If there’s one style of marketing that has taken the world by storm in the last 3 years, it’s influencer marketing. The revenue streams, attention, and validation social stars and celebrities receive is absolutely incredible. It has to be one of the most profitable career paths within this decade.
Influencer’s get their name for one reason- they actually influence their audience to make the same decision they’re making or promoting. That’s why companies find so much value in their marketing abilities. They come in all shapes and sizes- and some aren’t even real. The power influencers like Rhianna, Kanye West, Sommer Ray; just to name a few, can easily encourage many viewers from all over the world to support the same promotion they’re putting on. They play a major role in so many people’s lives that affect their decisions in life.
The great thing about working with these people is the value proposition they offer. It’s amazing when you can work with an influencer and share many of the same synergies, versus just paying them whatever amount to showcase an ad that later collects dust. If both the superstar and you are focusing your energy on the same avenues of interest, the value proposition for you grows exponentially.
These influencers have so many revenue streams, it’s not even funny. First, there are paid reviews, posts, videos, etc. And then there are referrals from different platforms within their industry. Kim Kardashian charges $1,000,000 for an Instagram post (a story) but for her close friends and business associates… It’s probably much less than that, if not free. She also rolls in cash from referral codes generated from partners.
Depending on your target audience, you have got to make sure you engage with the proper influencers that your clients or business relates to. If not, it could be a total disaster. Coming from experience, one time a client tried doing a small giveaway through an influencer that was out of their niche. This resulted in the attraction of the entirely wrong mass and it completely backfired. The discussions in their community were the polar opposite of what the business was going for, the social media channels ended up losing engagement due to growing the wrong follower base, and many, many other issues had risen later down the road. Caveat made, there IS such a thing as bad publicity.
Although, it did open doors to other influencers interested in working with the client. Word gets around and some people actually reached out to help reconcile the bad situation. Given, this doesn’t happen often, but the possibility still lies. There are people in this world who use their influencer powers for good.
Just like any business deal, working with an influencer can go from 100 to 0 real quick. The problem with social media is this sense of validation it gives people. Chances are, if you’re in the situation where you’re only paying an influencer and you both aren’t on the same wavelength, they can tear you down or outright ‘blacklist’ you from many other influencer candidates. Again, it’s always better to scope out influencers that are relatable to you and your business. If you don’t have the opportunity to share ideas, go back and forth, and possibly even provide some constructive criticism, then they might not be the right fit for you. After all, you’re probably spending a lot of money for them to post a post of a video that will later collect dust in a week's time.
It is so much more convenient to build relationships, as mentioned in a former MohrMonday’s article. It’s not just about sales, it’s about life in general. In business. If you can provide a value proposition other than a monetary incentive, the working relationship will be much more fruitful than simply paying someone for a one-off engagement. For example, if you’re a media company looking to employ an influencer for a client, try offering them some free exposure in an outlet that suits them best. If you’re in the retail market, try sending them some products before approaching them for work. You don’t want your business to be known for some form of social media prostitution.
At the end of the day, influencers rule the internet. The amount of power they have on apps people use everyday is absolutely incredible. In truth, we hope they use these powers for good and find ways to benefit society and businesses who aim to thrive.
