Podcast Summary
SMEs can grow business through influencer marketing with small influencers: SMEs can gain new customers and significant growth by collaborating with small influencers, spending less money than traditional marketing methods, and receiving word-of-mouth recommendations in the digital age.
Influencer marketing is a powerful tool for small and medium-sized enterprises (SMEs) to drive direct business growth, even with influencers having relatively small followings. OSAM Accountants, a business specializing in accounting services, has seen 25% of their new business coming from influencer marketing. They've found success by collaborating with influencers, spending relatively little money, and receiving the equivalent of word-of-mouth recommendations for the digital age. Even for industries perceived as "boring" or traditional, like accounting, influencer marketing can yield significant results. OSAM Accountants currently works with around 30 influencers, managing them in-house, and the cost for influencer collaborations is not as high as one might think. This approach has led to OSAM Accountants' best customers coming from these influencer marketing efforts.
Balancing quality and relevance in influencer marketing: Find the right balance between paying influencers upfront and through commissions, ensure audience relevance, educate audience, incentivize through conversions, offer free services, create authentic endorsements, and build long-term partnerships.
Effective influencer marketing involves finding a balance between quality and quantity, while ensuring the relevance of the influencer's audience to your product or service. This approach can include a hybrid model of both upfront fees and commission-based rewards. By educating the audience on the importance of your offering and incentivizing influencers through conversions, you can create mutually beneficial relationships. Additionally, offering free services to influencers can help turn paid partnerships into profitable collaborations. Overall, the influencer marketing strategy should aim to create authentic endorsements and motivate influencers to genuinely believe in and promote your product or service. This can lead to increased conversions and long-term partnerships.
Direct outreach to influencers on social media for effective partnerships: Personalized communication on YouTube and Instagram leads to authentic influencer marketing partnerships, cost savings, and long-term collaborations. Investing in YouTube and podcasts can provide traction and future leads.
Direct outreach to influencers through personalized communication on social media platforms like YouTube and Instagram can lead to effective and authentic influencer marketing partnerships. This approach allows for building bespoke relationships, which is beneficial when negotiating prices and creating long-term collaborations. Additionally, investing in content channels such as YouTube and podcasts can provide traction and leads not just in the present but also in the future. While testing various platforms is important, having a multichannel approach can help increase brand familiarity and reach. Overall, cutting out agencies and going direct to influencers can result in cost savings and more personalized collaborations.
Expanding your reach with multiple marketing channels and local influencers: Allocate at least 25-30% of your marketing budget to paid promotions, engage with local influencers and publications, and focus on authentic relationships for effective marketing.
Having a presence on multiple marketing channels, even if conversions don't directly come from them, helps create familiarity with your brand. This familiarity increases the chances of potential customers engaging with your business when they encounter it on other channels, particularly through longer-form content like podcasts or videos. For instance, if you're a small business owner with a £20,000 marketing budget, allocating at least 25-30% of it to paid promotions can help reach a larger audience. To maximize the impact of this budget, consider utilizing local influencers and bloggers, as well as local publications and markets, to organically introduce your brand to your community. By focusing on local presence and engaging with local influencers, you can create a strong connection with your audience and potentially generate positive word-of-mouth marketing. Initially, when reaching out to influencers, try sharing your passion and the unique aspects of your business with them, rather than offering a free meal or payment in exchange for promotion. This authentic approach can help build a genuine relationship and create a more organic and effective marketing campaign.
Setting a clear budget and understanding ROI in influencer marketing: Establish a budget, build rapport, evaluate audience, and offer incentives for successful partnerships in influencer marketing.
When it comes to influencer marketing, setting a clear budget and understanding the expected return on investment (ROI) are crucial. Begin by building rapport and correcting any mistakes before proposing a partnership, whether paid or hybrid. Determining the right amount to pay an influencer can be confusing, but calculating the expected reach, customers, and customer value can help establish a baseline for ROI. Consider evaluating the influencer's audience, relevance, and cost compared to other marketing channels. Be willing to offer a product or service for free to help negotiate prices, and reward influencers for new conversions or business. Remember, once a successful partnership is established, scaling becomes easier. Influencer marketing is an essential channel for businesses, especially for those targeting larger audiences.
Leveraging Influencer Marketing for Small Businesses: Small businesses can benefit from influencer marketing with authentic engagement in specific niches, leading to high conversion rates and loyal audiences. Focus on building relationships with influencers and consider offering incentives to attract new customers.
Small businesses can effectively leverage the power of influencer marketing, even with a small or niche following. Authentic engagement with influencers in a specific niche can lead to high conversion rates and loyal audiences. For instance, a business might find great success with an affiliate who has a YouTube channel with just 3,000 subscribers but a highly engaged audience. The key is to focus on niches and build strong relationships with influencers in those areas. Additionally, businesses can explore free or discounted services as incentives to attract new customers. For example, a company offering company incorporation, VAT registry, and accounting services might provide these services for free or at a discounted rate to those who use a specific referral code. Ultimately, the goal is to help businesses get off the ground and build strong relationships with influencers and their audiences. So, if you're an entrepreneur questioning the value of your current accountant, it might be worth exploring the potential of influencer marketing in your niche.
Seeking expert advice can save costs and provide insights: A brief chat with an expert could save thousands and offer valuable insights, especially in Amazon sales. Understand Amazon's strategies, contact OSOME for info.
Seeking a second opinion from experts, especially in areas like Amazon sales, can lead to significant cost savings and valuable insights for entrepreneurs and business owners. This was emphasized during a conversation with a qualified accountant, who mentioned that a half-hour conversation with another qualified accountant could potentially save thousands of pounds. The importance of understanding Amazon's business strategies was also highlighted, regardless of whether or not one sells on Amazon. In the coming weeks, a specialized Amazon podcast episode will be released, featuring a young expert with impressive Amazon sales experience. To contact OSOME (spelled o s o m e) for more information or special offers, listeners can call 020-3318-1326 and quote "James Sinclair," or email info@jamesinclair.net using the code "Saint James Sinclair." Alternatively, emails can be forwarded to info@osome.co.uk.
The Power of Sharing Knowledge and Experiences in Business Growth: Learn from successful entrepreneurs by tuning into their podcasts and YouTube channels for valuable insights, without revealing sensitive information. Encourage listeners to rate, review, and subscribe to reach a wider audience.
Learning from this podcast episode is the importance of sharing knowledge and experiences to help others grow their businesses. James Sinclair and his team provide valuable insights through their YouTube channel, revealing nearly everything about their business operations without revealing sensitive information. The podcast, currently charting as one of the top 10 business and entrepreneurship shows on Apple Podcasts, aims to reach a wider audience by encouraging listeners to rate, review, and subscribe. Additionally, James expresses gratitude to his listeners and wishes them a happy Christmas, asking for a review as a present. Overall, this podcast episode emphasizes the power of community and knowledge-sharing in business growth.
