Growing your business

The Power of the Social Influencer Market

23 September 2019
4 minute read

Alex Woods

These days, there’s no getting away from social influencer marketing. Far from just a fad, this trend is still going strong as businesses are increasingly keen to incorporate influencer marketing into their overall strategies. 

In fact, according to a recent survey, 89% of marketers said that return on investment (ROI) from influencer marketing is comparable to, or better than, other marketing channels.

 

What is a social influencer?

Unlike traditional celebrity endorsements, influencers don’t need to be famous or a household name. In fact, they could be anyone. Anyone with a large social media or online following that is. Their main selling point is being able to virtually influence others, through curated content, to promote products or services within a specialised industry.

 

What is social influencer marketing?

Social influencer marketing is when businesses collaborate with social influencers to promote their products or services. This can take many different forms including blog posts, social media posts, endorsement videos and online mentions.

Now, we’re going to take a look at how you can collaborate with social influencers to help grow your business and boost sales:

 

Reach your target audience

As well as having a mass of online followers, social influencers also come with a relevant following according to their field or industry. The followers that they’ve acquired are likely to be interested in the topics that they post about and the content that they promote. This is great news for businesses as influencers already have a look-alike target audience just waiting to be tapped into!

If you’re thinking of collaborating with a social media influencer then make sure you do your research and choose someone who is relevant in your industry. Their content should also be closely aligned to your products or services, and ideally reflect your business values.

 

Build engagement

Another aspect of social influencer marketing is engagement. Social influencers tend to have a very high engagement rate with their followers, usually in the form of views, likes, comments and shares. Therefore, when they promote your products or services, you can expect to see a similar level of engagement.

To make sure you get the most from this, take a look at the kind of engagement your social influencer receives. Although they might have a large following, this can sometimes be made up of spam accounts. Checking that they’re getting lots of likes and shares from genuine accounts will help ensure that you’re making a sound investment.

 

Become a recognised brand

When it comes to the relationship between a social influencer and their followers, it’s all about trust. Social influencers are seen by their followers as experts in their field and therefore when they do product endorsements, their followers are likely to value their recommendation.

When getting a social influencer to endorse your products or services, think about your messaging, your brand values and how you want your business to be represented. This all needs to be weaved into the content and will help when it comes to establishing your business as a recognised brand.

 

Partner up and cross promote

The advantage of forming a partnership with a social influencer is that it can be mutually beneficial for both parties. While they’re promoting your products or services, you can also shout about the collaboration on your own social channels. This will help shine a light on your influencer, promote your collaboration, build more credibility, and engage your followers.

To help everything run smoothly, it could be worth drawing up an agreement beforehand on how you will cross promote each other, including frequency and number of mentions. 

 

Measure your success

Measuring any sort of marketing activity can be tricky. However, with social influencer marketing, there are many ways that you can track and measure the impact of your collaboration. One way to do this is through UTM tracking codes. When providing your social influencer with links to your website, you can add a unique tracking code to measure all the traffic, engagement and sales that come through this source via Google Analytics.

You can also give influencers their own unique discount code, for example SARAH15 which followers can use to get 15% off your products or services. As this unique code will be entered at the checkout, you can easily keep track of how many times it is being used.

Some influencers are even willing to share reports on the reach and engagement of their own posts which is really useful for any platforms that you don’t have access to!

So now you’ve seen how powerful social influencer marketing can be, why not give it a try?

Next Steps

Liberis finance have won Alternative Lender of the Year for 2 years running. Find out more about what we do.

Find out more

Recommended Articles

Growing your business

Five Challenges Every Small Business Faces and How to Overcome Them

14 October 2019
4 minute read

Accounting for a massive 99.9% of the UK’s 5.7 million and growing private sector businesses, the position of SMEs has become one of the utmost important, impacting the vitality of the UK jobs market, employability levels and UK economy in general. Statistics say that over half the number of SMEs fail to exist past the 5-year mark, as owners are unable to combat the host of challenges that arise from such entrepreneurial endeavours. But, do not fear, Liberis is here!

Growing your business

The Importance of Online Reviews

01 October 2019
3 minute read

Consumer choice has increased at a staggering amount over the past decade or so. With numerous establishments popping up in every sector of every industry each year, and online providers providing accessible options to compare businesses, the competition is fierce and it remains a challenge for SMEs to stay afloat in such a bustling environment. SMEs must learn to adapt amidst the crowded infrastructure of UK business. And a sure-fire way to do this, is by being vigilant and attentive to online reviews.

Growing your business

5 Common Mistakes SMEs Make

16 September 2019
4 minute read

According to the National Federation of Self Employed & Small Businesses Limited, small businesses accounted for 99.3% of all private sector businesses at the start of 2018 and 99.9% were small or medium-sized (SMEs). That’s a pretty big percentage, and one that shows no signs of decreasing significantly anytime soon.