What is the value of influencer marketing for small businesses in 2023?

Many businesses have employed influencer marketing to communicate their brand messages and generate high ROI. Adidas 2013 #MyNeoShoot campaign with Selena Gomez generated a 24.2% increase in sales. MasterCard’s #DoYourThing with travel influencers generated over 2 million engagements. It’s no news that big brands have tapped into influencers’ audiences to increase their sales. But what about small businesses?

Small business owners are always searching for ways and opportunities to reach their targets and build their brands. Influencer marketing is a surefire way to gain and attract prospective customers. Both online and offline, there are millions of influencers across different niches that can help you promote your business to your target audience. This article will discuss influencer marketing and why it’s a good marketing strategy for small businesses.

What is Influencer Marketing?

Influencers are famous people with a large pool of dedicated followers.
Influencer marketing is a form of marketing whereby businesses leverage famous people to communicate their brand’s message to a larger audience. It centers on hiring influencers to market your business to its audience. Rather than marketing directly to a large group of consumers, influencers get the word for you.

Online Influencer Marketing vs. Offline Influencer Marketing

Our world has gone digital, and most forms of marketing are now done on the internet. According to Wordstream.com, 72% of overall marketing budgets are put toward digital marketing channels. Influencer marketing is not an exception, making online influencers a more worthwhile option for small businesses.

You can credit this to the ability to confirm the influencer’s followers, target audience, and the number of leads generated through the influencer.

Different Types of Influencers

While all influencers recommend brands to their followers, they’re usually classified based on their followers. These are the three common kinds of influencers you can partner with to market your business:

Micro-influencers

These are individuals with a small but loyal following. They usually have between 1000 to 100,000 followers on social media. Due to their small following, their audiences are primarily specific people that follow them for the same reason, resulting in high levels of engagement on their posts.

An example of a micro-influencer would be an influencer that offers motherhood tips. While it might only appeal to mothers, it’ll be the best for a small business into maternity wear.

Macro-influencers

Micro-influencers have a more significant following, usually between 100,000 to 1 million followers – translating to a diverse audience. Micro-influencers are great for small businesses targeting a large and diverse audience. However, their large unfiltered number of followers may reduce engagement levels compared to micro-influencers. Their posts may get a million likes, but it’s usually not because their followers are invested in their content.

Celebrity Influencers

These are the big shots. They are well-known celebrities with large and dedicated followers and can significantly impact brand awareness and sales. However, they often command high fees, and their followers may be loyal customers of the brand.

Benefits of Influencer Marketing to Small Businesses

Influencer marketing offers several benefits to small businesses. Some of them include the following:

Targeted Audience

Influencer marketing brings entrepreneurship to the limelight. It helps small businesses reach a highly targeted audience already invested in the niche or industry. That way, the influencer’s followers are more interested in the products and services the influencer promotes, making it easier for you to get your products to the right customers.

Increased Credibility

Influencer marketing provides endorsement for the business, increasing its reputation and trustworthiness, especially when people are yet to learn about that business. Partnering with an influencer helps small companies to tap into the influencer’s credibility with their followers. It also shares followers’ trust in the influencer with your company since they believe in the influencer’s words.

Reduced Cost

It’s also cheaper than traditional advertising methods, especially for small businesses with limited budgets. Influencers can expose your brand to a bigger audience without expensive ad campaigns.

How Marketing Campaigns With Influencers Help Small Businesses Achieve Their Ad Goals

Marketing campaigns with influencers help small businesses leverage the influencer’s dedicated following and credibility. You can promote new product launches, increase brand awareness, pull website traffic, and drive sales with a few posts from an influencer. Automatically, this reduces the need for other kinds of ads while you reach your ad goals in short periods.

How To Find The Right Influencer For Your Message

Finding the right influencer for your brand might be tricky, but it’s easy. You should consider the influencer’s niche expertise, audience, values, and past influence they’ve done for other small brands. Also, you should consider the kind of followers they have and how it’ll benefit you. Choosing an individual who aligns with your brand values and has a strong following in your target market is also essential.

How To Connect With An Influencer For A Business Opportunity

Connecting with your chosen influencer is piecemeal. You can reach out to them through their social media pages or emails. You may also connect with them via other entrepreneurs who have used their services. Or set up an appointment with their secretaries to discuss a potential business opportunity. However, you must be professional in your approach, state your goals, and offer clarity to ensure everything is clear.

Final Words

Yes. Influencer marketing is a valuable marketing strategy for small businesses to increase their visibility. However, small brands should consider their goals, budget, and target audience before opting for an influencer marketing campaign to ensure maximum marketing success.

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