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Are Social Media Influencers Worth The Investment In 2020?

Gary Green
Jah Brown
October 26, 2020

The influential power of Tik Tok teen sensations and Instagram lifestyle gurus has come into question of late.

Are they still a force to be reckoned with, or has the ship sailed for businesses looking to capitalise on warm audiences?

What is influencer marketing?

To understand what influencer marketing is, we have to first dive deep into what the two words mean. To influence is to have power over personas actions, behaviours, feelings, or opinions. Marketing, on the other hand, is defined as the action or business of promoting and selling products or services, including market research and advertising.

Influencers use social media platforms, such as YouTube and Instagram, to build followers through producing consistent and relevant content.

Businesses often collaborate with influencers to improve their brand recognition and increase their market share within the influencer's core audience.

Sounds easy, right? Well, not so fast. Marketing campaigns require strategic planning and research to communicate with the intended audience effectively. The power is not always in the hands of the personality. Businesses rely on influencers, but influencers must obey the algorithm of each platform to maintain or improve their visibility to their audience.

How do you categorise influencers?

As social media platforms sky-rocket in popularity, working with the right influencer can be an excellent choice for your business to stay relevant. New social media starlets emerge on a daily basis; so as a business, you are likely to have a large pool of talent to choose from. How do you ascertain which type of influencer is right for you?

The mega-influencers

Do the names Cristiano Ronaldo, Justin Bieber and Kim Kardashian West ring any bells? These individuals are the top-tier in the world of social media. Garnering the attention of followers from a multitude of countries and cultural backgrounds, persons within this category have a following in the millions.

To acquire their services for your business would have you parting ways with a hefty sum of cash. If you're a small business on a low budget, this one certainly isn't for you!

Macro-influencers

Macro-influencers are those with a following of between 100,000 to 1 million. They build cult followings by creating content around a niche subject matter, trending topics or news.

As with the mega influencer, the price tag for their services is often expensive. The audiences are smaller and more targeted, so the engagement rate is typically better with these influencers. However, the rise of growth hacking techniques, such as bot followers and 'follow-for-follow' (where users follow accounts in mass to receive a follow back) leave businesses vulnerable to influencer fraud.

Micro-influencers

Micro-influencers are individuals with a following of between 1,000 to 10,000. These audiences are smaller and, as a result, can be more defined. The content is usually of higher quality to drive engagement and increase follower numbers and delivered to provide value first.

As users feel valued and understood, the strong relationships with their audience are a gold mine for businesses looking to get value for money and a quick potential ROI.

Nano-influencers

If you had a have a budget with no limits, do you already know the type of influencer you would on-board for your next campaign? Did someone say, Beyonce? Not so fast! Nano-influencers are individuals with a reach of 1,000 people or less. The almost immediate pulling power they possess enable them to sway the perception of friends and family in ways an expensive marketing campaign or TV commercial cannot.

Making an informed decision on which influencer to work with is no easy feat. There are various things to consider when trying to decide on what type of influencer to pick.

A few questions to ask:

  • How much of your budget can you afford to spend?
  • What is the estimated audience reach per post?
  • What is the engagement rate of the account?
  • Does the influencer speak to your ideal audience?

These four questions are great for making quick judgments and filtering the good from the bad.

Is it worth the investment in 2020?

So are influencers worth the investment in 2020? In short, yes. Do these influencers align with your brand values, image and have an engaged audience speaking directly to your ideal target audience? Then maybe you can consider leveraging their audience. However, beyond the surface, the tried-and-tested strategy used by most within this category is called content marketing.

The formula here is simple. Decide who your target audience is. Find out what social networks these individuals live on and produce content that offers value consistently. This practice will turn your business into a trusted authority and the first point of call for anyone that may be interested in your product or service.

Do you need help with your content marketing strategy? Would you like to launch a campaign for your business? Get in touch today to speak to one of our expert marketing managers.

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