Kim Kardashian, Cristiano Ronaldo, Justin Bieber, heck, even Betty White have thousands upon thousands of followers and fans, which in the end, may mean squat. Yes, they may be important and impactful influencers (if you can afford them!); however, are they really the best choice to promote your business brand?
For years, using someone else’s opinion or status to publicly declare positive things about a product or service has been around. It is essentially the birth of how advertising started, aka word-of-mouth on steroids. Influencer marketing is now a trend affecting the future, and those who miss the train may regret not checking it out and taking advantage of the tip we offer today.
In 2021-2023, with the eruption of online engagement and the growth of social media empires, one would think that engagement and conversion would be highest if it were the most famous of souls touting the ‘fabulousness’ of your wares… but shockingly, it’s not.
A famous celebrity may have a huge fan base, which may be swayed by their likes and dislikes, however, there is no “relationship” with whom they influence. As a result, the likelihood of someone buying a product or hiring a service simply because BillyBob famous person used it does not guarantee actual sales or engagement. Having them endorse you may cost a bundle and result in "squat" if an ROI. Of course, no advertising method can fully guarantee to sway the masses, but statistics don’t lie.
Social media marketing expenditures have risen from $7.52 billion in 2014 to a projected $25.5 billion within the next 10 years. In addition, influencer marketing, using another’s opinion and voice to promote your brand, is growing exponentially, riding the wave of the social media explosion as brands seek to demonstrate authority, authenticity, credibility, and the ever-elusive — popularity.
Nearly 75% of marketers currently use influencer marketing via some method, while more than 25% intend to add it to their marketing strategy. Collectively, 93% plan to use or already employ user-generated content.
The secret that is hidden from the average Joe is that the celebrities, also known as Macro-influencers, actually influence
less than the Micro-influencers (per qty/%). Peer-level and social influencers with less than 5,000 followers have a 5% higher engagement than most famous celebrities. The followers of these smaller influencers are more emotionally connected and have a deeper trust and loyalty to the influencer and thus are more likely to follow you in response. Especially if it is not an obvious “ad” for your product or service, but an organic reaction with no scripted call to action.
It is important to note that there are different types of influencers. Some influencers encourage others to be like them, such as celebrities — i.e., aspirational. Some influencers have earned their
authority by proving their expertise previously — authoritative. Then there are the humble Micro-influencers, who have the most powerful ability to persuade your potential client. They may be a friend, neighbor, colleague, teacher, a social media referral, or other “non-famous” influencer who enthusiastically endorses and recommends your product or service...and just so happen to have an audience. Choose your influencer based on who you choose to target.
A Micro-influencer with a following similar to your target audience is an ideal partner for collaboration. This collaboration concept transcends the notorious B2B vs. B2C debates because partnering with a Micro-influencer to review your product or service will have a higher ROI due to the higher-quality leads, regardless of service designation. People trust who they feel they know much more than they trust a celebrity. There is always the sneaking suspicion the celebrity could be endorsing a product simply for the money, but with the Micro-influencer, that is less of a concern. Case and point, even Forbes claims that 70% of millennials and teens think YouTube influencers are more reliable than famous celebrities.
Large or small businesses can easily employ the concept of influencing themselves. Research points to blogging as the stronger of the various social impact methods; however, each company needs to research their own differentiators and where their potential client is spending their time online. Facebook has a strong showing, as does LinkedIn and Youtube. Instagram is snowballing with its new affiliation with Facebook and certainly has developed a stronghold with the younger demographic. Seek out groups discussing your industry or serving your avatar and start building a relationship with the most influential players that align with your business values. https://intellifluence.com/blog/what-is-influencer-marketing#who
Cost is also a factor. There are companies such as intellifluence.com that serve as a hub for influencers and businesses to connect. It is akin to a “dating site” for businesses to find the influencer of their dreams. Costs for your perfect influencer can range from $10 to thousands depending on the influencer’s reach and your request. Now is the time to find your perfect collaboration.
As you establish your marketing budget for 2022, investigate the influencers spinning around your industry sphere and begin the relationship-building by connecting through various formats and commenting on posts, asking questions, or simply being relevant and consistent.
The Micro-influencer secret is a trend that is gaining steam, and you certainly don’t want to miss that train.
Best of luck!
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