Did you know there are approximately 1.17 million small businesses in Canada? All of which are competing with each other for customers and sales. So with so many options and alternatives available to consumers, how can your small business make itself stand out form the crowd? One option is influencer marketing for small business.
You’ve probably heard of influencer marketing or an influencer. In fact, you’ve probably considered it to promote your products or services. But, how can influencer marketing benefit your small business?
What is Influencer Marketing?
How Influencer Marketing Works
Just think of influencers as consumers. Consumers love hearing from other consumers right?
Let’s say you want to advertise a new product like athleisure apparel. You can promote it by hiring a celebrity such as an actor or model. However, hiring a celebrity will cost you a lot and the results may not be as good as expected because not all their fans will be moved by your product or service
On the other hand, you can promote your product or service by hiring influencers such as a fitness specialist who is active on a blog or social media. This fitness specialist will have thousands of followers who are specifically interested in fitness so they’ll be more likely to buy athleisure apparel. Hiring an influencer will cost you a lot less than a celebrity and delivers better results for your product because it’ll be placed on a niche market.
Celebrities are much more visible than influencers, but it doesn’t necessarily mean that they’re more influential. Using influencers makes more sense than using celebrities to promote your products or services. Influencers with 3-10K followers receive an average engagement rate of 5.71% compared to influencers with 100K followers who receives an average engagement rate of 1.84%.
Benefits of Influencer Marketing for Small Businesses
2. Brand loyalty
3. Targeted advertising
4. ROI is trackable
5. Increase traffic
How to Get Started with Influencer Marketing
1. Identify influencers
2. Reach out to influencers
3. Set a budget
In a perfect world, you can find influencers who will be willing to promote your product or service for free. However, this isn’t how the way things work in today’s world.
So the third thing you need to do is get ready to set a budget. When you made contact with the influencer, you’ll need to agree on the scope of the project and the compensation.
4. Produce, approve, and publish content
5. Track the results
The fifth thing you need to do is track and measure the results. Now that your posts has been published, it’s time to track and measure the success of the campaign. You’ll want to find out if people are clicking on it, liking it, or leaving comments on the posts.
The team at Retailors Group has over 15 years of retail sales and field marketing experience. Retailors Group takes the time to understand your brand and align your core values into a tailor made solution that builds a long lasting relationship with your consumers.