Ranging from big names in Singapore to the lesser known ones, how do you know if an influencer gives you best results for your business with so many choices?
There are the Superstar Influencers - people with massive followings of 50k and up ( Well there's no exact number, everyone should be the star of their own show ).
Naomi Neo has a following of over 431,000 people and appeals to the youths in Singapore
There are also Micro influencers with a much smaller following but still, command the same amount of influence from their audience.
Dollar to dollar, it may actually be more cost effective to engage a big pool of Micro influencers due to less "brand markup" that comes with all branded products, similarly with Superstar Influencers.
So which is better for your business?
It largely depends on the optimal amount of credibility or social proof that your business needs. The number of Impressions should be similar, based on Social Media's algorithm if both have quality audiences.
The next determining factor is the Terms of endorsement.
How long does this endorsement last for and to what extent can you use an influencer's brand to market your product?
Bigger Influencer managed by their agencies may have stricter brand guidelines to follow when it comes to portraying them in the campaign.
Whilst it is for the benefit that both parties do not harm each other's reputation, having bad terms may result in short-lived campaign results.
Communicating with an "Influencer"
Most influencers would probably be signed under a Influencer management agency. Some agencies have exclusive agreements ( Meaning they act as a middleman for all transactions ) while some may have a less restrictive arrangement with their influencers.
Should you bypass an agency and go to your influencer direct?
Cost wise, it does make sense when you approach an influencer directly and save on middleman margins BUT the regret comes later.
Planning a campaign with influencers is not as straightforward due to the "Human element" of this campaign.
Working with a large group of influencer poses the same Human Resource problems that companies face when it comes to coordinating people to post images, write reviews or appear on set.
These results in unhappy influencers, a frown on their faces on set and a botched campaign.
When working with multiple influencers, always talk to an agency to circumvent unnecessary troubles from influencer contracts, admin duties, and coordination work - they may even help you with a better campaign angle.
But IF you have to go to an influencer directly..
- Check if they have signed an exclusive contract with an agency
- Write out clear contractual terms on the number of posts or type of content to be produced no matter the size of your deal ( Read here about a bad case on "Trust" contracts between an influencer and a jeweler )
- Do your due diligence on their niche, audience demographics and engagement, some may not have the numbers themselves.
Compensating an Influencer
While some may accept sponsored products as a compensation. It is more sensible and acceptable to compensate them with cash. ( They might still be taxed on sponsored products anyway )
After all, they have put in hours and their reputation to produce content to promote your product. We should be less egotistical about the value of our product or the exposure that we generate for them through the advertising budget and give them reasonable compensation - You may even save yourself from a public backlash 😉
Read more: How to find Influencers for my brand?>>