When it comes to influencer marketing, there can be a lot of reservations from a business point of view. In today’s podcast, we look at what influencer marketing really is and whether it could be the fit for you.
What is influencer marketing?
You can think of influencer marketing as a trusted referral.
We have seen it time and time again how word-of-mouth marketing is probably the most effective form of advertising.
Of course, the better you know the source, the more you trust their opinion.
An influencers direct audience would be known as their tribe and this correlates with how many followers they have.
When it comes to social media you can choose to follow a brand, but it is not as easy for a brand to follow its customers back and make the desired connection.
So, we use influencers to bridge this gap for us, because the best way to introduce a brand to a tribe is through one of its tribe members.
Does Influencer Marketing have a place in SA?
It may come as a surprise to many people, but around 80% of the biggest players in the influencer game have a presence in South Africa.
Not only that, but in the past 3 years we have seen the value of influencer marketing rise from 1,5 billion dollars to 6,5 billion dollars- and in 2019, 380 apps launched around influencer marketing.
It is a powerful thing to acknowledge that Facebook has launched tools solely for influencer marketing, which is not something they would have done if they did not think it was worth it.
What Kind of Problems Could Influencer Marketing Solve In SA?
We know that most people do not trust brands and if you were to try and communicate with them directly, you could expect it to fall on deaf ears a lot of the time.
However, statistics show that influencer marketing has 8-11 times better click-through rate.
Not only that, but South Africa has 11 official languages.
By default, marketing of any sort is reduced to English, simply because it is the safest option.
However, you would have the option of collaborating with an influencer that could relay your message in their chosen language, therefore bridging a gap to a whole other audience that you may have previously been missing out on.
Who Provides the Content?
The biggest mistake that most businesses make is spending ridiculous amounts of money trying to put consistent content out there when instead, you should be focusing on making your content work for you.
Only 30%-40% of your time should be focused on creating content while 60% should be focused on distributing that content.
The best part about using an influencer is that they create the content for you. From there you want to maximise on using this content three times.
- When the influencer first distributes it to their audience.
- Putting your media budget behind the content now that you know it is performing well.
- When brands start implementing that content as part of their content plan.
How Does Influencer Marketing Work?
There are two ways of going about it.
One way would be to do your research on different influencers that you may already have in mind.
This would require going through all their content to find out what they have done in the past and whether they fall in line with your objective.
However, the best way to go about it would be by using the right tools.
Companies that specialise in influencer marketing have a database with a list of registered influencers- which saves you a lot of time you probably did not have to spare, in the first place.
This route would require you to put in a few characteristics about your business and would match you up with a list of suitable influencers.
It is then your prerogative on whether you want to approach one influencer or a couple of different names and alternate their content weekly.
Does Influencer Marketing Really Work?
As with any marketing strategy, objectives differ.
What works for one company might not work for you, luckily, everything is measurable.
By using a proof of concept method, you can allocate some of your budgets to the project and once you have seen the results, you can move ahead by increasing that budget.
The plain and simple answer is yes, it can work because results can be measured.
What Kind of Costs Are Involved?
The minimum costs used to provide an effective proof of concept lie around R30 000. It is divided as R10 000 for content creation and R20 000 to shift from brand performance to influencer performance.
In summary, influencer marketing is proving to be more and more effective as we move forward into the future.
There are tools at your disposal, and marketing through an influencer helps you bridge gaps in different relationships across your target audience.
Though not the cheapest form of marketing, you can rest assured that every part of the process is measurable and you walk away with not only valuable content, but also valuable insights.