Influencer marketing is on track to become a $15 billion dollar industry by 2022 – and yet there are still myths about working with influencers.
From costing too much, to not getting results from Nano or Micro influencers, there are plenty of misconceptions.
Ready to separate facts from fiction? We’re debunking 5 common myths about working with influencers:
Why Brands Should Work with Influencers
With the right strategy, influencers can increase brand awareness, drive sales, and create a community of advocates.
Their power stems from their authenticity. Influencers can build an authentic bond with their audience and become a reliable source of inspiration.
Once they have their community’s trust, they’re able to sell products in a less sales-y way – it’s like a recommendation coming from a friend:
From major names like Sephora to small businesses like Natural Hair Wigs, brands are using influencer marketing to grow their community and drive sales.
Like many industries, influencer marketing was impacted by the COVID-19 outbreak in early 2020.
However, as businesses transitioned to social commerce in response to social distancing restrictions, the influencer marketing industry has gone from strength to strength.
In fact, by December 2020, influencer agency Fohr’s rate of sponsored posts was up by 22.9% year-on-year.
Later x Fohr: The Selling Power of Influencers
As brands continue to diversify their sales strategies, and Instagram releases more e-commerce tools to streamline how brands connect with customers, the influencer marketing industry is only set to grow.
In fact, the influencer marketing industry is expected to hit $15B by 2022.
Ready to take your influencer marketing strategy to the next level? Watch our free Influencer Marketing course with Gretta Van Riel:
5 Common Myths About Working with Influencers
If you’ve ever worked in the influencer marketing industry, you might have heard some of these common myths:
But where do these myths come from, and is there any truth behind them? Let’s find out.
Myth #1: Influencer Marketing Is Expensive
Cost is one of the biggest reasons brands hesitate to work with influencers.
As you might’ve guessed: a partnership with a Mega Macro influencer (having more than 1M followers) often comes with a hefty price tag.
But, a Micro influencer (those with less than 100K followers) will typically cost less — with most charging between $500 to $2K for an Instagram post.
Prices can also vary based on how you plan to work with them.
Will it be a one-off post for a specific campaign, or will you collaborate with them for an extended period of time?
Working with influencers on an ongoing basis can help raise prolonged brand awareness and build trust with their audience.
Because the influencer marketing space is still fairly new, there is no one-size-fits-all pricing for influencers.
However, before you work with influencers, use your budget as a baseline for how many you can work with and for how long — paying them fairly for their work is essential for a lasting relationship. Even the smallest influencers put time and effort into creating beautiful content.
Myth #2: Nano and Micro Influencers Don’t Deliver Results
Nano influencers (with less than 10K followers) have higher engagement rates on average than top-tier influencers.
According to Later x Fohr’s Influencer Marketing Report, Nano influencers have the highest average engagement rate with 4% across all feed and sponsored posts.
Later x Fohr: Average Feed Post Influencer Engagement Rate Per Follower Tier
So if your goal is to tap into niche, highly engaged communities, working with multiple Nano influencers can be a great option.
One brand that frequently works with Nano influencers is PinkBlush Maternity. Their feed is full of real-life customers who consistently use their products and talk about them with their own audiences:
Nano and Micro influencers may not have the same mass reach as a Mega Macro (1M+) influencer, but they can be a more cost-effective choice for brands looking to target specific audiences.
Later’s PR and Influencer Manager Chrissy Abram agrees: “Partnering with Micro influencers has the potential of tapping into a really engaged audience without having to fight for their attention.”
Later and Fohr analyzed over 3.5M Instagram posts to discover how an influencer’s follower count impacts their Instagram engagement, reach, save, and video view rates. Sign up now for the full report:
Myth #3: Paid Partnerships on Instagram Are Hard to Set Up
Another common myth is that Instagram’s Branded Content tools aren’t available for everyone.
The truth? You only need a Business profile.
Simply go to “Settings” and select “Business”. Scroll down to the “Branded Content” section. Then, turn the “Manually Approve Tags” button on.
Once you’re set up, you can approve accounts to create sponsored content for you.
We’ve seen thousands of accounts grow on Instagram by doing paid partnerships. Hello Fresh‘s #HelloFreshPartner hashtag has over 7K posts:
Myth #4: All Influencers Buy Followers
There’s no avoiding it, fake followers exist — and some influencers do inflate their follower count on social media.
However, not all influencers buy fake followers.
In fact, there’s an increasing emphasis on the quality of an influencer’s following — with many accepting that a smaller, more engaged following is just as good, if not better than a larger, disengaged one.
Fortunately, if you’re unsure on the legitimacy of an influencer’s following, there are ways to investigate before you commit to a partnership.
Take note of how many likes and comments their posts receive, and look at the accounts that are actively engaging with them. Do they appear genuine?
If this isn’t enough, you can request a validated performance report, or enlist the help of a third-party validation tool like Fohr or Social Blade.
Myth #5: Influencer Marketing Doesn’t Work for B2B Brands
There is little doubt that influencer marketing makes sense for B2C brands in the beauty, fashion, food, or lifestyle industries.
When it comes to B2B though, many brands are less convinced.
But if you look at B2B brands like Cisco, who created “Cisco Champions,” it’s clear that influencer marketing can have great results.
for the third year in a row! This program continues to motivate me to contribute to, and actively participate in the Wi-Fi community. #CiscoChampion
Whether it was producing content or speaking at events, the program generated more than 55K tweets and over 44K hits to their blog — strengthening Cisco as a leader in the IT and networking space.
And there you have it. 5 myths about working with influencers: debunked!
Influencer marketing can be one of the best ways to drive traffic to your site, raise brand awareness, and build credibility.
Need help creating an influencer marketing campaign? Download our Free Influencer Campaign Kit for Small Businesses that includes worksheets, an influencer research checklist, and more.
