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No business changes faster than the world of social media marketing, and more specifically, the world of influencers.
For entrepreneurs starting a business, it can be daunting. After all, some of the UK’s biggest influencers reportedly charge around £10,000 or more for each social media post.
But there’s good reason why the influencer advertising market is expected to be worth more than $1 billion, according to Statista data. If harnessed correctly, this practice can provide huge marketing opportunities for companies of all sizes, allowing them to rapidly grow their business to a loyal customer base organically with zero outside investment.
That’s exactly what Lindsay Scheider, founder of Get Into The Limelight, discovered. Since starting her family-owned business seven years ago, she has expanded her company from a Squarespace e-commerce store selling on-trend products to a range of her sunless tanning products and accessories sold at Macy’s and boutiques across the U.S. and Canada. We have grown it into a luxury line. Featured in Cosmopolitan, New York Times NYT, ABC, etc.
To do that, she says leveraging the creator economy was key, going back to the launch of the company’s tanning products in 2016.
“When we started selling on Instagram and working with influencers, it was a very different time,” Schnieder says. At the time, influencers with hundreds of thousands of followers were charging him $200 per post. Now, he charges $8,000 per post by the same influencer. ”
But as times change, one thing remains: authenticity is always the key to effective influencer marketing, Schneider says. Growing with it has been a challenge, but it’s also what has made the business successful…having influencers to endorse your product is a game changer. ”
Choose the right influencer partnership for your brand
However, in the world of creators who value credibility, it’s not just about having more followers. Instead, retailers should strive to find symbiotic influencer partnerships.
“One of the important things is to make sure that the following things make sense for the business, such as choosing someone who has a strong female following if you’re working with a reality TV star,” says Schnieder. he explains.
So social media account size isn’t everything.
“It’s not just about celebrities, it’s also about working with micro-influencers and medium-sized influencers who really love the product,” the entrepreneur reveals. They pay thousands of dollars in advertising because they are motivated and love the product. ”
The secret to the perfect partnership with content creators
Schneider further explains that the relationship between brands and creators must be genuine, including financial motivations.
“For me, I love them dearly, I follow them on Instagram, I know what they stand for, I know they represent the brand well and they truly love the product. I want to work with people.” They’re creating with me. ”
“Their heart has to be there, because if they’re not and they’re just doing it for the money, I think the audience will see through that,” Schneider added.
Affiliate partnerships are perfect for small and medium-sized businesses because they are low risk and high reward.
Building long-term affiliate partnerships with influencers was critical to Get Into The Limelight’s success, allowing businesses to avoid traditional advertising costs. So maintaining them is key.
“We pay our top-performing affiliates a sponsored post fee to post on a quarterly basis,” Schneider says of the smart strategy. They can’t post about other brands in the self-tanning category, but they do post consistently. ” In a win-win situation, influencers also earn affiliate commissions and quarterly sponsored post fees.
Taking calculated risks has doubled our business every year
Of course, not all partnerships are fruitful. But Schneider has found a way to capitalize on this model while keeping the business completely in-house.
“Our business is doubling every year. If I had to say why, it’s because we take calculated risks and how we spend our money, whether it’s outsourcing, paying for sponsored posts, affiliates, or co-branding collaborations. “I think it’s because I did it wisely,” she reveals.
Influencer marketing in 2024 comes with challenges
As any entrepreneur knows, no strategy is 100% successful all the time.
“I’ve had some nightmares, too,” Schneider says. Take the money and run. ”
But what about those risks? Calculated. “Yet these risks have allowed our business to grow to this point,” she reflects.
This trend is expected to continue
The influencer marketing industry may already be worth over $30 million, but we can expect it to grow even bigger and faster. According to statistics, the market is expected to grow to $47.8 billion by 2027.
For Get Into The Limelight, that means honing a lucrative partnership into 2024 and beyond.
“I love collaborating with co-brands. It’s great when someone I really admire can partner with this brand, so I’m looking forward to working on that in 2024,” says Schneider. “We have also created some new products and are expanding our line.”
Ultimately, this entrepreneur realized that good influencer marketing comes down to one simple, analytical strategy. But “it’s about doing more of what works and less of what doesn’t,” she explains.
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