If you have a product to sell, you need to have an influencer strategy for brands. They can be a good source of getting leads for potential sales. You are able to get their trust right away because it was a referral.
89% of Companies say that their ROI is better than other marketing channels.
-Bigcommerce.com
People are looking at getting recommendations from people that they like and trust. If you can connect with a good influencer, they can triple and quadruple your efforts.
Table of Contents
What Is An Influencer Strategy?
Every business plan needs a strategy to get clients. Increasingly, influencers are helping businesses get more clients. This happens when influencers have built a following on some kind platform.
Usually, it’s on a social media platform like Instagram, YouTube, Twitter, Podcasts, or something else. It’s possible to get a lot of traction for your product or business.
Do You Have A Budget For Your Influencer Budget?
You will need a budget for your influencers. I would suggest that you have a couple hundred dollars per month.
Usually, you will get a sudden influx of sales and then you will need to continue to find other influencers to sell your product.
Is it combined with other strategies or is this your sole strategy?
Influencer marketing is a type of indirect marketing. Increasingly, it’s become easier to track stats. You can find out influencer’s engagement level with their followers and number of followers.
Read: Direct vs Indirect Marketing: What’s is Better For You
Increasingly, you might want to look at creating your own following. You should publish on different platforms and building a brand.
You can look at advertising on different platforms as well. You can look at advertising on Facebook, Instagram, and other platforms.
Read: Facebook Advertising for Small Businesses
You Should Be An Influencer.
At some level, you should be an influencer. You should have some platform where you are producing content. This is a good way to build up free traffic for your business.
You can choose any medium that you like. You can look into video, articles, social media, and podcasts. These platforms will allow you to gain a following and sell your products and services.
YouTube Influencer
You can look at building a platform on YouTube. One of the benefits of YouTube is that you will be able to get views of old videos. People can subscribe and get the latest videos that you post up.
Read: Ultimate Guide On Making Money On YouTube
Podcast Influencer
If you prefer audio, you can get a following of people on this platform. They will need to look into getting guests and going on as a guest on different platforms to build up your followers.
Read: How Podcasting Became A Big Business and Is Growing
Blog Influencer
You can write content related to your product and services. It’s a good way to build up a following. You can give a product or service that your followers will need.
Read: Blogging and It’s Importance to the Business
What is Your Product or Service?
You need to have a product or service. What is it that you want to sell? It can be a digital product like a course or a service that you provide.
Who Are Your Reaching?
Think about the type of people that you want to reach. It’ll be important to get a demographic, interest, and gender. This information from this section will be important to know how to market your product or service.
Avatar of Your Person
You may want to create an avatar of your person. You can think about what products and services they might need. This can help you in determining what future products and services you should create.
How Do You Want An Influencer To Promote Your Brand?
What Platform Do You Want People to Use?
People like to watch video or look at photos. In general, it’ll be good to look at platforms with video and photos.
Some popular platforms are YouTube and Instagram. You can look at different platforms as well, if you have a niche that relates well.
Video or Shout Out:
A video or picture with text has the biggest impact. You can look at influencers giving your brand or product a shout out.
The more that you require, the more that you will be charged. All of these factors will have an impact on your expenses.
Average Price for An Influencer:
How Many Followers Do They Have?
According to Influencer Marketing Hub, there is a general pattern on how many followers it takes to be classified as a certain type of influencer.
- Nano-Influencers: 1,000-10,000 followers
- Micro-Influencers: 10,000-50,000 followers
- Mid-Tier Influencers: 50,000-500,000 followers
- Macro-Influencers: 500,000-1,000,000 followers
What is the Cost Per Follower?
Each Platform and Requirement will have different costs. The more things you want them to do will require more money.
In general, you will want to be charged: $0.01-$0.05 per follower.
This means you can expect to pay:
- 10,000 followers = Costs $100-$500
- 50,000 followers = Costs $500-$2500
- 100,000 followers = Costs $1,000- $5,000
- 1,000,000 followers = Costs $10,000-$50,000
Engagement Level Requires Attention:
Some influencers are able to track engagement levels. They are able to tell you how many people comment, like, subscribe, follow, etc. You will want a higher engagement level.
If you have a decent conversion rate, you will be able to make sales on your platform.
Here is an example:
Let’s say you found a influencer that is within your niche. They have a list of 10,000 followers. You spent $100 for them to talk about your product. This means you paid a penny for every follower.
In this example, let’s say you are trying to sell an online course for $200.
If 1% of followers of the followers went on the website about your product, that would be 100 people.
Let’s say you have only 5 percent of the people buy your product. That means 5 people bought your product. This means your revenue was $1200 (5 people x $200). You spent $100 on advertisement money for your influencer shout out.
Total profit. $1100.
You can multiple this to whatever amount of followers you want to target.
The Rise of Micro-Influencers:
Increasingly, micro-influencers are a great source of potential leads. They have a niche following. You can connect with these influencers for your business.
What Makes a Micro-Influencer?
A micro-influencer has 10,000-50,000 followers. They are starting to grow their business, and they might not be on a platform.
Are These Better For Your Business?
In general, the amount of money needed to invest is less than other influencers. It can be a good way to see which influencers send you the most amount of business and start tracking their conversions.
Focusing on a Niche
In general, micro-influencers have some kind of influence. They have some kind of niche that you can target. It’s important to have a niche because this increases the likelihood of a conversion into a sale.
Read: 200 Different Niches You Can Build a Business Around
How To Find An Influencer:
It’s important to be able to connect with an influencer. You can look at agencies that already have influencers, a platform, or go directly to the influencer.
Going Directly To the Influencer:
Going directly to the influencer can give you the best prices. It will let you also build a relationship with them. As you have different product and services, you can reach out to these influencers.
Choosing Your Social Media Platform
Think about what social media platform you want to use. You can target different social media groups. Each platform has different pros and cons. Depending on what you want them to do, it can be a post directly about your product or on the side. You’ll need to decide if you want a picture or a video.
What are the Pros and Cons about going directly to an Influencer?
You can get the best prices when you go directly to an influencer. There isn’t a lot of competition especially when you focus on smaller influencers.
It can be a hassle to find influencers, figure out what they will do, and come up with a price. If you don’t mind this process, you can connect with a lot of influencers over time.
What Type of Influencers You can Connect With?
You can connect with a specific niche and platform. Depending on their influence, you can go directly to them or get connected with their agent.
It’s common to be able to connect with an influencer by directly messaging them. Influencers are usually always looking for different business opportunities.
Should You Connect With An Influencer Platform?
The main benefit of using an influencer platform is the convenience factor. Usually prices are set and you can connect with influencers to promote your brand or product.
Choosing a Social Media Influencer Platform:
Some bigger companies have used TRAACKR. Examples are Lo’real, Samsung, Michelin, Cartier, and more. They have a staff to help you allocate your influencer budget.
SPEAKR is another popular platform. Disney, Fox, Ford, Bing, Microsoft, and Dr. Pepper has used this platform.
Companies that have used MAVRCKR are eBay, Hershey’s, Kroger, Nike, and Reebok. There platform has a blend of bigger and small influencers.
What Are Benefits of a Social Media Influencer Platform?
A Social Media Influencer Platform has a lot of benefits. The main benefits are the convenience and transparency that can be obtained through a platform.
What Are The Cons?
A platform will have additional costs. This cost will be incorporated directly by the platform or through the influencer.
Frequently Asked Questions:
Should I connect with micro-influencers or bigger influencers?
It depends on your budget. In general, I would look at micro-influencers initially. This can help you gain confidence in this marketing strategy.
Which social media platform is the best for promoting products?
Instagram and YouTube are the most popular platforms for promoting products. You can look at other social media platforms if you want to look at alternate platforms.
How much does an Influencer cost?
In general, it will cost about $0.01-$0.05 per follower. For around 10,000 followers, expect to pay around $100-500.
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