Last Updated on October 7, 2021
In a recent Forbes article, influencer marketing is defined as follows: a form of marketing that identifies and targets individuals with influence over potential buyers.
Before we get into the pros and cons of influencer marketing – details which will help you determine how, if, and when to move forward – let’s take a look at an interesting formula shared in the same Forbes article:
Influence = Audience Reach (# of followers) x Brand Affinity (expertise and credibility) x Strength of Relationship with Followers
In other words, you want to find brand influencers with the following:
- A large, growing audience.
- Expertise and credibility within their field.
- Strong relationship with a large percentage of followers.
Benefits of Influencer Marketing
There is nothing about influencer marketing that is difficult to understand. It all comes down to one thing: aligning your brand with influencers who can spread the word to their audience.
Here are some of the many benefits:
- Immediate results if you connect with the right people in your niche.
- Can be used alongside other forms of marketing.
- Based on word of mouth marketing, which has been and always will be influential on consumers.
- Opportunity to leverage the power of others.
Potential Downsides of Influencer Marketing
Although the many benefits of influencer marketing may be enough for you to get started, don’t take another step forward until you are familiar with some of the potential downsides:
- It can be expensive depending on the people you want to work with.
- It can be difficult to sustain, as you are relying primarily on the influence of others.
- Easy to get so hooked on influencer marketing that you overlook other strategies.
- Risk that you will spend money and the results will come up short of expectations.
Give it a Try
If you want to make the most of influencer marketing, if you feel that this could push your company and brand to new heights, it is an idea worth considering.
It’s also a good idea to also look into how to have fans become your ambassadors as well.
Influencer marketing has been proven successful time and time again. If you want to follow in the footsteps of others, don’t hesitate to give this a try. Remember, you can start slow and then gain momentum as you get your feet wet. This will help you better understand the process, while avoiding pitfalls such as overspending or aligning your company with the wrong partners.
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