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XendooRetail Product Accounting Micro-Influencers and Small Retailers: A Perfect Match
accounting for influencers

Micro-Influencers and Small Retailers: A Perfect Match

 

We’ve all seen A-list celebrities endorsing mega brands and stores. This marketing strategy’s price tag (up to $1 million for celebrities like Kim Kardashian) is far beyond the scope of most retailers’ budget, but there’s another way to get in on the endorsement bonanza: social media micro-influencers.

 

Social media influencers

They are people who have gained popularity on Youtube, Instagram or other social media platforms. With followings in the 6 or 7 figures, what they say about you can have a significant impact on your sales figures and brand awareness.

 

The top social media influences are so famous that their endorsement fees now rival those of Hollywood stars. What’s more, studies show that the larger the influencer’s following, the LESS effect his/her endorsement has on marketing results. That’s because the followers are such a diverse group of people that the product being endorsed just isn’t relevant for many of them.

 

Micro-influencers

These are the people who cater to a tightly focused niche, either of subject matter or location or both. They have fewer followers, but a higher percentage of those followers are your potential customers. They still have personal credibility; their opinion is as highly valued as a friend’s. And their endorsement is affordable, usually well under $1,000. For small businesses, it’s a perfect solution.

 

Find your micro-influencers

  • Run your own searches on social media.
  • Reach out to internet personalities you already follow. (Find their contact info in the channel’s “About” section.)
  • Ask existing customers who they follow.
  • Invite proposals from influencers on exchange platforms such as FameBit.
  • Use a talent management agency.

 

Analyze the influencer’s performance.

  • How relevant the content is to your brand.
  • How often and consistently content is posted.
  • How much the audience interacts with the channel.
  • How often content is shared.
  • Channel’s growth rate.

Analytics companies such as OpenSlate can help with this.

 

Strike the deal.

There are many ways to compensate an influencer besides money:

  • Provide them with exclusive content, i.e. behind-the-scenes access or sneak previews.
  • Cross-promote them on your store’s website and other marketing channels
  • More audience engagement through giveaways, contests, etc.

 

By strategically selecting and working with micro-influencers, small businesses can engage with a highly relevant fan base at an affordable cost. And their ROI will probably be better than what the big box competition gets from hiring Kim Kardashian.

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