Influencer Marketing and How it Can Impact Your Brand

In marketing, Word-of-mouth drives $6 trillion of consumer spending annually. Because of this, it’s deemed as one of the most effective methods of marketing a brand. Influencer marketing describes the use of online celebrities, often with a high follower count, to promote various products on social media. Have you ever seen one of your favorite social media personalities post about a new handbag or cosmetic product they’re using? If yes, then chances are they were approached by the company that produces that product and worked out a deal to endorse that item. Though there are plenty of positive elements to using social media influencers to endorse brands, it’s not the cure-all to your marketing needs. There are some cons that need to be considered before deciding if influencer marketing is right for you. Keep reading for the Pros and Cons of influencer marketing.

How Influencer Marketing Has Evolved

Using an individual’s influence among their fans to market products and services is nothing new. Before the rise of social media, however, the majority of influencer marketing was done by actors, athletes, and musicians. True, using figures in the entertainment industry is still a tried-and-true method used by popular brands for promotion. But using social media influencers from sites such as Twitter, Instagram, YouTube, and Pinterest for influencer marketing is rapidly on the rise. With more people joining social media every day, it only makes sense that it’s become a popular method of reaching target audiences.  

The pros and cons of influencer marketing

What Are the Pros of Influencer Marketing?

Below are some of the ways influencer marketing can help you achieve better brand awareness and promote your products to the right people.

You Can Reach Your Target Audience Faster

Influencers can amass hundreds of thousands of followers to their pages. So, if you choose to work with an influencer to promote your brand, you’re getting access to a larger audience in a way that wouldn’t normally be available. Additionally, influencers typically have a primary demographic that follows them. Meaning if you find an influencer that shares your target demographic, you can reach a wide range of your audience faster.  

Using Influencer Marketing Can Help Build Brand Trust

Most influencers work hard to ensure they’re considered a trusted authority on what they promote. A good influencer’s recommendations won’t go unnoticed by their followers. In fact, statistics have shown that 49% of consumers look to influencers for recommendations on various products and brands.

Influencer endorsements have also been considered more trustworthy than endorsements by celebrities. This is often due to the fact that people feel like they can relate more to their favorite influencer than an A-list celeb with a multi-million-dollar net worth. A good influencer has also carefully selected what they choose to endorse, so their followers know that if they’re saying it’s a good product, it probably is.  

Influencer Marketing Can Be Cost-Effective

Another reason why businesses typically use influencers to market their brands is because it’s usually more budget friendly. That’s not to say that all influencers will be inexpensive though. The price of influencer marketing will depend mainly on who you choose to endorse your brand and how many followers they have. That’s why it’s important to do your research when looking for the right influencer to help promote your products and services. If you’re marketing on a budget, a micro influencer may be just what you need to spread the word on your business. Micro influencers have a slightly smaller following, between 1,000 – 100k, and most charge under $300 for a sponsored post on social media. You may even be able to work out a deal with a micro influencer to pay them in free products or services in exchange for promoting you.    

There are plenty of tools available online, such as Upfluence, that can help you find the influencer that’s right for your marketing needs.

Influencer Marketing Can Save You Time

Good influencers got where they are because they learned how to create excellent content that appeals to their target audience. Which means the right influencer will also know how to endorse your products and services to their followers. Since your chosen influencer will be responsible for creating the content, you won’t have to spend as much time on creating content yourself.  

The pros and cons of influencer marketing

What Are the Cons of Influencer Marketing?

Anything good in life is going to have its downsides, and influencer marketing is no exception. Below are the less than favorable elements to using influencers for promoting your brand.

An Influencer with a Large Following Doesn't Guarantee Results

While an influencer with a large following does give you access to a broader audience, it may not always guarantee a successful outcome. For starters, just because someone follows an influencer on social media, it doesn’t mean they’re always keeping tabs on this person’s posts. Some followers could also be spam profiles or even no longer engaging in content on the platform.    

Choosing the Wrong Influencer Can Hurt Your Business

Choosing the right influencer can prove tricky at times. Especially since you may end up working with someone who may not create the type of content you want to market your products. If sponsored posts for your business look too forced, or lack authenticity, consumers may view your brand as tacky or dishonest. Always research an influencer’s content before you decide which one is right for you and your business. It can be the difference between great promotional content and disaster.

Some Influencer Marketing Can Be Costly

If you’re looking for an influencer with a larger following, say 50k to 500k followers, things can get pretty expensive fast! On average, an influencer with this amount of followers can cost anywhere between $5,000-$10,000 per post, depending on the platform. If that sponsored post for your brand ends up being a flop, you’re pouring money down the drain. Always establish your budget for influencer marketing and your goals for sponsored posts before partnering with an influencer.  

Influencer Marketing Comes with Risks

No matter how much money you put into influencer marketing, there’s no guarantee that you’ll get a return on that investment. Finding an influencer that understands your brand’s needs, provides quality content, and has lots of user engagement isn’t always easy. Unfortunately, there’s just no way to know 100% if an influencer will convey your brand’s message in a way that speaks to consumers. It’s a risky venture, especially in pricier influencer marketing.

The Bottom Line

Influencer marketing can be a great way of marketing your brand in new and creative ways to your target audience. While there’s a lot of positives to using an influencer to endorse your products and services, there are some negative elements to consider. Need the help of professional marketers with in-depth knowledge of promotional tools and what works? Give Olive Group a call today and schedule your free marketing meeting! Olive Group has spent over a decade helping businesses of all sizes develop effective marketing strategies and gain brand awareness. Our dedication to marketing has made us one of the top 3 for marketing agencies in Tacoma.