Smart business owners have long understood the power social media has to connect companies with their ideal clients and customers. It’s never been more apparent than it is now; with the world working from home and the economy in flux, influencer marketing presents a unique opportunity for small businesses to attract ideal customers for a fraction of the usual advertising price tag.
When running a small business (or any business, for that matter), it’s necessary to maximise ROI in every way possible. Experts and studies show that during times of economic downturn, it’s not only advisable to invest in marketing, but essential.
With influencer marketing giving businesses an 11X higher ROI than traditional advertising, it simply makes sense as an investment if you want to run low-risk, high-return marketing campaigns. This is especially valuable for small businesses trying to grow and survive during these unprecedented times.
Here’s how influencer marketing can help your small business, and some steps you can take to begin investing the right way to ensure a profitable, long-term return.
Educate yourself & your team on influencer marketing
In today’s digital marketplace, Influencer Marketing is the fastest-growing customer acquisition method available. And yet, for many, there’s still an air of mystery surrounding the industry especially as it pertains to B2B or small business marketing.
Think of social media as accelerated word-of-mouth marketing with an evergreen shelf life. When you connect with someone online who has an affinity with your ideal customer base, you’re getting your service or product in front of an audience who is already pre-disposed to want or need what you’re offering.
Also, remember that ‘influencers’ aren’t just celebrities and socialites who are paid to hold up a product to their phone camera. Influencers are simply people who have a highly engaged audience on social media. If their audience demographics are aligned with your brand values, then they present an opportunity for you to reach new customers.
If you want more information on the four essential steps of influencer marketing success, you can watch a short video below from our technology partner, Tagger, that walks you through each step.
Influencer campaign KPIs to set as a small business
There are a few KPIs that will set your small business up for success when investing in influencer marketing. First, decide on your budget, both in time and finances. When it comes to small businesses and brands, long-term influencer relationships (versus short term seasonal campaigns or promotions) are often the better option.
When a hyper-engaged audience gets used to seeing your name over and over, their level of trust in your product or service increases. Again, you’re aiming for that “word of mouth marketing” effect, so your small business should aim to partner with influencers who have smaller audiences (75K or less), and higher engagement rates for an extended period of time.
Click here to read more about the 5 best KPIs to set when contracting with influencers.
There’s never been a better or more effective time to invest in Influencer Marketing
With the current spike in social and digital consumption, influencers and consumers alike are adapting to a new normal where e-commerce has replaced the majority of in-person shopping. More audiences are tuning in to trusted online sources & personalities for guidance than ever before.
Not only are audiences engaged, but influencers are expressing a desire to help small businesses thrive as well. According to a study by Influence Central 88.9% of influencers are actively looking for ways their content can help small businesses and brands during this time of sheltering in place and quarantine.
Remember that when you partner with an influencer, you’re employing a real person who is, in effect, their own small business. By investing in these relationships and engaging influencers’ services, you’re helping sustain your local economy.
Influencer partnerships can help your small business grow in a way that’s aligned with your brand values while increasing your bottom line.
Want to invest in influencer marketing to grow your small business but don’t know where to start? The Allegiant Media team can support you through every step of the process; from planning & discovery, to managing relationships & contracts, to approving content and reporting success. Get in touch to learn more.
This article was originally featured on TaggerMedia.com on May 5, 2020.