Why Your Brand Needs Influence Marketing and How to Use it Effectively
If you’ve spent any time on Instagram, it’s almost a guarantee that you have come across an influencer post.
If you are asking if your brand really needs this type of marketing, there’s a good chance the answer is yes.
Now it’s not for every brand, and you’ll need to make the determination if it’s right for you. But influencer marketing is a great tool for reaching Millennials and Generation Z, both of which are key marketing demographics.
But why Instagram in particular? There are influencers out there on other platforms, such as TikTok.
What makes Instagram a great place to do collaborations is its ability to reach new audiences quickly and is one of the best channels for social action. Instagram users are much more likely to comment, like, and share the content they consume, bringing you higher engagement and brand awareness.
What Makes Influencer Marketing So Effective?
So it brings higher engagement and brand awareness, but what really makes Instagram influencer marketing so effective? The answer is simple; this type of marketing removes the barriers of traditional advertising as customers are introduced to your brand from a trusted source (the influencer) on an authentic and casual platform. When an influencer recommends a product or service on their account, it is seen as a trusted recommendation from a friend.
Furthermore, by partnering with relevant influencers who have an engaging and authentic voice, you are getting your brand in front of people already interested in your niche. This translates to real, lasting impressions. Authenticity is key here, which is why it’s important to choose influencers relevant to your niche.
Instagram Influencer Marketing Guide
How Much Does it Cost?
This is one of the biggest questions about influencer marketing and it really comes down to who you partner with and the size of the project. While some micro-influencers may be willing to make an exchange for free products, you’ll need to fork out money for bigger influencers.
However, there’s no question that social media influencers have become indispensable to many brands. There are quite a few factors to consider when negotiating a fair price, like scale and scope of the partnership as well as how many followers the influencer has. If you are looking for an influencer in the 100k+ range, you may be handing over $1,000 for a single Instagram post. Micro-influencers tend to charge closer to $300 per post and nano-influencers even less.
How Can Small Businesses Leverage Influencer Marketing?
With some influencers charging so much, it might seem like influencer marketing is off limits to small businesses. Influencer marketing is a growing trend on Instagram, meaning you don’t have to have thousands of dollars to get involved.
Many businesses are actually seeing big benefits from partnering with influencers who have a small but highly engaged following. In fact, mega influencers make up less than one percent of all influencers on Instagram.
Think of the benefit this way: while mega influencers have reached a sort of “celebrity status,” micro and nano influencers are more like everyday consumers, which means they are seen as more relatable. This translates to their recommendation being seen more like that of a trusted friend, rather than a celebrity endorsement. This can make all the difference to a small brand trying to establish itself and reach new audiences.
How Do I Find the Right Partners?
Finding the right influencers for your brand can be a bit of a challenge which means research and setting clear goals are extremely important. For example, if your goal is to increase engagement, it might make more sense to partner with a micro influencer. If you are trying to build brand awareness, metrics such as an influencer’s reach and traffic might be more useful.
Here are a few tips to help you decide who to partner with:
- Check their Instagram engagement rate: Generally you want this to be around 2-3%, though 4-6% is excellent. You can find the rate by adding likes + comments and dividing it by the number of followers.
- Check the quality of their followers: You don’t want to partner with someone who buys followers and you also want their followers to be interested in your niche.
- Check the number of followers: This often accounts for how much they charge.
- Review the content they post: A nice aesthetic doesn’t always translate to higher performance; often it’s the actual content of the post that drives the best results.
- Check their reach: Reach is the number of unique users who saw their content. There is no way to calculate this so you’ll have to ask the influencer for their stats.
- Ask about their pricing and if they are willing to negotiate.
- Check caption length: The longer the length, the higher the engagement rate is on average.
How do I Properly Disclose Sponsored Posts?
As a rule, the FTC requires influencers to disclose to their followers whenever a brand relationship exists. You should make sure that you always follow the latest FTC recommendations.
How do I Track my ROI?
If you are spending money or resources on influencer marketing, it’s natural to want to measure your return on investment (ROI). Before you begin a campaign, you’ll need to set clear goals and metrics. According to many businesses, they measure the success of sponsored posts by how much engagement they receive, however, this is likely to change over time as more and more brands realize the power of influencer marketing.
Here are the ways in which you can measure your ROI:
- Engagement rate (likes, comments, shares)
- Brand sentiment (how people are talking about your brand)
- Website traffic
- Sales (conversions and revenue generated)
Whether you are gifting products or paying for sponsored influencer posts, brands of all sizes are harnessing the power of Instagram influencer marketing. It’s a great way for any brand to build their target audience and even generate conversions!