistics we found came from across the pond and claimed that on average businesses make $5.20 for every $1 spent on influencer marketing.
Let’s not get too carried away with that though as the American market is completely different and won’t translate the same to the UK. We put it in purely as an interesting insight.
So, will it actually work for you and your business?
For influencer marketing to actually work, you need to establish some clear trackable objectives and be savvy with which influencers you choose to work with.
Then comes the fun part - creating a marketing strategy.
Unfortunately, we can’t answer that question.
There are just too many variables, one of which being we don’t come up with the pricing.
For a start it depends on what type of influencer you choose (mega, macro or micro), what their usual rate is, what other brands you’re competing with, what campaign you’re looking to do, how long you require them for, what your goals are, what you need from them etc.
And the main one - what their final price actually is.
This will vary from person to person, industry to industry.
The best and only advice we can give here is to get in contact with them and ask about their fees.
If they’re too high, you can either try and negotiate or just move onto your next option.
A word to the wise though - don’t insult them with regards to pricing. We understand that it’s difficult to necessarily see the value in what they offer but you can’t argue with the results influencers can bring.
We’ve actually searched around for some kind of definitive definition of micro-influencer but it appears that everyone has a slightly different idea of what one actually is.
For those that don’t know, we’d describe a micro-influencer as someone who has a smaller following but receives very good engagement from their posts. You’re likely looking at an account that has a few thousand followers as opposed to the hundreds of thousands.
So, why mention this specifically?
Well, as it turns out micro-influencers are experiencing a bit of a boom as well.
According to research from the Digital Information World, the market share of micro-influencers grew from 89% in 2020 to 91% in 2021.
Many experts predict that smaller industries and companies will opt for micro-influencers in the future as they exemplify everything an audience wants.
They also believe that micro-influencers will actually work out to be more lucrative as their audiences are highly engaged with their content.
The other reason we give a mention to micro-influencers is that if you’re reading this article, there is a very high chance this will be more relevant to you.
With all due respect intended, it’s highly unlikely that the majority of our readers (us included) can afford to go out and hire Kylie Jenner to head up our new beauty product or Jake Paul to bring us some much needed attention.
Micro-influencers are not only more affordable but they’ll give you a good start into the world of influencer marketing.
Again, it’s quite difficult to answer this question with a direct yes or no.
There are many variables to consider here, the most important ones being you and your business.
Influencer marketing works best when it is relevant to your business and you have clearly established goals that you wish to achieve together.
Hiring an influencer just “because it works” is a surefire way to waste your money and time.
So when it comes to asking yourself whether you should be using influencer marketing, it really depends on what you’re trying to achieve and how you plan on doing it.
Want to spread brand awareness? Grow your social media presence? Boost conversions online?
Well, influencer marketing just might be for you.
Influencer marketing is a bad idea when you have no idea.
If you have no clearly defined goals (which can be monitored and tracked - none of this ambiguous stuff!) then you will just be throwing money away.
It’s also not the best idea if you are experiencing financial issues or have no consistent source of income.
By no means do you have to be rich to afford influencers but you’ll no doubt want a healthy bank account as in most cases, this will likely be a longer-term partnership type deal than a one off project.
As we touched upon previously, different influencers will charge different fees but you don’t want to get to a stage where you’re wondering how you’re going to afford them for the upcoming months.
Another point worth considering here is the platform(s) which you use/aim to use. It’s pointless partnering with a TikTok phenomenon when your strategy is aimed at YouTube growth.
Context really matters here.
Also, and we only mention this because we feel we have to, don’t partner with an influencer just for your own ego or self-image.
They can be the best thing since sliced bread but if the only reason you’re partnering with them is for your own ego, the only thing being sliced will be your bank account.
It goes without saying that influencer marketing is a growing industry.
We can only really see this industry getting bigger, especially thanks to emerging and growing social media platforms.
Datereportal reported in January 2022 that more than half the world (58.4%) now uses social media and that the average daily time spent on social media is 2 hours and 27 minutes.
Why is that important?
It tells us that social media is huge and that we all love a scroll on our favourite social media platforms.
This is great news for the influencer marketers across the globe, as the scope of their operations is rising!
The more we use social media, the wider their potential reach.
Certainly something for you to consider in your marketing strategies going forward.
We've come to the pinnacle of this article.
We’ve discussed why influencer marketing is effective, why it can be good for your business and even some instances of why it might not be the best option for you right now.
So, is it time to find your influencer?
We’re going to go out on a limb and say yes. It is that time.
Even if you don’t actually partner with anybody straight away, we still think it’s important to create a list or document with potential influencers that would work for you.
That way when it comes to wanting to use an influencer down the line, you won’t have to look too far and you’ll already have a base point to go from.
Just don’t let too much time pass because we can say with absolute certainty that another million onto their followers WILL increase the price!