How Social Currency Can Grow Your Business: An Influencer Guide for Businesses

Building your digital brand is a great way to reach more customers and increase your sales potential. It can often come at a hefty price, especially if you’re working with influencers… but it doesn’t have to be that way. Social Currency is still a fair exchange — and one that can start from day 1.

Social Currency.

When we talk about building our businesses online, it is often a discussion of actual dollars and cents. That’s how you build your bank account. But what about other ways of increasing your market share?

What about being competitive on social?

Social Media followers are clients you just haven’t signed yet, HOWEVER, it is very rare to get a sale from each and every follower on all of your social media presences. But that doesn’t mean that you can’t get a conversion in a different way.

Social Media Influencers people or small businesses that engage their audience in a way that leads to conversions.

This is key for businesses because it allows you to build your social media following by piggybacking on the brand of others.

By using their social currency.

Word of Mouth marketing has been around since the beginning of time and social media is just a faster way to deliver it.

Once a business has a large following, it can start to offer an even exchange of feature for feature — or a mention for a mention. In this exchange, influencers would mention the brand and the brand would do the same for mutual benefit.

If you’re just starting out growing your business brand on social media, it can be a little tricky.

Find ONE Influencer Anchor

If you have funds to invest, do it. Find one influencer who has high per-photo engagement, high engagement across all platforms and who has a large reach. Reach is not always something you can eyeball but if you like the way their page looks, reach out to them and see if they would be interested in an on-going feature for an affiliate link or product. That way, your initial investment is still something your business can support.

Find Microinfluencers

Microinfluencers, according to Forbes, are becoming the most important part of the Influencer Eco-System. They are people with 10K+ followers (and, sometimes, smaller followings if your brand is really new) who actually get you the conversions you’re looking for. There’s usually a per post fee involved, but sometimes, they’ll do it for product. Determine how many products you’ll set aside each month and go from there.

Mutually Beneficial

How can you use your social currency for a mutual benefit? Is the influencer going to get a feature on your site? Do you have traffic that would make it worth it? Will you give the influencer a code for their audience? Will you feature them on your social to grow their following? Think about the best way to make the arrangement mutually beneficial before you pitch the influencer.

Overall, influencer marketing can be very effective for brands of all sizes. From a business perspective, it is best to start with offering product and/or social promotion before you offer per-post fees to any influencers you engage.

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