The Power of Influencer Marketing

What is Influencer Marketing?

Influencer marketing is the process of collaborating with external content creators to market your product/service and advocate your brand's message. Influencers present the content to their followers to raise brand awareness and potentially convert their following into customers for your company. 

When using influencer marketing, it  is important to consider the relevance of the influencers following to your industry and company. For example, if you created a food or cooking related product, it would make sense to use food influencers as opposed to fashion influencers. 

Market analysts predict that the influencer marketing industry will be worth north of $15 billion by 2022, a rise from $8 billion in 2019.

The methods you can implement influencer marketing are varied, you could use any of the following: 

• Using influencers to create content like videos, blog posts & social media ads
• Product reviews 
• Unboxing videos
• Giving unique discount codes
• Giveaways 
• Sharing the brand’s campaigns 
• Supporting product launches
• Product placements
• Promoting events 

Source: eMarketer

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What are the different levels of Influencers?

There are a range of categories for influencer marketing based  on the size of the influencers following, this will also affect the amount it would cost to use the influencer as a marketing tool:

• Nano-influencers: 10,000 followers or fewer
• Micro-influencers: 10,000 to 100,000 followers
• Macro-influencers: 100,000 to 1 million followers
• Mega-influencers: 1 million+ followers

Offering free products may be an easier way to pay nano-influencers, but a campaign with an influencer with a larger following requires a budget. You can also use affiliate marketing or commission to entice a deal with an influencer. 

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What are the benefits?

Enhances Brand Awareness:  One of the main benefits of using influencer marketing is to increase your brand awareness. Social media users will become aware of your brand, message, and the products you have. 

Builds Trust: Influencers have already created a strong and trustworthy relationship with their followers, therefore users are more likely to respect their recommendations and as a result have an increased trust and more genuine interest in your brand. 

Reaches Target Audience: Choosing the right influencer will give you access to your target audience. As mentioned previously in the blog, a food influencers following will consist largely of the target audience for a food related product.