Influencer Marketing is well on its way to becoming one $ 15 billion industry until 2022 – and yet there are still myths about working with influencers.
From too high a cost to unachieved results by nano or micro influencers, there are many misunderstandings.
Ready to separate fact from fiction? We debunk 5 common myths about working with influencers:
Why brands should work with influencers
With the right strategy, influencers can increase brand awareness, increase sales, and create a community of advocates.
Your power comes from you authenticity. Influencers can build an authentic bond with their audience and become a reliable source of inspiration.
Once they have the trust of their community, they can sell products less promotionally – it's like a friend's recommendation:
From big names like Sephora to small businesses like Natural hair wigsBrands use influencer marketing to grow their community and increase sales.
As in many industries, influencer marketing was also affected by the COVID-19 outbreak in early 2020.
However, as companies switched to social commerce in response to social distancing restrictions, the influencer marketing industry has grown in strength.
In fact, the rate of sponsored posts by the influencer agency Fohr increased by 22.9% year over year by December 2020.
As brands continue to diversify their sales strategies and Instagram releases more e-commerce tools to optimize how brands connect with customers, the influencer marketing industry will only grow.
In fact, the influencer marketing industry is expected to be affected by this $ 15B until 2022.
Are you ready to take your influencer marketing strategy to the next level? Check out ours for free Influencer Marketing Course with Gretta Van Riel:
5 common myths about working with influencers
If you've ever worked in the influencer marketing industry, you may have heard some of these common myths:
But where do these myths come from and are there? any Truth behind them? Let's find out.
Myth # 1: influencer marketing is expensive
Cost is one of the main reasons brands are reluctant to partner with influencers.
As you may have guessed, partnering with a mega macro influencer (with more than 1 million followers) often comes at a high price.
However, a micro influencer (with fewer than 100,000 followers) usually costs less – with most charging processes in between $ 500 to $ 2,000 for an Instagram post.
Prices can also vary depending on how you want to work with them.
Will it be a one-time contribution to a specific campaign or will you work with them over a longer period of time?
Continuous collaboration with influencers can help increase brand awareness and build trust in the audience.
Because the Influencer Marketing Space is still pretty newThere is no uniform pricing for influencers.
Before you start working with influencers, however, you should use your budget as a basis for how many you can work with and for how long. Getting fair pay for their work is vital to a lasting relationship. Even the smallest influencers invest time and effort in creating beautiful content.
Myth # 2: Nano and micro influencers don't produce results
Nano influencers (with fewer than 10,000 followers) have, on average, higher engagement rates than top-tier influencers.
According to Later x Fohrs Influencer Marketing Report, Nano influencers have the highest average engagement rate at 4% across all feeds and sponsored posts.
So, if you want to tap into high-engagement niche communities, working with multiple nano-influencers can be a great option.
A brand that frequently collaborates with nano influencers is PinkBlush motherhood. Their feed is full of real customers who consistently use their products and talk about them with their own audience:
Nano and micro influencers may not have the same mass reach as Mega Mega (1M +) influencers, but they can be a more cost-effective choice for brands that want to target specific audiences.
Later PR and influencer manager Chrissy Abram Agrees, "Partnering with micro-influencers has the potential to appeal to a really engaged audience without fighting for their attention."
Fohr later analyzed over 3.5 million Instagram posts to find out how an influencer's number of followers affects Instagram engagement, reach, storage, and video viewing rates. Sign up now for the full report::
Myth # 3: Paid partnerships on Instagram are difficult to set up
Another common myth is that of Instagram Branded content tools are not available to everyone.
The truth? You only need one Business profile.
Just go to "Settings" and select "Business". Scroll down to the Branded Content section. Then activate the "Manually approve tags" button.
Once you're set up, you can approve accounts to create sponsored content for you.
We have seen thousands of accounts grow on Instagram through paid partnerships. Hello freshThe hashtag #HelloFreshPartner has over 7,000 posts:
Myth # 4: All influencers buy followers
It cannot be avoided, there are fake followers – and some influencers are increasing their number of followers on social media.
Though not everything Influencers buy fake followers.
In fact, there is increasing emphasis on the quality of an influencer's following – many accept that a smaller, more engaged following is just as good, if not better, than a larger, non-engaged one.
Fortunately, if you are unsure of the legitimacy of an influencer's following, there are ways to investigate before committing to a partnership.
Make a note of how many likes and comments their posts get, and look at the accounts that are actively engaging with them. Do they appear real?
If that's not enough, you can request a validated performance report or use a third-party validation tool like Fohr or Social Blade.
Myth # 5: Influencer marketing doesn't work for B2B brands
There is no doubt that influencer marketing makes sense for B2C brands in the beauty, fashion, food or lifestyle industries.
When it comes to B2B, many brands are less convinced.
But if you look at B2B brands like that CiscoIt is clear that influencer marketing can produce great results.
I am honored to have been selected as @CiscoChampion for the third time in a row! This program continues to motivate me to contribute to and actively participate in the Wi-Fi community. #CiscoChampion
– Dave Benham (@baldwifiguy) January 4, 2020
Regardless of whether content was produced or spoken at events, the program was generated more than 55K tweets and over 44,000 hits on her blog – which strengthens Cisco as a leading company in the IT and network sector.
And there you have it. 5 Myths About Working With Influencers: Debunked!
Influencer marketing can be one of the best ways to drive traffic to your website, increase brand awareness, and build credibility.
Do you need help creating an influencer marketing campaign? Download our Free Influencer Campaign Kit for Small Businesses This includes worksheets, an influencer research checklist, and more.
Lavender is a full-time freelance writer for SaaS and e-commerce companies. She is obsessed with researching, writing, and reading. Learn more about them on lavenderwrites.com.