Business
5 Things to Look for in Influencers for Small Business Campaigns
Influencer marketing has evolved into a multi-billion-dollar industry throughout the past few years. Big companies from every industry have been known to employ this strategy. Influencer marketing can assist brands in reaching their goals in branding as well as engagement, sales and much more.
And you don’t need to be a large corporation to benefit from influencer marketing. Small, local businesses are able to benefit from the method, too.
But, the success of your campaign is contingent on identifying the best social media influencers to promote your brand. It can be daunting at times, especially for smaller brands with few resources.
So, if you’re a smaller company that is interested in influencer marketing, read on to learn what you should be looking at when it comes to finding influencers.
Before we begin – where can you find influencers?
There are three methods of locating influencers:
- Social media
- Influencer marketing platform
- Influencer marketing agency
The most efficient way to accomplish this is through an agency. However, it’s also the most expensive choice, which is probably not an option for many small-sized brands. And an influencer marketing platform requires a subscription, but it’s much less than an agency.
Utilizing this kind of software, you’ll discover influencers more quickly than if you use social media in a direct manner. However, if you have a very limited budget, do not rule out searching directly on social media. It’s not the easiest method and requires more manual work, however it’s completely free.
To decide which option is most suitable for you, consider your goals, the resources available and your budget. Whatever option you choose, it is essential you have access to performance metrics. They can be obtained through the agency you choose to work with or from an influencer marketing platform, or you can request that influencers provide you with their media kits.
What to look out for when it comes to finding influencers
Let’s examine the various metrics and characteristics small-scale businesses should take note of when it comes to influencers.
- A follower count that fits with your budget
Prices for influencers are affected by a number of variables, including follower count, engagement rate, country, as well as the type of content you’re asking them for.
Follower count is among the easiest methods to quickly gauge more or less how much an influencer will cost. To explain more about this, let’s first arrange influencers into six tiers:
- Nano influencers, 1-5K followers
- Micro influencers, 5-50K followers
- Medium influencers, 50-100K followers
- Macro influencers, 100K-1M followers
- Mega influencers, 1M+ followers
- Key opinion leaders, no particular range of followers.
The Medium tier is where influencers start to exclusively accept collaborations that include some type of fee for services, and rates begin to get higher faster. Mega influencers can cost tens of thousands of dollars per post, or even more! The unfortunate truth is that if you’re a small company, you simply can’t afford this.
Likewise, a KOL (or key opinion leader) isn’t always the best option for you, either. KOLs are respected experts in their industries, and their influence isn’t limited to social media (that’s why they have no set follower range). They can also be expensive and difficult to communicate with, due to very busy schedules. So for small companies, it’s better to look elsewhere for your collaborators.
Fortunately, there are plenty of alternatives for small-sized companies. Nano influencers, who have 1-5K followers, typically work with brands for free products alone. Micro influencers, with 5-50K followers, might collaborate for free products alone, or for products plus a small fee.
You might think that these influencers, with relatively small numbers of followers, won’t be able to make any difference in your marketing campaign. But don’t be fooled, as they have the highest engagement rates among all influencers, which leads us to the next point.
- Good engagement rate
Engagement rate is the measure of the interaction between an influencer and their followers. The more followers trust and like the influencer’s content, the more they’ll interact with it. And, the closer an influencer’s connections are to their audience, the greater chance they have of translating this engagement into a relationship with your company.
As small businesses don’t have the resources to pay for influencers who have millions of followers across the globe, it’s more effective to market your brand to highly engaged, specific niches. You connect with fewer people, true. But, quality over quantity.
So how can you tell if an influencer has a good or bad engagement rate? Compare their rate with the average engagement rate of similar influencers. This can be done using the help of an influencer marketing platform, or get the influencer’s media kit and research the benchmarks of their segment.
Be aware that engagement rates averages differ based on the categories, social networks, and number of followers. Don’t make the mistake of comparing TikTok creators with the rates of Instagram influencers, for example. Also, don’t compare fashion influencers who have 5K followers against sports influencers with 500K followers.
Also, be on the lookout for extremely low or high engagement. If it’s extremely low, it means that people are not interested in the influencer’s content. Or, their followers might be inactive or fake. If it’s very high, it could indicate that the influencer has purchased fraudulent engagements (like fake comments or likes).
- An authentic and genuine audience that matches your goals
Every marketing campaign must keep its target audience in mind. You can’t succeed if you don’t know who you’re directing your campaign at. Knowing your target audience also helps you make better choices when choosing which influencers to work with.
When you’re finding influencers, analyze their audience in addition to their performance stats. Examine demographics, such as gender, age, country, interests and language, to ensure that the influencer has the ability to get you in touch with the right people. If you don’t have access to these details, ask the influencer for that info.
An audience location analysis, showing that more than half of this influencer’s audience is interested in surfing.
When you look at the audience of an influencer, be sure to verify the authenticity, too. Perform an audit on fake followers to eliminate those influencers whose audiences are made up of mostly bots. False followers are said to have cost companies $1.3 billion in the year 2019. And as a small company with a small budget, it’s important to avoid wasting your marketing dollars on bots.
An authenticity analysis showing that 8.46% of the influencer’s followers have exhibited some type of suspicious behavior.
There are several ways to identify the presence of a bot:
- No profile photo or biographical details
- Names that appear to be random string of numbers and letters
- Very little or no content, or content that looks like ads
- Comments that appear out of place or unnatural, as they were they were not written by a real person
Validating the authenticity of your audience is a vital step in making sure that you choose the best influencers to promote your small business.
- Local presence
Large brands have the ability to work with influencers around the world because their businesses are internationally based. However, for small businesses the rules are different. And it is better to remain local.
Why is that? Local influencers will be able to better understand the culture of your brand and may even come to visit you if you have a physical store or location. In addition, local influencers can help you connect with people who live in your region, who are, at the end of the day, the people who are best positioned to become your customers.
- Personality and content that is aligned with your brand
The last one applies to every brand that is involved in influencer marketing: Look for influencers who are aligned with your company. That is, followers shouldn’t have to wonder why the two of you have teamed up.
This can’t be quantified by data, therefore it is essential to examine the profile of an influencer and trust your intuition. Think about questions like:
- Does this influencer produce content in the same style that my company does?
- Is their content quality in line with my expectations?
- Will their voice be able to transmit my message?
- Does the influencer uphold the values of my brand?
- Does their style mesh with my own?
Prioritizing influencers who align with your brand’s values can lead to more authentic, credible collaborations.
Conclusion
Influencer marketing is an enormous market, and even small businesses can utilize this technique to improve their performance. Remember that the success of this strategy is contingent on the selection of the best influencer to work with.
The Canada Emergency Business Account (CEBA) has been a crucial lifeline for many Canadian businesses, providing interest-free loans to help them weather the economic challenges brought about by the COVID-19 pandemic. While CEBA has been a valuable source of financial support, it is essential to understand the consequences of not repaying your CEBA loan. In this blog post, we will explore the potential risks and implications of failing to repay a CEBA loan and offer insights into how businesses can manage their financial obligations responsibly.
Understanding CEBA Loans
Before delving into the consequences of not repaying a CEBA loan, let’s first understand how the program works. CEBA provides eligible Canadian businesses with a loan of up to $60,000, with specific terms and conditions. One of the most attractive features of CEBA is the possibility of loan forgiveness. If certain conditions are met, up to $20,000 of the loan can be forgiven, effectively transforming part of the loan into a grant.
However, it’s crucial to remember that CEBA loans are intended to be repaid, and the forgiveness option is contingent on meeting specific repayment criteria. Therefore, businesses must be aware of the potential consequences of not fulfilling their repayment obligations.
Consequences of Not Repaying Your CEBA Loan
Accumulating Interest
CEBA loans are interest-free until a specified date, after which interest begins to accrue. If you do not repay your CEBA loan as required, you will start incurring interest charges on the outstanding balance. Accumulating interest can add a significant financial burden to your business over time.
Impact on Credit Rating
Non-payment of loans can negatively impact your business’s credit rating. When you default on a loan, it is reported to credit bureaus, which can result in a lower credit score for your business. A lower credit rating can make it more challenging to secure financing or credit in the future.
Legal Action
Failure to repay a CEBA loan can lead to legal consequences. The government may take legal action to recover the outstanding debt, which could involve court proceedings, judgments, and potential asset seizure. Legal actions can be costly and damaging to your business’s reputation.
Loss of Forgiveness
If you fail to meet the repayment conditions for CEBA, you will forfeit the opportunity for loan forgiveness. This means you will be responsible for repaying the full amount of the loan, without the possibility of having a portion forgiven. Loss of forgiveness can have a significant financial impact on your business.
Difficulty in Accessing Future Support
Defaulting on a government-backed loan like CEBA can make it challenging to access future financial support programs. Government agencies and financial institutions may be reluctant to provide assistance to businesses with a history of non-payment.
Stress and Uncertainty
Financial stress and uncertainty can take a toll on business owners and their employees. The burden of an unpaid loan can lead to sleepless nights, strained relationships, and increased anxiety. It’s essential to consider the emotional and mental toll of financial struggles.
Managing Your CEBA Loan Responsibly
To avoid the potential consequences of not repaying your CEBA loan, it’s crucial to manage your financial obligations responsibly. Here are some steps you can take:
Create a Repayment Plan
Develop a clear and realistic repayment plan for your CEBA loan. Consider your business’s cash flow and budget to ensure that you can meet the repayment requirements. A well-thought-out plan will help you stay on track.
Communicate with Your Lender
If you anticipate difficulties in repaying your CEBA loan, proactively communicate with your lender. They may be able to work with you to find a solution, such as adjusting the repayment schedule or exploring other options.
Prioritize Repayment
Make repaying your CEBA loan a top priority in your financial planning. Allocate funds specifically for loan repayment and avoid diverting those funds to other expenses unless absolutely necessary.
Monitor Your Financial Health
Regularly monitor your business’s financial health. Keep track of your income, expenses, and cash flow. If you notice any financial challenges on the horizon, take proactive steps to address them promptly.
Seek Professional Advice
Consider seeking guidance from financial advisors or accountants who can help you navigate your financial obligations and develop a sustainable repayment strategy.
Explore Government Support
If your business is still facing financial difficulties, explore other government support programs or resources that may be available to assist you. Government agencies may provide guidance on managing your debt and financial challenges.
Conclusion
While CEBA has provided critical financial support to Canadian businesses during the COVID-19 pandemic, it is essential to recognize the importance of responsible loan repayment. Failing to repay your CEBA loan can have significant consequences, including the accumulation of interest, damage to your credit rating, legal action, and the loss of forgiveness.
To mitigate these risks, businesses should prioritize loan repayment, communicate with their lenders, and seek professional advice when needed. Managing your CEBA loan responsibly is not only a legal obligation but also a crucial step in ensuring the long-term financial health and sustainability of your business. By taking proactive measures and staying committed to your repayment plan, you can navigate the challenges associated with CEBA loans successfully.
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