Influencers and Influencer Marketing

An influencer is anyone with a large enough web and social following, this can be from an independent styling photographer on Instagram to an Internet personality dictating their opinions on an expansive series of topics on YouTube. The broadness and lack of determination are why there is so much appeal. Anyone can be an influencer from any field of expertise or lack thereof. The only thing connecting all influencers is what they have under them, followers. In other words, consumers.  

Influencer marketing is anything pertaining to an influencer partnering in any capacity with a business or brand. Done through a vast spectrum of collaboration, from one-time shout-outs through Instagrams 24-hour lasting stories to the long-running sponsoring of influencers, where you may see fit to pay them a commission to be a constant brand ambassador. The flexibility for both brand and influencer has led to this sect of marketings expected worth to be $13.8 billion by the end of 2021.  

The Different Types of Influencer

To fully understand the influencer marketing sphere, it is most pressing to identify the different levels of influencers you can access, as influencer marketing is not a one-fit glove. Often the different approaches, combined with the correctly identified influencer are what separates a moderately successful influencer marketing campaign and an astronomically successful one that can bring in on average $5.78 ROI for every $1 spent on influencer marketing.

There are five distinct levels of influencer, beginning with the smallest, Micro-Influencers. Micro-Influencers are categorized as anyone with a following from 10k-100k collectively. Sometimes this can be split across multiple platforms. Notably, a mobile following is what you are aiming at as loyalty to an influencer is easily transferable into brand loyalty. With 45.5% of industry professionals labeling Micro-Influencers as most effective in reaching their target audience, they are not a group any business should outwardly dismiss. Favorable for their high engagement rates, meaning those that follow them are more susceptible to, at the very least, show interest and check out what is put in front of them. One reason is these influencers' ability to speak to a higher proportion of dedicated fans, nurturing a one-way parasocial relationship. This high fidelity links back to why using Micro-Influencers often pairs with offers and cross offers that similarly positioned small to medium-sized brands aspiring to make a name for themselves as a part of the industry are comfortable offering. Micro-Influencers audiences are similar and easily segmented. Granting brands that are location locked, not to waste resources marketing with more expansive influencers. The same for those looking to access demographics Micro-Influencers will have tailored themselves to, as a result of, modeling themselves after more popular influencers. 

The next section of influencers you may want to engage with, especially if this is your first floury into influencer marketing, are the Mid- Tier Influencers. Mid-Tier Influencers can be similar in price to Micro-Influencers with a slightly larger but, importantly, a deeper entrenched audience that is still small enough to have a personal connection. In addition to the effective exclusivity that comes at this level of influencer. Resulting in audiences being more likely to engage with deals and promotions. Also, there is the advantage of mixing and matching, using multiple Mid-Tier Influencers at once, seeing the results of collaborations as you go. Amplifying a more encompassing campaign or testing out the water is an ideal mid-ground to start. 

In the range of 500k to 2m followers are Mega Influencers. These influencers can be an investment if managed appropriately, their growth is only a matter of time. This may be the last stage to build a partnership or at the very least a connection through an endorsement or sponsorship before they reach the next level of influence and the pricing jumps upwards. When correctly timed, Mega Influencer marketing can jump-start a brand in the public eye. Contributing significantly to a company's growth across different markets and groups that might not have been possible to reach without them. Prices vary a lot, so getting a good deal is possible here. Established personalities guarantee eyes on your brand or product, especially when combined with short campaigns where the influencer solely promotes your brand for a short period. 

The upper echelon of influencer marketing is populated by the aptly named All-Star Influencers, starting from 2 million followers to an effectively limitless ceiling. This level of influencer is most often mistaken for a celebrity, here, is where that distinction is necessary as, despite the level of fame, a lot of these influencers are still thought of by their communities as ‘real people with morals and ethics, invaluable assets celebrities don’t have. All-Star Influencers promote an elevated lifestyle with elements of their notoriety coming from a place anyone can climb from, not subject to biased agencies and bureaucracy, a trope in the film and music industry. Often the pricing to collaborate in any capacity limits access to only big brands, however, the rewards, especially in hidden factors such as professionalism (that varies widely at the lower levels of an influencer) and the double-edged sword inherent to any collaboration, unwanted association post negative press. Is something not completely inescapable but certainly less of a worry with these highly polished, fervently vetted influencers.

Why is this so successful?

One key thing to keep in mind is the relationship of an influencer with their audience. Compared to the traditional fan to celebrity relationship and in turn how this affects endorsements and sponsorships. Not all followers are created equally and being able to make the distinction is also the job of agencies such as our own. People follow influencers over brands for one reason, trust. This trust yields such great results, as people take recommendations from the right influencer as if it were a friend. Highlighting why an enthusiastic audience built over time by an influencer is so vital. It is also why you must look out for those with inauthentic fake followers and such.

A hybrid of eCommerce marketing and old-school celebrity endorsements, influencer marketing is distinguishably flexible to any business goal. Whether that be improving brand image simply by associating with a well-received figure online or increasing direct sales through ad campaigns with influencers who have crossover. Everything mentioned so far is something you can track easily. Including tracking sales directly made from people clicking on links promoted by different influencers, helping you track which influencer is currently yielding the best results. In short, the ability to advertise a lavish lifestyle through association can be achieved efficiently by influencers who market just that.  As well as those who market being down to earth, remaining the figure of someone you might know in real life, informing you of a great deal you don’t want to miss out on.  

The Future of Influencer Marketing. 

All of this has contributed to influencer marketing as a whole becoming so popular. Marked by a 465% increase in ‘influencer marketing’ searches on google since 2016. Companies are already integrating and showing a preference for influencer marketing. 62% of companies surveyed by the marketing hub are actively increasing their influencer marketing budget in 2021. A burgeoning ecosystem around this is beginning to establish itself, over 1300 influencer marketing-focused agencies and platforms have registered in the last five years alone, making the process a lot smoother for companies to engage in, 90% of those who do label influencer marketing as effective at least.