Influencer marketing is an extremely effective marketing strategy. In fact, in 2018, companies who used influencer marketing got a 520% return on investment.
It’s hardly surprising that brands are queuing up to get in on the action. But is it the right fit for your business?
Let’s have a look at the pros and cons:
- Influencers are real people. As a result, they’re seen as more authentic. Their opinions carry more weight with their audience than a celebrity endorsement would.
- The costs are usually worked out according to number of followers. Micro-influencers, with around 10,000 followers are more affordable than macro-influencers. In some instances, they might accept free products instead of cash.
- Research shows that micro-influencers have higher levels of engagement with their audience. As a result, they are likely to be more valuable for a brand. If you need more reach, hire a few different influencers.
- This is a great way to build brand awareness or to boost sales.
- Less scrupulous influencers hire fake followers to boost their numbers artificially. You’ll have to conduct careful research on the prospective influencer and their followers.
- Choosing the wrong influencer could hurt your brand. If they do something controversial, your company image could be damaged by association.
- There’s a fine line to walk here between managing the message being put out and giving the influencer the freedom to use their own voice. If the influencer’s voice doesn’t come through strongly, there’s a chance that the message will seem inauthentic.
- Some influencers will do just about anything to earn money. That could result in them endorsing several competing products, or products that don’t fit their niche. Unfortunately, followers are quick to pick up on insincere endorsements.
There’s no question that influencer marketing can be a valuable tool for your business. If you partner with the right person, you’ll see the benefits for yourself.
You’ll need to vet the influencer and their followers thoroughly to ensure you’re getting the reach that you’re paying for. Putting in your due diligence up front will ensure that your campaigns are much more successful. For more useful influencer marketing stats, check out the infographic below!
Find out how retailers like you are saving time and making money with the Rain POS system. POS, E-commerce, and Marketing all in one.