A Beginner's Guide to Influencers
The global social commerce market is estimated to increase by 31.4% every year over the next 6 years, reaching $604.5 billion by 2027. The number of new platforms and content formats have made it difficult to keep up which is why many brands have been turning to influencers to drive traffic and increase sales. Choosing the right influencer partnerships can make or break a brand, and we’re here to guide you through the process.
Choosing a platform
2020 marked a shift in the most popular social media platforms (among other things) forced competitors, such as Instagram, to keep up. According to an article from Social Media Today, TikTok has surged past industry giants YouTube, Pinterest, and Facebook. Image courtesy of Social Media Today.
Choosing the right platform for your brand depends on your target audience and your industry. Your choice of influencer depends on your marketing objectives, target audience, and budget. Later and Fohr put together an extremely helpful report on this topic, and you can access it here. As a general guide, as the average engagement rate goes down, audience reach goes up and vice versa.
Determine the right influencer for your needs
This helpful graph was included in Fohr’s report for Later on Influencers.
Nano
The lowest tier of influencers are called “Nano Influencers”, and have anywhere between 0 - 10k followers. While they have the smallest following, they have the highest engagement rate and reach rate. These influencers are a great option if you’re trying to spend your budget wisely, as they typically agree to product exchange for promotion versus a monetary payment.
Mirco
Believe it or not, the next tier spans from 10k to 100k followers. This group, after passing the 10,000 follower milestone, will now have access to more features, such as swipe-up links in stories. These influencers would normally charge a smaller fee for posting, but it’s worth it to reach a specific niche.
Mid
Mid-Tier influencers are more likely to be full-time content creators and have a following between 100k and 500k. They’re thought leaders in their field and have a nice balance between a decent reach and engagement rate. According to Fohr’s research, audiences will tend to engage with a regular post from this type of influencer slightly more than sponsored posts, so it’s important to establish a rapport with them first and foremost. The more genuine their endorsement is, the better!
Macro
Macro influencers range from 500K - 1M. While their feed post reach rate is 1/3 of the average nano influencer, the size of their audience allows for higher awareness. These people can range from minor celebrities to internet stars that have built their audience over a long period of time.
Mega Macro
The top tier of influencers encompasses any account that has 1 million followers or more. A single mention from this type of influencer is huge, and is worth thousands of dollars, if not more. Choosing someone from this section is a big decision, and if done correctly, can change everything for a brand.
A graph of the world’s most influential people on social media, ranked by followers and generations. Graph courtesy of Social Media Today.
What you should consider
Now that you’ve decided which tier you’re going to choose from, it’s important to consider a number of factors to ensure that you’re maximizing the positive impact of the partnership. Planoly recommends the following:
Brand Alignment
Do you have similar audiences, views, or branding?
Shared Goals
Consider the anticipated outcome of this partnership.
Authenticity
Will a mention of your brand seem natural/authentic?
Engagement
Do they actually have the engagement rate that they claim to have?
Past Work
How did their previous partnerships perform?
Credibility
Are they a thought leader in their field that’s stayed clear of negative press?
What’s next?
From there, you can use analytics to determine what your next steps will be. Influencers, no matter the size of their following, can be great assets to your brand. You never know where your connections will take you! We hope these tips will be useful to you, and we are always here to help. Reach out to us today and our team can get you started on the perfect influencer strategy for your business.
