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Kate Talbot - Marketing Consultant and Forbes Contributor
Kate is a content creator for brands, startups, online publications and wrote a #1 best-selling book, "Oh Snap! You Can Use Snapchat For Business." She writes on Instagram and Snapchat trends with articles featured on the cover of Forbes Online, and she’s been featured on NPR, BBC, Nasdaq, NBC News, HuffingtonPost, VentureBeat and more.
What Kate Is Doing These Days (02:19)
Right now I’m still consulting and I have a couple of clients - whether that’s content marketing strategy for social media or doing panels and speaking at conferences. I'm really just knowing what's on the forefront and really tapping into that and optimizing.
Trends in Influencer Marketing (03:09)
Influencers existed forever but today with social media there's just so much more content being created and we're all on our mobile phones. The whole influencer marketing ecosystem has really been driven by the social media evolution. In 2020, it will be a $10 billion dollar market because so many brands and startups are utilizing the power of influencers.
Types of Companies That Are Investing in Macro Influencers (05:40)
Usually, these are consumer products. They are happy to have big celebrities showcase their product. The most common ones are fashion and entertainment brands. Besides Kardashians, Youtubers are also huge celebrities.
So far companies didn’t really pay attention to conversions and that’s why we are seeing the trends of macro and nano influencers. Many brands didn’t see the return of the investment after working with huge influencers.
Macro and Nano Influencers (07:50)
Within the influencer pyramid, macro influencers typically have between 500,000 - 1,000,000 followers. Nano influencers have between 1,000 - 10,000 followers.
There’s a lot of value working with these kind of influencers. First, they are cheaper. You could have 50 nano influencers for the price of one macro influencer. Since they have smaller communities, they are really trusted.
Pricing and Working with Macro and Nano Influencers (09:14)
It's always going to vary, but it's a percentage of how many followers you have and how important you are within the social media space. A lot of times, it can also be an exchange of products for exposure. There are many different ways of doing it.
Influencer Marketplaces (10:33)
Marketplaces allow you to find the right kind of influencer for your brand. They have advanced filtering so you can find exactly what you were searching for. Some marketplaces even have account managers. You can also see their pricing.
For brands, I would definitely start with a percentage of your marketing budget, maybe 30% because you definitely want to test if it's going to work. I recommend focusing on Instagram and Youtube.
B2B influencers are also a thing nowadays, especially because of Linkedin’s popularity.
The most popular influencer channels are Captiv8 and Heartbeat.
Last Words (14:48)
Don't just focus on the big influencers, think about the nano and the macro and how they can help spread your product.
Influencers Selling Their Own Products (02:09)
What I find really exciting is that people are building their own brands and creating their own products by leveraging these low-cost tools to tap into their communities.
The Type of Products that Influencers are Making (02:52)
I see the biggest success with fashion and beauty products. The typical price point is between $30 to $90.
One of the best examples of an influencer who made it is Deepica. She worked at Birchbox and then she became a beauty influencer with her own product. Her community is called Live Tinted.
Finding the right manufacturer is the first business need.
Most influencers are using their network to leverage product building.
Male Products in the Influencer Space (06:00)
Usually, you will see protein powders and razors from male influencers. Allbirds is another good example of a brand who tapped into the male market.
B2B Influencers (09:31)
The best places for B2B influencers are conferences besides Twitter and Linkedin obviously. They are typically talking about new tech trends and many companies are inviting them to talk at these conferences.
Mitigating the Risk of Building their own Products (10:29)
Product development is so different now with social media.
Before you would have to do focus groups, Survey Monkey or pay random people to give you insights. Today, you don’t need it because you already have your community that watches your content, engages with you and they want you to win.
And if you think about any product, that's exactly what you would want from the start.