The Last Guide on Leveraging Influencer Marketing for Small and Medium Enterprises

Influencer marketing isn't exclusive to major brands with significant budgets.  It's an avenue that small to medium-sized businesses can also explore.  Wondering how to initiate the process? We have you covered. From understanding influencer costs to identifying the right influencers for your brand, we're providing comprehensive insights for small businesses diving into influencer marketing, particularly for those aiming to scale.

What is Influencer Marketing?

Influencer marketing constitutes a form of social media promotion that utilizes endorsements from influencers (and creators) to endorse a brand's products or services. Leveraging the trust influencers have already established with their followers, this approach lends a personal touch to recommendations, making them feel akin to suggestions from a friend. It serves as an excellent strategy to access an audience that is already actively involved, allowing you to introduce your brand and initiate connections with potential customers.

What Are the Benefits for Small (and Medium-sized) Businesses in Collaborating With Influencers?

Collaborating with influencers can significantly impact your small business by enabling you to:

• Eliminate the limitations of conventional advertising
• Access engaged communities, particularly within your specific niche
• Cultivate enduring relationships with your intended customer base
• Generate sales or leads

Despite being a relatively recent marketing approach, numerous small businesses have experienced positive outcomes through their investments in influencer marketing. Instances encompass the wine brand Blu Giovello partnering with multiple creators during a product launch, and the wellness label Golde consistently involving micro-influencers to amplify brand visibility. Crucially, it's noteworthy that influencer marketing doesn't mandate an extravagant budget. Moreover, if scaling your business is part of your plan, establishing the foundation for influencer marketing, including identifying preferred partners, in advance can contribute to achieving your new growth objectives seamlessly.

What is the Expense Associated with Collaborating with Influencers?

As the influencer industry is still relatively nascent, regrettably, there is no universally applicable pricing guideline that fits all situations. 

However, it's a prevalent approach among marketers to initiate discussions with a baseline range of $250-$450 for every 10,000 followers. 

However, when determining influencer rates, factors such as:

• Reach and engagement: A higher engagement rate often corresponds to a higher charge.
• Deliverables: The type of content, whether an Instagram Reel, TikTok video, or a static feed post, can impact the cost.
• Time and resources required: Considerations like setting up shots, potential outfit changes, script writing, and more can influence pricing.
• Campaign length: The frequency of an influencer's posts about a product or service is a crucial consideration.
• Usage rights: This encompasses the rights to repurpose content for a brand’s website, advertisements, or other platforms.

Finding Suitable Influencers for Small (and Medium-sized) Businesses

To pinpoint the optimal influencers and content creators for your upcoming marketing campaign, follow these three steps:

• Clearly Outline Your Objectives
• Conduct Thorough Research and Analysis of Influencers
• Employ a Database Tool

Step #1: Clearly Outline Your Influencer Marketing Objectives

As you are investing in an influencer for engagement with their community, it is crucial to explicitly outline your campaign's objectives and the outcomes you aim to attain. Are you striving to enhance brand visibility? Boost sales? Generate increased leads? Consider how the collaboration aligns with your overarching social media marketing strategy, and establish SMART goals.

TIP: Given that influencer marketing collaborations can incur costs ranging from hundreds to tens of thousands of dollars, it is imperative to define your budget right from the initial stages.

Step #2: Investigate and Evaluate Influencers Pertinent to Your Industry

The most successful influencer collaborations are established with individuals who connect with your target audience and align with your brand. Connecting with suitable influencers can be as straightforward as exploring your immediate surroundings. Set aside regular intervals to monitor your tagged posts, comments, direct messages, and branded hashtags. This allows you to identify influencers who are already actively engaging with your brand. "When you come across influencers who are already discussing your business, initiating contact for a potential collaboration becomes more straightforward," notes Kurtis Smeaton, Influencer and Partner Marketing Manager at Later. "However, it's crucial to conduct a thorough vetting process. If they align with your brand, their endorsement will carry more authenticity," emphasizes Kurtis.

TIP: If you lack the time or a dedicated team to undertake influencer research and analysis, proceed to the next step.

Step #3: Utilize an Influencer & Creator Database Tool

Considering the vast number of around 64 million influencers solely on Instagram, finding the perfect partnership can be comparable to a full-time endeavor.Fortunately, employing a third-party tool, such as Mavrck's influencer marketing platform, streamlines the process, enabling you to navigate through the abundance of influencers effortlessly and connect with the most fitting creators for your upcoming campaign.

How to Initiate Contact with Influencers as a Small (or Medium-sized) Business

The initial message you convey to an influencer holds the potential to either forge or hinder a partnership deal. As a result, it is crucial to exert additional effort to guarantee that your outreach is executed in the most efficient manner.

Step #1: Investigate for Accurate Contact Information

Begin by locating the influencer's contact details, which can be accomplished through three primary methods:

• Examine their social media accounts, where an email address is typically available in their bio, whether it's their direct email or that of an agent.
• Inspect their website, if available, for contact details.
• Leverage an influencer marketing platform (further information on this will be provided later).

Step #2: Present Yourself and Outline the Campaign

Whether you are the small business founder or the social media manager, an introduction helps clarify the identity of the person initiating contact. Subsequently, provide details about the campaign, even if it's still in the refinement stage, and elucidate why you believe the influencer would be an excellent fit for your campaign.

TIP: Ensure transparency in your emails to establish a clear understanding of the project from the outset.

Step #3: Negotiate Budget

Having identified influencers you wish to collaborate with, it's time to broach the subject of finances.

• Most influencers furnish a rate card or a media kit that includes their rates.
• Keep in mind that rates can vary, so be prepared to engage in negotiations based on your budget and anticipated deliverables.

Step #4: Employ an Influencer Marketing Platform

As your business expands and resources multiply, staying on top of all your influencer engagements can pose a challenge. This is where the utility of a third-party influencer marketing platform, such as Mavrck, becomes evident. Not only does an influencer marketing tool aid in identifying suitable influencers, but it also streamlines your outreach efforts and facilitates campaign management from initiation to conclusion. In essence, it not only saves substantial time and effort but also allows you to direct your focus on other aspects of your business. A mutually beneficial solution. And with that, you've reached the culmination of our comprehensive guide to influencer marketing for your small business. Armed with the insights provided, you'll be expanding your reach to new audiences and generating significant buzz in no time!