Expanding your business to new markets can be an exciting opportunity for any company, but especially so in this day and age when people are increasingly buying products online. Expanding internationally using influencer marketing strategies provides opportunities that just don’t exist anymore with more traditional retail networks.
In this article, we trickle down some tips on how you can expand your business to new markets using powerful influencer marketing strategies.
The risks of expanding to new markets using influencer marketing strategies
First of all, it is important to understand that every new action has risks associated with it.
The most obvious reason why influencer marketing strategies can be risky is that it’s often associated with costs, especially research costs due to lack of local knowledge.
This means you’re at risk for wasting time and money if your choice isn’t appropriate – especially since this industry has so many different pricing models depending on where they live or what type of project we want them to work with us on!
It is also important to understand that the perfect influencer/brand fit is hard to get if you don’t have knowledge about the influencer market.
Choosing the wrong influencer marketing strategy and approach is a big risk as well. Here it’s critical to understand what works best in order for you to enter into a new market without any previous brand awareness.
The job gets even harder if you don’t work with an influencer marketing agency or if you don’t have an influencer marketing in-house team.
In-house influencer marketing team versus local influencer marketing agency
A successful company will have a mix of in-house and external partners. The most important thing, though, is that your partner or team has knowledge about the market you want to enter, as each new market is different from the others.
Either way, both the company’s team and the influencer marketing agency need to have an always-on approach to the influencer market risks and opportunities.
Your KPIs will be lower than what you’re used to in your established markets, but don’t let this discourage you. The lack of awareness and brand power is the reason why it takes more time for investments to make an impact on results. Each new customer starts with a low base rate and it’s normal to not see instant success as soon as a brand enters new territory.
How influencer marketing strategies can help your growth in new markets
Successful influencer marketing strategies are all about the right mix. The more influencers you manage to have, the better it can be for your campaign because they are not only good at driving engagement but also bringing in new audiences.
It is still important to understand that there needs to be some kind of balance between quality and quantity when picking who will represent your brand on social media channels.
A good tip to start is to find some micro-influencers first, rather than going directly to mega-influencers. That way you can diminish costs and analyze results before scaling up to bigger and more costly influencers.
To best connect with your target audience, it’s important to have an always-on approach. This means that you should be in the thick of things and never too far away from the influencers, no matter what network or platform they are on.
Bold Creators Club can help you reach your goals
Dealing with social media influencers is not always easy. Actually, most of the time, companies and influencers can’t communicate clearly, as there is a lack of a cultural, linguistic, and social bridge that connects both.
When it comes to Latin influencers, this communication barrier is even bigger. Not only because a lot of people in countries like Brazil or Colombia don’t English, but also because these countries are highly multicultural, with cities with completely different styles, slang, social and cultural movements within the country.
In the case of Brazil, this aspect is so strong that there are even completely different cultures within the same city, in big metropolises like São Paulo or Rio de Janeiro.
It is really hard to keep up with the constant changes in the pop culture and in the internet world, so contacting an agency whose job is to always be updated about what the influencers are doing, how is the stability in the country, and more important information for your company, is the best strategy.