Embracing influencer marketing is a great way for start-ups to get an edge over the big brands.
But as a startup, funds are limited, so naturally you want to get the best possible return on your investment.
The good news is that influencer marketing doesn’t have to cost you a whole heap of money. You can even start from zero, and invest more as your business grows.
The obvious benefit of influencer marketing is that you get exposed to an established network and your own reach automatically expands.
Influencer marketing may even be more effective than traditional marketing methods.
Think about it. When was the last time an ad persuaded you to buy a product or service?
A study by PageFair and Adobe shows that online consumers are becoming more and more frustrated with adverts interrupting their browsing experience. As of June 2015, 198 million people used ad-blocking browser extensions.
Today’s consumers prefer to make their purchasing decisions based on either recommendations from friends and family, or from online influencers they admire and trust.
Just check out these stats on the effectiveness of influencer marketing:
- Businesses earn approximately $6.50 for every $1 they spend on influencer marketing.
- 81% of marketers who have used influencer marketing deemed it to be effective.
- 86% of women turn to social media platforms before making a purchase.
- Influencer marketing delivers 11 times higher ROI than traditional forms of digital marketing.
The power of micro influencers
Influencer marketing is not solely restricted to internet celebrities with massive followings.
According to the Feller Kay Group, an influencer is just “a person who has a greater than average reach or impact through word of mouth in a relevant marketplace.”
So, ordinary people who just happen to be experts in their industry or niche can have just as much – if not more – influence than internet celebrities. Micro-influencers have the ability to share knowledge and passion while sounding authentic. That’s valuable.
According to HelloSociety, micro-influencers are 6.7 times more efficient per engagement than influencers with larger followings. Micro-influencers (defined as creators with up to 30,000 followers) drive 22.2 times more weekly conversations than the average consumer.
Just imagine you wanted to hire a celebrity to promote your brand on Instagram.
You’d need a huge budget.
For instance, Selena Gomez is the most followed person on Instagram, boasting 93.1 million followers. She reportedly makes more than $500,000 per sponsored post.
Even celebrities who are not world-famous like Grigor Dimitrov are incredibly expensive. As you can see below, big-name brands like Nike are sponsoring him.
There’s only a slim chance that celebrities like Selena and Grigor would notice your proposal anyway – unless of course your startup had a social mission Go to the full article.
Source:: Jeff Bullas Blog