Is influencer marketing the right fit for your business?

Mar 24, 2023 by
Is influencer marketing the right fit for your business?

Whether you love them or hate them, influencers are a major part of the cultural conversation right now, with the rise of TikTok cementing their status as the new idols of Gen Z. Rather than bemoaning the fact though, should businesses that would otherwise avoid hiring an influencer to promote their wares be embracing this new marketing avenue?

It would be impossible to ignore that influencer marketing has become a particularly popular way for businesses to reach their target audiences in recent years. By partnering with social media influencers who have a large existing following and loyal fan base, businesses can promote their products or services in a manner that feels more authentic and engaging to their consumers.

However, before jumping head first onto the influencer marketing bandwagon, it’s important to consider whether it’s the right fit for your business.

Your target audience

Influencer marketing works most effectively when you are targeting a specific audience that aligns with the influencer’s audience. For example, if you’re selling fitness products, partnering with a fitness influencer with a large following in that niche can be a great way to reach potential customers in a way that feels natural.

However, if your target audience is broader, or not as well-defined, influencer marketing may not be as effective, as it could feel a little like spending a lot of money to throw darts at a wall and hope for a bullseye.

Your budget

If you are working with some legitimately ‘famous’ influencers, then it can be an incredibly expensive endeavour. Before committing to a campaign, it’s important to evaluate your budget and determine whether it’s feasible to invest in influencer marketing. Additionally, it’s important to ensure that the cost of the campaign aligns with your expected return on investment.

Thankfully, there are thousands of micro and nano influencers with more targeted audiences that will charge a fraction of the cost of somebody like KSI or Huda Kattan. Their niche following might even work in your favour!

Your offering

Not all products or services are a good fit for influencer marketing. For example, if you are selling a very niche product that only appeals to a small audience, it may be difficult to find an influencer who can effectively promote it. On the other hand, if you are selling a product that is visually appealing or has a strong social media presence, influencer marketing may be a great fit.

Of course, the inverse could also be true. You could have a niche product that fits perfectly with the niche market of an influencer. It could be an ideal match. There will never be a consistent answer here, you have to judge it on a case-by-case basis.

Your brand values and goals

It’s important to ensure that the influencer’s values align with your brand values. If their personal brand conflicts with your company values, it can negatively impact your brand’s reputation and come across as inauthentic. It’s also vital to ensure that the content being promoted by the influencer falls in line with your brand’s messaging and tone.

Also, always determine what your goals are for the campaign before reaching out to influencers. Are you looking to increase brand awareness, drive sales, or build brand loyalty? Understanding your goals can help you determine whether influencer marketing is the right fit for your business and whether they can be a true brand ambassador or an expensive lead balloon.