Influencers are everywhere.
According to statistics, there are 37+ million on Instagram. YouTube, on the other hand, boasts a respectable 1.5 million influencers.
These influencers promote brands on social media every day and directly influence how customers spend their money.
However, there’s one problem.
Getting an influencer who can grow your business is challenging. In fact, a Mediakix survey showed that 60% of marketers struggle to find good influences to power their campaigns.
Fortunately, you can leverage influencer marketplaces to source the best influencers.
Before we talk about these marketplaces and how they work, let’s deal with the basics first.
Benefits of Influencer Marketing
There’s every reason to use influencer marketing to grow your business. Look at the following stats:
- According to Instagram, 87% of users have purchased a product or service promoted by an influencer.
- According to Influencer Marketing Hub, you can generate up to $5.20 for every $1 spent on influencer marketing.
- Finally, over 89% of marketers vouch for influencer marketing. They say the strategy works for their businesses.
While you shouldn’t only depend on influencer-based marketing to grow your business, these statistics prove that the strategy works.
Sure, there are other ways to reach your target audience, like creating ads for instance. However, did you know that 26% of consumers use ad blockers?
Put differently; there’s every probability that those ads you’re spending your money on won’t reach the targeted audience. So, if you’re a sales-based enterprise, influencer marketing could be one of the best ways to get your brand out there.
With that out of the way, let’s get to the gist of the matter.
What are Influencer Marketplaces?
Influencer marketplaces, at their very core, hook businesses up with influencers working in their niche.
The system is straightforward. You’ll create an account on the marketplace, describe what your business does, and wait for the right influencer to respond.
If you find an influencer that offers what you’re looking for, you can proceed to hire them to create content, promote your business, and of course, drive sales.
It is important to mention that you can work with several influencers across various platforms. The best practice is to start with one and recruit more content creators as your brand awareness increases.
The beauty of it is that you can use influencer marketplaces for a one-off stint or a long-term promotion campaign.
Some of the most sought after influencer marketing platforms include:
- Famebit
- Upfluence
- AspireIQ
- Intellifluence
- Webfluential
- HypeAuditor
Note that you can find influencers listed on marketplaces who work across several social media platforms.
This is great news for business owners since you can let one or two reliable influencers handle all your content marketing needs.
For instance, Upfluence connects brands with Instagram influencers, but you can also get influencers working on Facebook and TikTok.
HypeAuditor, on the other hand, pairs businesses with influencers working on YouTube and Twitch.
How to Choose an Influencer Marketplace
There are many marketplaces for you to choose from. However, not every one is worth your attention. Here are some factors to consider before choosing an influencer marketplace.
Fees
Sign-up is free for almost every marketplace. However, you’ll have to pay to use their services. It is, therefore, important to check the fees out before signing up.
Some marketplaces like Influence allow you to use their services for free through a basic account.
However, there’s a limit to the number of messages you can send or receive every month. You’re also limited in terms of how many profiles you can see. Even though a basic account can work for a one-off campaign, it might not be viable for long-term influencer marketing.
So, be sure to consider the fee structure before signing up with any influencer marketplace.
The Number of Influencers in Your Roster
Ideally, you want to partner with a marketplace that allows you to access as many influencers as possible.
Check how many influencers you can discover with a specific platform. You should compare different platforms to determine which one offers the best deal.
Remember, the bigger the roster, the easier it is to find an influencer who delivers what you’re looking for.
How Do You Communicate With Influencers on the Platform?
Unless you’re using a basic account, the platform of your choice should allow you to communicate with influencers freely. So before you sign up, ask yourself these questions.
- Does the platform offer a direct connection to influencers?
- Are you allowed to communicate with the influencer outside the platform?
- Does the marketplace offer analytics and reporting services to let you know how your social media post’s performance?
- How easy is it to access and use a particular freelancer on the platform?
How to Make the Most Out of an Influencer Marketplace
After finding the right influencer marketplace, weighing the pros and cons of each, and signing up for the right one, you are ready to start connecting with creators. How do you get value for your money? Below are some tips to help you get started.
Determine Your Goals
Before you even sign up, you should know what you want to achieve already. For example, do you want to boost sales, increase brand awareness, or improve your brand’s engagement levels?
Write down your goals in the order of priority.
Next, segment your target audience and gauge how likely they will respond to your influencer marketing campaign. The idea is to help you determine the role of the influencer in your marketing efforts.
Set Your Budget
How much do you plan to pay your chosen influencer? Is that amount “fair”? While charges may vary from one influencer to another, you can determine your budget by asking yourself the following questions:
- What type of content do you need?
- Who are you targeting?
- How big is your audience?
- Is this a one-off or long-term marketing campaign? You can negotiate the rates if the influencer knows they’ll get a steady stream of opportunities from you.
While determining your budget, keep in mind the monthly and annual subscription fees.
Research Influencer Marketplaces
As stated, there are many influencer marketplaces out there. It is, therefore, crucial to research your options before choosing a platform. You can do this by:
- Ensuring the platform is focused on your industry.
- Ensuring creators on the marketplace actually work on your chosen social media platform.
- Ensuring you can afford the influencers on the marketplace.
We recommend looking for marketplaces that offer a free trial before you commit to a premium plan. That way, you can try the platform without wasting a penny.
How to Find Influencers Who Fit Your Brand
You’ve settled on a specific platform. The question then becomes, how can you pinpoint influencers who have what it takes to deliver the results?
Well, there’s no right way to do this. However, you can look at the following elements to help you determine if an influencer is worth your money or not.
Engagement
Check if followers engage with the influencer through comments or by sharing their content.
The higher the level of engagement, the more the likelihood of seeing better engagement on your content. Avoid influencers with a massive following but low engagement levels.
Authenticity
Authenticity is crucial. A Stackla report shows that 90% of customers rely on authenticity before buying from a brand. So, make sure that you’re only partnering with an “authentic” influencer.
Reach
Let’s be clear on one thing: you don’t need influencers with millions of followers. Depending on your niche, you can be better off targeting creators with smaller audiences but higher engagement levels.
As a rule of thumb, reach is key, but it may be less important than engagement.
Resonance
Determine if the influencer you want to work with can resonate with your brand identity. It doesn’t matter how popular the influencer is. The truth is that they won’t boost your marketing campaign if they don’t resonate with your brand identity.
In fact, an influencer who doesn’t resonate with your brand may end up ruining your marketing strategy.
Bonus Tips
Review Your Influencer Marketing Campaign’s Performance Metrics
You will never know if your efforts are working unless you track performance indicators or KPIs.
Of course, KPIs may vary depending on your goals. However, it is important to keep an eye on metrics such as engagement, impression, conversions, and followers.
You can also tell if your campaign is working by tracking your sales. The more the sales, the more successful your campaign is.
Review Your Partnerships Regularly
You should assess if it is working with an influencer as the campaign period moves forward.
Sure, an influencer may help you close more deals at the start of your campaign. However, that doesn’t mean you should continue working with them if they’re not delivering consistent results.
You can stop your partnership with an influencer if things are no longer working.
Find the Right Influencer Marketplace Today
Influencer marketplaces are great for finding the right influencers without having to do the hard work.
Still, not every marketplace delivers what it promises.
If you’re looking for an influencer marketplace to source creators for your next influencer marketing campaign, we can most definitely help.
We offer reliable influencer marketing services, matching your brand with the perfect influencer to help drive conversions, engagement, and followers.