In a world with everyone glued to their devices 24/7, there’s not a chance you haven’t come across influencer marketing. You may have scrolled by that Bachelor contestant who got sent home night one but has a discount code for FabFitFun boxes or seen your favorite celeb demonstrate how they use Chrissy Teigen’s new cookware. Influencer marketing is an effective way to build brand awareness, increase sales and reach your core target audience in a more authentic way than traditional or social media advertising.
What is influencer marketing?
Influencer marketing is a paid collaboration between a brand and a social media influencer. Through negotiations, the two parties agree on terms for a certain fee. This type of relationship varies depending on your goals and budget. Collaborations can look like one static Instagram post or a full, year-long social media campaign.
Let’s see it in action
Influencer marketing is beneficial to any industry with a service or product – at its core, it's all about reaching your target audience.
We recently worked with Reading Eggs, an e-learning platform for kids aged 2-13, to reach the parenting community on Instagram. Through targeted outreach and negotiation, we secured 80+ influencer opportunities for the brand with mommy bloggers who have anywhere from 5,000 to 50,000+ followers. Influencers showcasing how easy to use, interactive and educational the platform is allowed the brand to reach thousands of parents (potential customers) through sources (influencers) they already trust and follow, leading to an increase in sign-ups.
Influencer marketing can often be more valuable than advertisements directly from the company. Actual users vouching for the platform’s quality speaks volumes over a company touting its own benefits through traditional advertising.
How much does it cost to work with influencers?
It depends! Influencers typically set their own price and their fees are based on their following, post engagement rate and scope of the collaboration.
Micro-influencers, who have between 10,000 and 50,000 followers, may be open to an exchange of product/services along with a monetary fee anywhere from a few hundred to a few thousand dollars.
Mid-tier (50,000-500,000 followers) and macro-influencers (500,000-1 million+ followers) often come with a hefty price tag that can span anywhere from $5,000 to $100,000 or more, depending on the scope of the partnership.
While working with larger influencers will get your brand in front of a massive, broad audience, it’s critical to consider who your target audience is actually following. In the case of Reading Eggs, focusing on micro-influencers had the largest impact on their business because of the niche segment we reached through smaller parenting accounts.
Is it right for me?
If you have a service or product, influencer marketing can and should play a role in your overall marketing strategy. It’s a great way to reach your target audience that doesn’t rely on traditional advertising channels. When you’re ready to find out how a program could work for you, let's talk.
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