The influencer marketing industry has seen exponential growth over the years. From $1.7 billion in 2016, it has now reached an estimated market size of $16.4 billion in 2022. According to the Influencer Marketing Hub, this industry is projected to reach $21.1 billion in 2023. This rapid growth is a testament to the effectiveness of influencer marketing.
As a small business, influencer marketing can be a valuable addition to your marketing strategy. Over 80% of marketers report that influencer marketing is an effective channel for them. This means that even small businesses can benefit from this industry and experience online growth and sales.
But what exactly is influencer marketing? It is a form of online marketing that involves endorsements by popular individuals or groups on social media. Influencers with a relevant audience can be rewarded for promoting your products or services to their audience. As an SME, focusing on nano and micro-influencers can generate great results and sales from a more trusting, loyal, and authentic audience.
Working with influencers can help increase your brand awareness and provide wide reach to potential new customers. Successful influencers are experts in creating engaging social content and can offer innovative opportunities to promote your products such as grid posts, competitions, stories, and reels.
Here are five tips to making influencer marketing work for you:
#1 – Test: Experiment with micro and nano-influencers. Test a few routes, closely measure performance, and pursue the strategy that best suits your product or service.
#2 – Gift: Giving influencers a physical version of your product for an unboxing or a demo can be powerful. Select those that you feel have an authentic connection to your brand.
#3 – Discounts: Discount codes are a quick and easy way to encourage influencers to promote your brand. Each influencer receives a unique code, allowing you to track and measure which influencer is driving which sales.
#4 – Legitimacy: Share key information with your influencer that could help them reinforce authenticity to their followers. When an influencer believes in you, their endorsement will come across as authentic and your partnership will perform better.
#5 – Video: Capitalize on the growing interest in video platforms, such as TikTok, to reach younger audiences with short video formats, reels, and stories.
Finding the right influencers for your business can be challenging. The easiest way to locate thousands of relevant influencers is using an affiliate marketing platform tailored for small businesses or beginners. These platforms have already gathered and vetted influencers, making it convenient to find multiple potential partners in one place.
Awin Access is a self-managed affiliate solution, set up specifically to connect SMEs with content creators, influencers, and other affiliate partners to help you reach new customers online. With a great affiliate platform like Awin, you can search influencers by sector and find the perfect match for you. Your affiliate platform will also manage payments securely when a sale is confirmed by your influencer, so you know that you’re only paying for the results you wanted.
In conclusion, influencer marketing is an effective channel for small businesses to reach new customers and drive sales. By following these tips and utilizing affiliate marketing platforms like Awin Access, small businesses can benefit from this valuable industry.