Influencer Marketing: What Is It and How Can It Help Your Business?
Think about the last time you logged into Facebook, Instagram, YouTube, Twitter or any other social media platform. You’ve probably seen someone you follow rave about (or in some cases, quietly promote) a particular product or service. Their pitch seems authentic, and you decide to learn a little more. So you scroll through the post’s comments to get other people’s reactions, and the next thing you know, you’re 30 feet down the rabbit hole reading the reviews and watching videos, all the while subconsciously contemplating a purchase.If you’ve done the above, you’ve experienced influencer marketing. But what does that mean exactly?
Simply put, influencer marketing is when a business collaborates with an influential person or group on social media to promote a campaign, product or service. The influencer platforms of choice are typically Instagram or YouTube, and companies will work with influencer marketing agencies (like BCCM) to run its campaign strategy. Agencies are continually cultivating top talent from a massive pool of influencers to determine the perfect fit between influencer and brand, content and messaging while inserting creative strategies and measuring results.
Influencers work independently, developing their own content and integrating a company’s product or service into the messaging. In order to preserve authenticity, the influencer will create a new and fresh take on the brand’s message.
As far as pricing is concerned, the price point for this type of marketing is adjusted based on the reach and relevance of your chosen influencer. For Instagram, there is typically a price point of $1,000 per 100,000 followers per post, but we’ve found that influencers are typically willing to negotiate if you’re willing to provide a multiple post or platform deal. One recent deal we made with an influencer included an Instagram story takeover, which meant our influencer took over our client’s Instagram account temporarily sharing content with their audience. On YouTube, a price point of $100 per 1,000 views is standard.
In today’s socially-driven marketplace, influencer marketing is making a massive impact on the consumer purchasing and decision-making processes. In fact, according to Forbes, 49% of consumers now rely on influencers for purchase recommendations. Companies are routinely using influencer marketing it to increase brand exposure, sell products and promote their services.
According to a joint study by Twitter and the analytics firm, Annalect, approximately 40% of respondents said they’ve made an online purchase after seeing the product or service used by an influencer on social media. Along with this, Adweek reports that 20% of respondents say that they’ve shared something they saw from an influencer, while one-third of millennials say they follow a creator on Twitter.
When done right, influencer marketing can be a devastatingly powerful tool.