Valuable Insights You Ought To Know About Influencer Marketing

Marketing Valuable Insights You Ought To Know About Influencer Marketing Ryan Chin / Sep 27, 2021

Influencer marketing is a method of marketing that uses social media influencers to help promote a product, service, or brand. 

In this technique, the company identifies the people with large communities who are most likely to have a positive impact on their marketing efforts. These influencers can be celebrities or thought leaders and they can have social media power, reach and credibility. 

The company then establishes an agreement with these influencers to promote its product or service and offer them something in return for their help such as free samples of products or some kind of monetary compensation for their time. 

The word "influencer" was first used in the marketing world in 2009 when internet celebrities became popular. These were people with many followers on social medias such as YouTube, Instagram, and Twitter. 

Generally, the more followers they accumulate the more expensive it is for companies to use them as influencers. 

But don’t solely focus on the number of followers an influencer has. 

There are also micro-influencers who have below 10 thousand followers but still have high engagement rates with their posts which makes them valuable for companies who want to target specific audiences. 

Why Use Influencers?

Influencer marketing has become such a popular strategy because it's low cost for the company and the influencer agrees to promote their products in exchange for compensation. 

It can be very effective for reaching a target market that may not be in your direct customer demographic.

Influencer marketing can be a cost effective way to reach a target market

Customer testimonials are definitely an important part of marketing, but when someone with a large following talks about your product and shares it with their followers, this makes for a powerful endorsement that many followers trust. 

Companies are spending billions of dollars every year on influencer marketing campaigns. This is because influencers can provide access to customers that they might not have had before, and they can give any brand a sense of authenticity. 
Influencers are people who have a large following on social media and have the potential to greatly impact the decisions of those users. They often include celebrities, athletes, politicians, and entrepreneurs. 

There are a number of ways to find influencers. You can use your own social media accounts to find them, or you can use tools like BuzzSumo or Followerwonk to find the most popular influencers. 

How to Determine How Much to Pay

Companies can either sponsor these influencers or hire them to be the face of their brand. The cost of hiring an influencer typically depends on the following factors: 

  • The number of followers on social media 
  • The level of engagement (engagement rates) that they receive with social media posts 
  • The geographic location 
  • The type of task assigned to the influencer 

The more popular a person’s account is and the more engaged their audience is with their posts, the higher price tag they will likely be placed on by companies looking to hire them to post content for them. 

The cost may also differ depending on the duration for which they will be working for you. 

Types of Sponsorship

There are a variety of different types of influencer sponsorships. 

One example is an influencer who is paid to use a specific brand's products on their channels and social media. 

Other types are based on compensation such as being compensated with cash, product, or services for their posts. 

The other type of influencers sponsorship is a campaign that compensates an influencer for posting about a topic related to the company's product or campaign. With these types of campaigns, there is usually some kind of compensation for linking back to the company website or social media page, as well as providing certain content that aligns with the campaign's messaging. 

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