Social influencers have been around for quite some time, but influencer marketing is a relatively new trend in the marketing and advertising industry. We use the term ‘relatively’ because it is akin to celebrity endorsements – sans the celebrity – and on entirely different platforms.
As more businesses look to adopt key opinion leader (KOL) marketing strategies and the popularity of influencer marketing continue to grow – the industry is on track to become a multi-billion dollar industry in 2022 – it is puzzling to discover there still exists several myths and misconceptions about this industry. Allow us to share and debunk some of these common myths.
Myth #1: The more followers, the better
While it is true that more followers translate to a wider audience reach, that does not mean micro or nano-influencers are ineffective. As a matter of fact, a study has shown that influencers with a smaller follower count can produce a higher engagement rate – up to 4% – compared to their more popular counterparts.
So while you might be able to reach a larger audience by working with a famous social influencer, the engagement rate might not justify the higher cost, especially if you are not reaching your key demographics.
Conversely, due to their lower follower count, micro and nano-influencers are more likely to engage with their audience, establishing a more personal connection with their followers. When the audience is more invested in the influencer, they are more receptive to the messages these influencers have to share.
Myth #2: Influencer marketing is very expensive
Cost is often the biggest factor in every entrepreneur’s mind when they are planning their marketing budget. And when they are planning to engage an influencer with a high follower count, they might baulk at the cost, leading to the misconception that influencer marketing is expensive.
However, this is not necessarily the case, especially if you choose to work with micro-influencers. Aside from follower count, the costs can also vary depending on how you intend on working with them – are you engaging them for a one-off Instagram story or a collage of Instagram posts? Are you planning to work with them on just one marketing campaign, or is it a long-term partnership? Such variables will also impact your costs.
Therefore, before you reach out to your ideal influencer, it is advisable to have these variables worked out, so you can determine whether their asking price is within your budget. Alternatively, if you are unfamiliar with the influencer marketing landscape, you may want to collaborate with a social media influencer marketing agency that offers a variety of pricing plans that you can refer to.
Myth #3: Influencers are hard to work with
Another common misconception we have seen bandied around is the notion that influencers are difficult to work with and are only in it for the freebies. However, such incidents are few and far between, and we should not judge the whole industry on the actions of a select few individuals. Most influencers love their jobs and work transparently to help achieve growth, both for themselves and the businesses they work with.
It is vital to remember that influencers are not here to trick or deceive you. Their aim is to help you tell your story to an audience through their platform. Furthermore, a partnership works both ways. To work effectively with influencers, you need to communicate with them openly, so you can both be on the same page and work towards a common goal – spreading your message to the widest audience possible.
Myth #4: It takes too much time and effort to set up
As the field of influencer marketing continues to evolve, the process is likely to get easier. While it might seem intimidating to a novice attempting influencer marketing for the first time, the process is actually pretty accessible.
Given the rising popularity of influencer marketing, businesses now have plenty of options to choose from when it comes to managing one’s influencer marketing efforts. In fact, there are agencies and databases in place to assist you in selecting your ideal influencer. Many of them can even help you track the success of your influencer marketing campaign.
There is no denying the impact influencer marketing can have on a business’s marketing efforts. However, if you are hesitant to take the plunge due to the various myths you have heard in the past, don’t be. By doing your homework and having a strong idea of what you want to achieve in mind, you are sure to reap the many benefits of influencer marketing!
If you are ready to reach out to a social media influencer to boost your brand awareness, get in touch with us at Kobe Global Technologies. At Kobe, we have years of experience working with established social influencers in Singapore who can help you grow your business. Your brand will surely thrive with our help pairing your creative marketing ideas with the right influencer!