The rise the of social media influencers and opinion leaders market has experienced steady growth. Now it is estimated to be over $1 billion. By 2019, that figure will double.
While some marketers still question the value of influencer marketing, it has become one of the most effective marketing tactics for many successful brands.
What you should know about “Influencers”?
“Influencers” are able to ride the wave of viral content. They know how to Increase the number of followers and their own content visibility, and can share some of the audience with brands. Sometimes totally for free, sometimes for money. That’s how they work – by creating their own brand and promoting others.
Some brands pride themselves on working only with unpaid brand advocates in their marketing efforts. But in the most cases, brands pay for content. The average price for a single post on a million-followers social media channel is estimated at $763. To spend less and get a better conversion rate, your marketing team should be familiar with the marketing landscape of the region you like to penetrate and know exactly which internet celebrity to scout. We can say, that today’s challenge is localization and how to connect local influencers with global brands on a larger stage.
American celebrities are well-known all over the world. Let’s take Kim Kardashian. She has fans in different countries and products she mentions in her social media are desired by them. People like to follow and admire, but would they be ready to wait for a month for lipstick?
To reach the local market it’s better to work with local influencers. For example, in Japan, social media is an intricate part of society with over 31% of the total population currently active on Twitter. And it is not easy to work with socially active people there if you are a foreigner, because you need to have knowledge of different cultural nuances. For example, what is a more important, the image or text in your post? Or maybe the best solution is manga?
Imagine you work in a marketing department of a European company, which is going to expand to the Japanese market. How will you look for ambassadors? It is hard to find appropriate people for exact brand promotion in an unfamiliar region. It can be laborious to book a local Japanese influencer in a cross-border campaign. But this is what PATRON is looking to solve. We want to create the sharing economy for influencers that can be leveraged globally.
Many influencer marketplaces focus exclusively on celebrity-level influencers with more than 250,000 followers on their social media platform of choice. At the same time, companies choose superstars because they are easy-to-Google. However, having an impressive amount of followers doesn’t necessarily equate to an influencer being able to motivate their fans to action.
Micro-influencers are the new black
Celebrity-level influencers set their rates based on the access to their large follower base. That’s why they are high. Another reason for high-priced promotion by the elite tier of influencers is that they have agents or agencies represent their interests and you have to work through them to come to an agreement. Micro-influencers, or niche bloggers, on the other hand, may have a significantly lower cost-per-engagement, and be able to drive more qualified traffic to your needs. To find such people in different countries you might need help from local professionals. They will conduct special research for your brand to form a list of the most efficient influencers and you will pay for their expertise. At once all of them have their pool of contractors or some home-grown bloggers they promote. Instead of it, you may get an access to an enlarged catalog of influencers without any barriers. Our decentralized platform Patron was created especially for this kind of business.
One more thing you need to understand is the quality of an influencer, while engagement and followers can be quantified, the qualitative ROI for an influencer marketing campaign can be difficult to assess. Your project’s social account can get thousands of followers, who will check news about sales, new products and even “like” them, and etc. But how many of them will really make a purchase? Only such people are counted in ROI.
We spent many sleepless nights working hard and come up with a solution. Developing PATRON we will use three methods of measuring the value of an influencer.
- Are they reachable and able to disseminate content easily?
- Are they engaged and have engaged followers?
- Are they trusted within the community?
These are the foundation of a successful campaign. A more advanced scenario is a win-win outcome for both, the brand and the influencer – it’s what PATRON seeks to provide.
We will be glad to hear from you! Please, don’t hesitate and ask our team any questions you may have via our official social media accounts. And also follow PATRON’s news and stay tuned!