The last couple of years have seen one of the greatest shifts to ever happen in marketing: the rise of the influencer.
In certain sectors, there are now product types that simply couldn’t exist without a competitive influencer strategy. Fitness, fashion, and beauty products being perhaps the most obvious, but the finance and technology sectors are not far behind.
Influencers and investing are a less obvious combination, but influencer marketing (IM) can be an extremely effective means of promoting your crowdfunding campaign, reaching new investor groups, and complimenting your other marketing efforts.
Why should I use influencer marketing in my campaign?
Let’s sum up the top three reasons.
High audience trust levels. IM is an evolution of celebrity endorsement. But rather than getting paid to back one-off ad campaigns (which can read as inauthentic to sceptical modern audiences), influencers build their credibility by embodying a consistent lifestyle and brand.
Genuine expertise. Many influencers in technology and finance sectors are genuinely knowledgeable and up-to-speed. They run YouTube or Discord channels, publish salient Tweets, stories, and blog posts, and share their strategies and how-tos. Your marketing dollars pay for the attention of their extended network, earning you trust by association.
Scope for flexibility. You can tailor your influencer choice to your strategy, budget, and desired outcome. ‘Micro-influencers’ have fewer followers (generally in the thousands or tens of thousands) so are cheaper, but can carry valuable sway in specific niches. Macro-influencers are more expensive but can help you reach wider audiences.
An influencer’s popularity and past success inform their price tag. You might allocate marketing funds across several small influencers, or a bigger portion to one ‘macro-influencer’ (generally 100k+ followers) or Instagram celebrity.
Is influencer marketing right for me?
As with all marketing channels and strategies, different ones will work for different businesses. Influencer marketing may be right for you if you:
Have a ‘review-able’ product. If your product or service is something tangible, it’ll be easier for an influencer to share their experience with their followers or subscribers.
Have an engaging brand story. Influencer marketing is very personable. It’s built around connection, resonance, and relatability. Your chosen influencer will need to give an authentic reason they’ve bought into your brand. This can be harder to do with less emotive products like ICOs or tax software (although not impossible).
Have strong knowledge of your target investors’ media habits. Where do they get their information? How have they discovered past investment opportunities? Do they trust Twitter? Do they learn on YouTube? If you can identify and demonstrate clear patterns, you might have a good case for using an influencer.
Where do I start with my influencer marketing strategy?
Chances are you’ll be starting with an awareness of well-known names within your industry. If not, search for hashtags that are relevant to your business on Instagram, Twitter, LinkedIn, and/or TikTok (depending on the social media channels your target audience uses). Through this, you’ll find popular posts, and who’s posting them.
As with any business interaction, you’ll need to nurture your relationship with your influencer(s). Depending on their status, you may even need to pitch to them as you would to an investor.
Influencer marketing is a highly personable game. An influencer’s most valuable asset is the trust of their followers. Many only promote products they have (or their audience has) some personal connection with. Winning trust will help you secure in-demand influencers, and building a strong relationship can affect the amount of time and exposure they’re willing to give you.
If full-scale, relationship-driven IM isn’t your main focus, Tribe provides a ready-made influencer network for generating quick influencer-style content. This is what most diversified marketing campaigns gravitate towards, but you will still need to factor project management time into the equation.
Lastly and crucially, as with all of your marketing activity, you’ll need clear success metrics for what you want to achieve. For every dollar spent on influencer marketing, how much investment do you aim to bring in? Is your campaign solely investment-focused, or should an influencer campaign ‘kill two birds’ by generating new clients or referrals? You’ll also want to set clear and realistic timeframes to achieve your goals.
Marketing a crowdfunding campaign is no small job. It requires a huge amount of time and energy that you’d otherwise be funnelling into your business.
When you list your business on STAX, we offer additional marketing services and access to a network of digital agencies and consultants. To speak to us about helping you get your campaign off the ground, chat with us here, or read our CSF success stories here.