If you find yourself wondering, “How do we target millennials or generation Z?” The answer lies in influencer marketing. Influencer marketing is powerful, especially for marketing products or services.
What is an influencer?
In the broadest of terms, an influencer is someone who carries influence. In the marketing world, an influencer is typically someone with a dedicated social following that shares the details of their life or other aspirational content with their followers and the public. It used to be that just celebrities were influencers. However, with social media came the possibility for anyone to be a celebrity in their own right.
Modern-day social media influencers typically have a niche they focus on: beauty, parenting, home décor/renovation, gaming, food, etc. Think of any topic; there is probably an influencer covering it in depth.
How impactful are they, really?
Social media is a popular news source for generation Z and millennials. According to PEW Research, 73% of 18- to 29-year-old Instagram users say they visit the site every day, with roughly half (53%) reporting they do so several times per day. Seven in ten Facebook users say they visit the site at least once a day. If you ask our team how often we are on social media, those numbers would likely be a lot higher. But that counts as industry research, right?
Most influencers have spent years building their audience and establishing trust with them. As a result, their followers view them as trusted friends who would never lead them astray. Think about how powerful a personal recommendation from a friend can be. That’s what you’re getting when you partner with influencers, except it’s one recommendation to hundreds, thousands or even millions of loyal followers.
How much space should I make in my budget?
To determine what your spend looks like, consider the following:
- The notoriety of your brand
- The value your brand offers influencers
- The size following of the influencer you are looking to partner with
- The value of your product
The more value you can offer an influencer partner, the higher the likelihood they choose to partner with you.
Because influencer marketing is a powerful and effective way to reach consumers, the world of influencer marketing is changing by the day, with most influencers making “influencing” their full-time job. This is leading to an increasing number of influencers asking for additional compensation on top of the product or experience you are offering them.
If you are looking to work with established-notable influencers, expect to pay them on top of the product you provide. You may secure an in-kind partnership occasionally if it’s a perfect brand fit for them or if you have a large audience that can bring them growth, but that is becoming increasingly rare.
Looking to dip your toe in the water and not spend too much initially? Set up partnerships in slower seasons and avoid partnerships around holidays, as those can be popular times for influencer marketing. Like all businesses, the influencer will likely prioritize a higher-budget paid partnership over a smaller budget or an in-kind partnership in busy seasons.
You can also dedicate a portion of your budget for paid social media ads to spend on influencer relations, instead. The ROI you see from influencer marketing versus your typical boosted post might surprise you!
Ready to get started?
Contact us to launch an influencer marketing campaign today!