In an industry that is set to hit $15 billion in 2022 – it’s vital to get to know the circumstances under which this branch has grown to such heights.
Knowing the immense power this business holds – it’s not surprising that many want a piece of the cake.
So let’s begin cutting.
What is Instagram Influencer Marketing?
People who were able to build strong communities around their brand and name have managed to form an audience that idolizes everything they do. This is where the noun “influencer” started rising and slowly taking over a big chunk of the internet.
Soon enough, the emergence of these guys opened up amazing opportunities for most businesses. Influencers’ carefully targeted demographics left the finance department of every brand wondering: “Could they quite literally influence our sales…positively?”
The answer is yes. And that’s exactly why the industry has grown so much in the last couple of years. It’s due to pure interest and profit.
The best part of the equation is that this actually works. As you can see from the numbers we’ve brought to the table.
The influencer marketing business benefits both the business and the influencer. Which brings us to one of the most asked questions.
How Much Does an Influencer Cost?
Businesses are known to have big budgets for their favorite influencers of all platforms. But how big is the budget in question?
Kylie Jenner made an impressive row of eyebrow raises when it was revealed she charges a staggering $1 million per sponsored post.
Considering the 22-year old is a billionaire from a powerful family, it’s no surprise her influencer is of such high value. Her fans care about her opinion. Which directly translates to sales in influencer marketing terms.
And speaking of terms, here are the most important ones under today’s topic:
- Micro influencer: A public figure on Instagram with less than 10.000 followers, but a strong engagement rate and defined demographic of loyal followers.
- Macro influencer: Public figures with more than 100.000 followers and a 3% engagement ratio at the very least. Celebrities often fall under this category.
- Nano influencer: The smallest community follower-wise that holds the biggest engagement rate. They chose which products and brands they endorse rather selectively.
Businesses usually work with one of the three categories. And before you ask, yes – this very well could be you.
If you really want to know the best tips on how to be an influencer on Instagram, you’ve come to the right place. Considering that Micro and Nano influencers sometimes have just over 1000 followers, it could be anyone. Even you!
Is Influencer Marketing Worth It?
We would like to share some jaw-dropping facts about Influencer Marketing that just might answer your question. Keep in mind that this industry has only begun…
- Nine out of ten marketers believe influencer marketing to be an effective form of marketing.
- More than half of the online population follows an influencer or celeb on Social Media.
- 93% of marketers use influencer marketing for their marketing strategy.
- 57% of marketers are increasing their influencer marketing budgets in 2020.
- 49% of customers rely on influencers’ opinions when looking for products.
And many, many more. As you can see, this industry is looking at a very bright future, to say the least.
The Affiliate Program
The Affiliate Program is surely making a name for itself in marketing.
Traditionally, the affiliate would receive a product from a brand or company, that they would then have to promote or review on their socials. They are usually paid on a monthly basis for the numbers they’ve accumulated.
The promotion could be through Instagram posts, blogs, YouTube videos, etc. Whatever the business and affiliate have agreed on previously.
After a while of tracking progress, the companies usually set for one or two of the best content sources. In other words, the sources that made the biggest numbers.
This is just the tip of the iceberg as this industry has only begun to grow.
As we’ve mentioned above, influencer marketing is looking at a bright and successful future. And we’ll be here to write about it as it grows one number and influencer at a time!
This article Instagram Influencer Marketing – The Ultimate Guide appeared first on Entrepreneurship In A Box by Dragan Sutevski
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