Influencer marketing has gotten a bit of a bad rap over the last few years. That’s because fake or insincere influencers have been taking advantage of unsuspecting businesses that want to get in on this marketing trend.
So, “in the midst of all this turmoil, what’s to love about influencer marketing?” – Forbes
Here, we’ve broken down some of the myths in the hope that it will help you make a better and more informed decision about whether or not influencer marketing is right for you.
Influencer Marketing Is Expensive
While influencer marketing can be expensive, it doesn’t have to be. Micro-influencers are a great way to gain traction with your marketing efforts on social media if you have a tight budget.
“If a micro-influencer decides to work with your brand, it is because they know that they will be providing real value to their audience and to your company as a result of the partnership. Micro-influencers won’t take advantage of you or the market since they are not in it just for the money.” – Like A Voss Blog
If you are careful about your budget and take the time to understand what influencers are really worth, you won’t be taken advantage of.
Influencer Marketing Is Impossible To Track
While influencer marketing is difficult to track every step of the way, ROI isn’t impossible to gage. But it is important to track the right ROI and be realistic. It helps to know the basics of how influencers are paid based on follow count, engagement and reach.
When it comes to influencer campaigns, there are 3 indicators of success that you should be looking for.
- Quality Of Content – Not only does quality content get your campaign more reach, but it also provides you with precious collateral that you can use afterward to run ads.
- Campaign Reach – Reach is an important part of making sure your campaign is getting in front of audiences. It also helps you plan future costs by helping you calculate CPM against other forms of online marketing.
- Engagement – Engagement is key. Engagement shows that people are reacting to your brand and the content your influencers are putting out there.
Forbes lays out some more of the intangible benefits of influencer marketing in their article about the real benefits of influencer marketing.
Influencer Marketing Doesn’t Work
Just because you can’t track ROI every step of the way doesn’t mean your campaign isn’t working. Like with our previous point, there are certain public metrics like engagement that you can measure even if you don’t have access to the entire marketing funnel.
Check out this nifty chart from TRIBE that shows you the average engagement rates for content categories based on follow count.
Once you know the averages for your industry, you’ll be better able to measure whether or not your campaign is working.
check out our post on how to create a successful influencer campaign for more on how to keep your campaign moving in the right direction.
Customers Don’t Like Influencers & Think They’re Fake
While there has been a slew of fake influencers trying to take advantage of businesses, most influential social media stars are actually sincere.
Customers often report feeling inspired, included and even an increased sense of trust for a brand after seeing it associated with their favorite influencer.
“Consumers trust other people more than they trust brands… 82% of those in the U.S. trust recommendations from people they know and 66% trust recommendations from opinions posted by consumers online… these recommendation methods are trusted more than any kind of advertising run by a brand on TV, newspaper or similar outlet.” – Forbes
This means that customers would rather other people advertise brands on social media rather than see the brands themselves doing the promotion.
Influencer marketing, if done correctly, can work really well alongside other more traditional marketing and branding tactics. But it always helps to be informed when it comes to new ways to promote your business online. Make sure you do your homework so you don’t get taken advantage of, and always be prepared to change course if things aren’t working out.
Do you need help setting up an influencer campaign that delivers? Contact us today to set up a FREE discovery session with our team!