Influencer Marketing? What is it?
It’s relatively new, 10-15 years ago, this term had virtually no meaning. Today, it’s hard to avoid. You can open nearly any social media app and within a few seconds on scrolling you’ll see a sponsored post from a content creator with a relatively large following. Many factors go into this behind the scenes, such as recruiting, compensation and more.
It’s a lot more complex than you might think. Brands have to consider their budget and creator that will work best for their desired campaign. Creators have to consider the value the partnership is bringing to them and their community. If you are trying to recruit a baking influencer to promote power tools, you may have misdiagnosed your intended niche.
Let’s understand why this type of marketing works.
Influencer marketing when done correctly, can be very valuable, but many factors are at play.
1. Find someone who believes in your product/brand.
If a creator genuine buys into your brand/product, they will be able to provide an authentic review and promotional content for their audience to support. Getting a content creator that believes in your mission is key to creating profitable influencer marketing campaigns. The reason rapport is important here is because it establishes trust all around. Creators who promote a product online that is low-quality, cheap, or simply not for them, tarnish their own reputation. Imagine their audience goes to buy this product and later learn it is nothing like they were led to believe. Trust = Broken.
2. Find the right creator.
We talked about finding a creator who believes in your products, but it might be more important to talk about finding the right creator. The right creator is the one who is going to be the most valuable to your digital marketing campaign, simply due to the niche they have. You do not need a creator with millions of followers. If you find a creator that fits your niche and just so happens to have a large following, great, but a smaller following with a dedicated community of a specific niche is something to consider. I can’t say it enough, you have to understand niche. Today, there is practically a niche, or even sub-niche for everything… EVERYTHING. It will take time to scout out the ideal candidate but when you do and establish a healthy working relationship, you are a step closer to maximizing your influencer marketing efforts.
3. Understanding your budget.
Do you know how much money you can spend on influencer marketing? If not, I’d encourage you to take a deep dive in to your company’s quarterly or annual budget. Not every company can fork over 3, 4, or even 5-figure digital media campaign compensation. And that is OKAY! If your brand is not in a position to take on those higher end creators, look for more affordable options. A voice can still be heard on any platform.
4. Equal and fair compensation.
In anything, compensation is important. Sadly, this is where a lot of brands fall short when it comes to influencer marketing. Brands have a hard time viewing this investment as an actual business transaction. They undervalue creators and how they can be an asset to a marketing campaign. Far too often, brands will offer influencers their product for free in exchange for 1-2 sometimes more posts and only providing financial compensation when it comes to a viral video. These are transactions of the past, creators have began to understand the power of their platform and the value it has for promotion. Simply put, people want to be paid for the services they render, and yes, content creation is a service to be rendered. Working with a mediator (like Sailboat Marketing, *cough cough) ensures that both equal and fair compensation on both sides of influencer marketing.
If you can find the a creator who fits your niche, believes in your business, and you are in a position to financially compensate them equally and fairly. Influencer marketing needs to be a priority for you. Platforms keep growing and if you are late to understand the value this can bring to your strategic plan, others will, and you will see them reap benefits that you could only wish for.
If you are looking for influencer marketing services, such as scouting and negotiation, reach out to us today on our contact page and let’s work together.