These days, any business doesn’t need to spend thousands or even millions of bucks for a celebrity endorser. The rise of influencer marketing has leveled the playing field for small companies which in past years could not afford to pay for an endorser. Influencer marketing pertains to the process of selecting and tapping individuals who can influence a particular segment of buyers on social media.
In this type of marketing, influencers can create content and use this in egging their followers to buy or avail of a product or service. It’s an efficient way for brands to create and strengthen their relationships with their target markets.
Comparing earned and paid influencer marketing
Influencer marketing has two sub-categories: earned and paid. Earned pertains to an influencer who’s not paid while paid is the complete opposite. Brands send their products or allow influencers to try a certain service then post their thoughts about these on their respective social media channels. This is commonly done by small and medium firms due to their limited budgets.
Paid influencers, on the other hand, are sponsored and paid to post regarding a product or service on their social media accounts. Since they pay these influencers, brands can dictate what to post. Large firms employ this because they have the money to do so.
Is influencer marketing right for your business?
Before your company adapts this strategy, you should ask several questions to determine if influencer marketing is the right fit for your brand. First question to ask is whether you have a product or service that has a mass appeal. Second is- ‘does your brand have a social media account?’ Finally, ask yourself if there are influencers for your target market.
The bottom line is that influencer marketing has changed the way companies reach out to their target consumers. It’s no longer about which firm has the biggest budget for social media. It has definitely evened the playing field for firms big and small alike.