Who are they?
Finding a trusted voice once meant reading product reviews or asking a family member, but in today’s world, social media has given those with taste and style a megaphone to share their thoughts and feelings, and change the sales funnel.
Social media influencers have built their following by getting exposure for talking about what they love.
Why are they important?
Think about the last product you bought. Did someone tell you about it? Was it recommended by a friend? Chances are that whenever you make a decision to spend money, you will seek validation that it will be a good quality experience.
How do I start?
Here are tips for partnering with bloggers, Instagrammers, and any other influential people to help tell your brand story.
Vetting
Not all influencers are the same, and some may be using social media for inauthentic gains or falsifying their true impact on your brand. To gauge the partnerships most likely to benefit your brand, it is important to remember the three R’s of influence:
- relevance
- reach
- resonance
Relevance
You might know of a former reality TV star who lives near your business, but what does that star’s brand contribute to your specific goals?
Instead, consider the influencer who:
- resonates with your customer
- compliments your brand
For instance, you may want to reach moms in the community and direct them to experience your business.
Reach
Is the number of people following an influencer reflective of that influencer’s engagement (likes and comments) per post? In some cases, influencers have fake or bought followers, which is why a high number of followers does not always equal high engagement.
Resonance
Does the influencer have multiple social platforms to share the full story of your business? Were they able to provide you with:
- metrics on their engagement
- location demographics
- Constant Contact estimated earned media value
Compensation
While influencers should expect compensation of some kind — after all, it is a business transaction — it is best to lead with intent rather than budget.
When approaching an influencer, first define what is to be achieved through this partnership:
- brand awareness
- driving conversions
- boosting a social following
Be upfront about expectations when negotiating compensation which will also help when tracking the return on investment.
So, what can you expect to pay? Most influencers will offer a pricing sheet that lists their standard rates for services.
Certain accounts will come with a higher price tag dependent on many factors; however, most pricing starts with the baseline formula:
$100 for every 10,000 followers + extras = total rate
When it comes to influencer payments, there is no one-size-fits-all algorithm. Influence.co reported the following industry averages:
Overall average price
Average price for influencers with fewer than 1,000 followers
Average price for influencers with more than 100,000 followers
Geographic location can also affect the pricing structure. For example, San Francisco’s cost of living impacts the influencer’s rates.
Best Practices
Creating a Valuable Experience
The greatest benefit of working with an influencer is multiple opportunities for content, coverage, and collaboration. As managers of their own brand and voice, influencers do not want to become one-note personalities. You will stand out as a business by partnering with influencers in innovative and novel ways, such as hosting a design challenge or building a collaborative gift guide, as well as offering the social audience a new way to engage with your brand.
Influencer Partnerships
While partnerships are most dependent on the specific needs of the business, it is important to remember that influencers are creators. You will get the best value from their work when you enable them to showcase those skills. Celebrating their distinctive style will make your promotion feel natural and boost your business as a result.
Getting started with influencers doesn’t have to be a daunting task for your business. Mostly, it just takes identifying a business goal and leveraging a social media expert to help with that vision. For a thorough breakdown of influencer partnerships, from relationship building to organizing campaigns and events to crafting an ongoing relationship, you can check out our Influencer Handbook.
