A social influencer can shift your brand to the next level. In part two of our social media series, we will help you understand the several types of influencers.
Social Media has forever changed the business landscape and should form part of any effective marketing strategy. More importantly, consumers are turning to social platforms and influencers to help them in their decision-making process; the social media influencer market is set to be worth more than $10 billion,
The taste-makers of 2021 are no longer celebs but social influencers who thrive on likes follows and shares.
Our six-part series will help you understand and make use of social-media influencing to grow your network and expand your brand. In part 2 of our ongoing series, we’ll look at the diverse types of taste-makers on social platforms, namely macro and micro-influencers.
Benefits of Social Influencers
If you’ve missed Part 1, don’t stress; the two primary skills an influencer has that you can leverage are their potential to influence others and the size of their following. In short, an influencer that has great persuasive ability coupled with a large (engaged) following will do wonders for your brand, should you be able to partner with them
5 great ways Social Media Influencers can help your network:
- Increase reach and followers
- Enhance credibility
- Project financial brands as friendlier and more accessible
- Reduce ad spend – people are increasingly using ad blockers
We know that pumping millions at a celebrity marketing campaign isn’t feasible for our Partners, fortunately, you can grow your brand and community on a budget using the correct social strategy.
Part 1 – The rise of the Social Influencer – Your ticket to marketing success (needs link to first article)
Partnering with social influencers – What to look for
When searching for influencers to partner with, consider how they’ll benefit your brand. You should research the quality of their posts, their audience demographics and overall reach. For example, a former trader who gained a sizeable following through hosting trading webinars is an ideal option for any Introducing Broker (IB) and/or those in the finance industry.
Refer clients, make money when they trade – Become a IB today!
Macro vs micro-influencer
A macro-influencer has a massive reach (100 000+ followers) and can be incredibly beneficial for your brand provided you’re prepared to cough up thousands of dollars per post.
For those on a budget or just dipping their toes into social marketing, a micro-influencer (10 000+ followers) might be better suited for your strategy. They typically have a limited reach but often see higher engagement rates. What’s more, they charge a minimal amount for a sponsored post.
Sure, everyone wants Kim Kardashian to promote their brand but not only is this horrendously expensive, but you also might not get the engagement you seek. A micro-influencer typically targets niche audiences and have loyal followers. Since they must compete with larger rivals, they create engaging content and most have great storytelling capabilities. Overall, social media users want to connect with genuine people they can relate to, not just mega-celebrities.
Who are they?
It is important to consider the type of influencer and their specific community before you partner with them. If you are in trading, strategic micro-influencers for your brand can be financial advisors, signal providers or traders. They can even be regular social bloggers focusing on the finance industry. Consider how partnering will be beneficial to your brand.
For example, let’s say you find a former trader who is providing advice online. They might only have about 10 000 followers compared to major brands but their audience is highly engaged. By partnering with this influencer, you can be assured a high ROI (return on investment) with followers engaging with your content.
You could even form a symbiotic relationship where you post their content to your network, increasing your credibility and reach. Being a successful IB and social media influencer require the same skillset – networking and the ability to form relationships.
Lead generation – What do you get out of this?
Social media stats reveal that 97% of micro-influencers charge $500 or less for one branded post. When coupled with the fact that businesses can earn up to $6.50 for each dollar spent on influencers, it’s easy to see why social influencers can be important for your business.
Every brand would love to partner with the hottest celeb to help their brand but in truth, influencers don’t need to have millions of followers to provide effective marketing efforts. Statistics show that the larger the audience the lower the engagement; celebrity endorsements only influence about 3% of consumers when it comes to brand marketing. Micro-influencers however can garner trust with their audience, a boon for targeted marketing.
A study by Uproar found that around 75% of consumers prefer marketing that is pushed by those with small followings. Due to the authenticity of their followings, micro-influencers can provide unique views and generate leads.
3 types of leads you can generate from your social networking:
- The beginner trader
These are typically people who have no experience in trading but is interested in getting started. They have heard about it from a friend or social post. They’ve investigated trading but are overwhelmed by the vast amount of information available. They’d like to start trading at home but doesn’t know how to begin. These consumers are perfect for your network as they seek knowledge and more importantly advocacy.
- Professional Retail Traders
These are active traders who have experience and are looking for tools and platforms to assist them. Fast execution is a priority for them as they need to be able to make trades quickly when price movements occur. To aid them in this they require regular market updates. They need a broker that releases news updates and trading signals regularly. Providing information to them is the most important commodity for their trades.
- Copy Trader
These are individuals who would rather copy and follow the trades of others. They typically require a good platform and need a mobile solution to be able to trade anywhere. The primary challenge for a Copy Trader would be finding a broker that they can trust with their investment. They need full transparency with the service offered as well as the ability to trade on the go.
Monetary value is not the only cost factor you have to consider.
Here are the top factors to consider before partnering:
As a Partner, you will know it takes time build any relationship. Consider how much you must invest and which influencers are worth your time. In the time it takes you to partner with a few macro-influencers, you could be working with dozens of micro-influencers.
Just because an influencer has a huge following doesn’t mean they’ll be good for your brand. They could have 20 million followers but if only 10 engage with your brand that’s a poor investment. Instead, choose those who have high audience engagement and are already aligned with your market.
3 Brand ambassadorships
Instead of a standard social post, you could have an influencer become a brand ambassador for you. This is especially appealing to influencers who are just starting. Instead of upfront cash, you could negotiate services (rebates) or a profit share.
4 Scope of your partnership:
Are you looking for short term gains or long-term sustainability? Consider how many posts you need and the period the micro-influencer would need to post them.
Overall, partnering with micro-influencers is the perfect solution for IBs looking to grow their network.
Refer clients, make money when they trade – Become a Partner today!
Stay tuned for more
If you’ve enjoyed what you’ve read, stay tuned for more! This article is the second in a 6-part series where we’ll help you understand Social Media Influencers as well as the rewards of joining our platform. In part three, we will look at the benefits CMTrading offers for your clients.
So, you’d like to join our program but you’re not sure how? Becoming an Introducing Broker (IB) is an easy and exciting way to earn money – simply refer traders to CMTrading and let us do all the work! In return for referring clients to CMTrading, our IB’s will receive a favourable commission. Just refer clients and start earning money when they trade. It is that simple!