Marketing your business in the information age is different than any other time in history. The tired old methods of marketing are no longer effective for building businesses in a digital world. Today, more than ever, it’s important to understand and get to know the people in your network and build relationships so you can help each other enjoy greater success.
To make that work, though, you have to understand the different types of influencers out there so you can partner with those who have different strengths and weaknesses. Here’s what you need to know about the different types of influences in today’s business marketplace.
What is an Influencer?
Influencers are people who influence others to purchase specific goods and services by recommending them via social media. While many people instantly think of beauty and fashion influencers like Kylie Jenner and Jeffree Star. The truth is that there are influencers in practically every field. People whose word holds sway over their audiences and recommendations can make or break a product or a company.
Types of Influencers
The thing is, you must find the right type of influencer to meet your needs in order to get the most mileage from your interactions and efforts. Obviously, it doesn’t matter how large the following if the influencer is targeting an industry that will have little interest in the goods or services your business generates. These are the types of influencers you may have in your network and what they are best suited to offer you. The following are the types of influencers. It will be up to you to decide which influencers can serve your needs best.
These are what you might call “entry-level” influencers. They often have between 1,000 and 10,000 followers and are just beginning to monetize their efforts. However, there are many marketers who believe these offer the most potential because their audiences are so engaged in the messages they share. This means you can engage their services for lower costs while maximizing your returns if you choose wisely.
These influencers have been monetizing for a little while and have a somewhat more polished approach. They also happen to have fairly engaged audiences. This makes their influence further reaching than those that have millions of followers who mostly do not hang on their every word. The micro-influencer typically has between 10,000 and 100,000 followers and they are highly prized in many industries because they are more connected to their target audiences than larger influencers. The good news is that even medium and small businesses can afford the rates these influencers command, which makes them attractive to businesses seeking growth and expansion for your products and services.
Many businesses desire to work with this group if they have specific sales goals or objectives they want to reach. The mid-tier influencer has an audience between 100,000 and 500,000 and can go a long way toward helping businesses solidify their brands within specific industries. It’s important to choose influencers of this level who are authentic with their audiences and appear natural when promoting or mentioning your products or services.
Even small and medium-sized businesses can still afford to work with influencers of this level and it is worth your while to consider working with multiple influencers to reach an even wider audience.
Many times you will find this is the sweet spot for your marketing needs. They often deal in niches that are more narrowly focused and still have audiences that are largely engaged in what they have to say.
These influencers have considerably larger audiences between half a million and two million followers. They come with much higher price tags as a result which makes them less attractive options for small businesses. It’s not just the higher price you have to be cautious of when dealing with mega influencers. The truth is that they engage in multiple agreements at once. Many of those may be with direct competitors. You want to make sure they’re not promoting your products and services at the same time or in the same post in which they are promoting the competition.
Additionally, many people complain that the agreements and contracts are much more difficult to understand and work with when dealing with influencers who have larger audiences. These agreements, though, are essential when dealing with larger influencers to ensure you’re getting your dollar’s worth at the end of the day.
These are the top-tier influencers who have audiences larger than two million followers. Some view these opinion generators as celebrities. When it comes to paid endorsements, though, these “celebrities” are a mixed bag. They often command prohibitively large prices and because they’ve “peddled” so many products and engaged in numerous collaborations over the years, their quality of their messaging may not be all that “on point.” In other words, you’re likely to get more bang for your buck when dealing with smaller influencers who have more intimate relationships with their audiences and a smaller repertoire of endorsements under the belts.
At least this is the case if sales goals are on the horizon. However, if you’re looking to build your brand, these larger profile influencers can make your brand a household name virtually overnight. It’s all about knowing what you want from the relationship and choosing the influencer that has the most to offer you.
How Can Influencers Help Businesses?
If you’re a small or mid-sized business, you have a lot to gain by working with the right influencers. They can help your business in many ways. First, they can help you gain greater brand recognition by taking your brand to the next level with their audiences. The bigger the audience, the better brand building they can generate.
Additionally, influencers can help you launch new products and get the word out quickly about innovations your business has created. This can be huge for sales and your bottom line, especially if your product is a hit with those who buy it and they go on to recommend your product as well.
Finally, influencers who are connected with engaged and active audiences can have a profound impact on your business and helping you to meet specific goals for brand-building, sales, and more. Ultimately, though, it is up to you to crunch the numbers and determine who much you’re willing to invest and where you feel your money is better invested.
Most medium-sized businesses seeking growth find that micro-influencers and mid-tier influencers offer the best return on investment. However, smaller businesses with smaller budgets may discover that nano and micro-influencers are the better bet for their investments as they can afford to branch out and reach even more audiences through collaborations with multiple influencers.
What Should You Look for When Working with Influencers?
There are certain things you might want to look for when exploring your options with various influencers. It’s not all about the size of their audiences. In fact, you might find that a highly engaged audience of 10,000 or 20,000 can be equally effective for your needs, if they are engaged and attentive, as a much larger audience. Plus, your smaller audience often offers a far more attractive price point. This allows your money to go much further. These are a few of the things you’ll want to look for when seeking influencers to work with.
- Do they have an affinity for your products? Or, are they at least familiar with the products you sell?
- Are their audiences within your target market or demographics? Even if you don’t sell the types of products they’re most famously associated with, do their followers match your ideal customers?
- How engaged is their audience? It’s hard for people with two million-plus followers to keep up with those larger audiences. This makes it more difficult for the audiences to remain engaged and can provide a poorer return on investments for the businesses they promote.
- Does their price work within your budget? This is important. You don’t want to break the bank working with an influencer that has not yet proven their worth to you.
Once you’ve decided to work with one or more influencers, it’s time to create a campaign designed to capitalize on your efforts. Since this is a new and foreign beast for many business owners and marketing teams, it’s a good idea to work with someone who knows the ropes, so to speak, and can help you create an effective marketing plan to maximize the potential of your collaboration with the influencer(s) of your choice.
PBJ Marketing can help you crunch the numbers to maximize your influencer collaboration to meet your specific goals. Whether you’re attempting to build your brand stronger and better than ever or you simply want to meet specific sales goals, we can help you get more mileage from your investment.
Contact PBJ Marketing today to learn about the many ways we can help you build your brand and make your business the household name it is meant to be.