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How Brand Leaders Can Work Smoothly With Influencers

Published

9 months ago

February 7, 2024

Dan Kahn is the president and CEO of Kahn Media.

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A few decades ago, the earned media landscape was relatively straightforward for PR and business leaders to navigate. Many newspapers and magazines had full-time staff members entrenched in the communities they covered. PR and business leaders looking to secure press coverage for their brands knew the “who’s who” of media—and were able to cultivate long-lasting relationships with them.

However, three factors upended the earned media landscape. First, in 1996, the Clinton administration’s Telecommunications Act of 1996 spurred deregulation in the industry. Whereas news outlets previously had local ownership, suddenly, bigger national companies started taking over them by the dozens, consolidating ownership. As a result, many news outlets became increasingly disconnected from their communities, making it more challenging for PR and business leaders to form working relationships with the press.

Then there was the rise of the internet in the early 2000s. Newspapers and magazines didn’t change their publishing models quickly enough. Fearing cannibalizing their print publications, they didn’t implement web-first strategies to get news out the door. The result? They were late to the online publishing game, ultimately hindering their ability to monetize their content effectively for the digital age.

Finally, the traditional news distribution model changed due to declining sales. Whereas newsstands once lined public streets and grocery store checkout lines, they’re no longer as prominent.

Combined, these three factors led the news industry to where it is today—dominated by private equity firms, cash-strapped and more reliant on decentralized freelancers rather than in-house staff. That’s not to say that earned media as we once knew it is completely gone; major news outlets still exist, and PR and business leaders should try to secure coverage from traditional news outlets. However, they should not rely on traditional news outlets for their earned media efforts—they should seek earned media coverage from influencers.

More people than ever are out there who can spread the word about a company’s products or services. They’re just not sitting in traditional newsrooms. PR and business leaders should follow five strategies to connect with them and form strong working relationships.

1. Remember The Difference Between Earned And Paid Media

When people think about how influencers interact with brands, they often think of affiliate marketing—paid media. Paid media is a valuable strategy, but it’s a marketing strategy, not a PR one. Earned media is a PR strategy.

While paid media has its benefits, the costs can quickly add up. Paying an influencer, say, $500 per post, can cost a company thousands of dollars over a year. By contrast, earned media is more cost-effective and has the added benefit of greater authenticity to audiences.

2. Set A Strategy—And Avoid Only Reaching Out To Macro- And Mega-Influencers

Before reaching out to any influencers, PR and business leaders should craft earned media strategies so that they have a clear, aligned understanding of what they want to accomplish, why they want to achieve it, how they will accomplish it and how they will ultimately measure success.

When crafting earned media strategies, PR and business leaders might be tempted to only pursue macro- and mega-influencers with hundreds of thousands or millions of followers, respectively. But doing so is a mistake. There’s value in seeking influences with fewer followers; these influencers are often more accessible and less expensive to work with. Additionally, because they don’t have massive followings, they’re usually better able to forge strong connections with their followers. In my experience, PR and business leaders should consider influencers with 10,000 followers as the baseline starting point. Once an influencer has 10,000 followers, that’s usually a sign that they are intentionally growing their audience; they have something to say. PR and business leaders should also check for brand alignment and sift through influencers’ online interactions with followers to ensure they’re positive. Of course, they should also check to see that influencers aren’t involved in controversies.

Once PR and business leaders identify the first several influencers they want to pitch, they should note to repeat the search routinely. New influencers are constantly popping up, and the more influencers a brand works with, the better it can spread its message.

3. Set Clear Expectations

PR and business leaders should set clear expectations when engaging in initial talks with influencers to minimize the chances of misunderstandings.

In my experience, I’ve found influencers to be transparent, and they appreciate transparency in kind. To be transparent, PR and business leaders should explain why they’re reaching out and how they’ll engage with the influencer. Moreover, they should be clear on what they’re asking for in return—and the ask should never be, “We love your work; we’ll send you our product in exchange for a good review.” Instead, it should be, “We love your work; we’d like you to share your honest thoughts with your audience after trying our product or service.” What an influencer says after hearing that statement will clue in PR and business leaders on whether or not they’re a good fit. If the influencer asks for money in return, the brand’s leaders should remember that it’s affiliate marketing. If they want to pursue that route, it’s okay, but they’re no longer in the realm of earned media.

Additionally, PR and business leaders should always have written agreements with influencers and not rely on verbal promises. If an influencer doesn’t keep their end of the agreement, the brand’s stakeholders need to follow up. For instance, if the company sent an influencer a product in exchange for an honest review on YouTube within a month, but it’s been over a month, and the influencer hasn’t posted, then the company’s leaders can reach out and tell the influencer to post a review or send back the product.

4. Stay Up-To-Date With Influencers

PR and business leaders need to stay up-to-date with the influencers they’re working with. That doesn’t mean watching every single one of their YouTube videos and Instagram Stories the second they upload them, but it does mean having a general pulse on the types of content influencers are posting and how they’re interacting with their followers. By doing so, PR and business leaders can pitch influencers more effectively—and get ahead of any controversies that erupt.

Moreover, it’s critical for PR and business leaders to create crisis response plans so that in the event of a controversy, they aren’t scrambling to figure out what to do but can instead act swiftly to save their companies’ reputations.

5. Treat Working With Influencers As Partnerships

Ultimately, PR and business leaders should treat working with influencers as partnerships. At their best, these partnerships are mutually beneficial; brands and influencers increase their reach together.

If brand stakeholders treat influencers with respect and grow those relationships over time, both parties can go on to work together in bigger and better ways—creating content that helps them both grow their brands.

Forbes Agency Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?

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Cut Costs, Not Features with This Microsoft Bundle Deal

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4 days ago

October 28, 2024

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Cut Costs, Not Features with This Microsoft Bundle Deal

Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Software subscription fees can quickly add up, and for small-business owners, entrepreneurs, or freelancers, these costs can eat into profits. Businesses spend approximately 29% of their IT budgets on software, according to a 2023 survey by Gartner.

For business professionals who are looking to streamline workflow without paying steep subscription fees, the Ultimate 2019 Microsoft Bundle might be the perfect solution. For just $71.94 (regularly $927), this comprehensive four-part bundle offers Microsoft Office Professional Plus 2019, Windows 11 Pro, Project 2019, and Visio 2019.

While it’s not the newest version of Microsoft’s software, it can deliver tremendous value for anyone seeking tools to manage their business, boost productivity, and work efficiently. The bundle offers a lifetime license, meaning you’ll get all the functionality you need without the recurring costs associated with subscription services like Microsoft 365.

However, it does come with Windows 11 Pro, which includes the recent AI updates. Windows 11 Pro delivers a modern, intuitive interface with enhanced security features such as biometric login and Smart App Control, making it ideal for professionals who prioritize privacy and usability. It’s also equipped with tools that support multitasking, such as Snap Layouts and Virtual Desktops.

For companies looking to reduce overhead without compromising essential functionality, making a one-time purchase of slightly older software is a smart financial move. This includes Office’s most popular productivity tools, Word, Excel, PowerPoint, and Outlook.

Project 2019 is a must-have for anyone who is managing large or small projects. It helps track tasks, timelines, and resources, making it easier to stay on top of deadlines and ensure your team moves in the right direction. Project 2019 gives you the tools to streamline processes and manage tasks efficiently.

Visio 2019 is ideal for creating professional diagrams, flowcharts, and organizational charts. It’s particularly valuable for visualizing complex data or workflows, which is essential for business owners looking to improve operational efficiency.

If you need a productivity boost without eating into savings, take a closer look at this bundle.

Get the Ultimate 2019 Microsoft Bundle with Office, Project, Visio, and Windows 11 Pro for $71.94 (regularly $927).

StackSocial prices subject to change.

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3 Trends That Will Change the Future of Entrepreneurship

Published

5 days ago

October 27, 2024

Entireweb News Bot

3 Trends That Will Change the Future of Entrepreneurship

Opinions expressed by Entrepreneur contributors are their own.

The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.

Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.

I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.

Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.

1. Young entrepreneurs on the rise

For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.

These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.

However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.

2. Tech gender gap narrows

One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.

This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.

3. Optimistic outlook for Black and Hispanic entrepreneurs

Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.

A promising future

Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.

Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.

The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.

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These Are the Top Side Hustles to Work Less, Make More Money

Published

1 week ago

October 25, 2024

Entireweb News Bot

These Are the Top Side Hustles to Work Less, Make More Money

In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.

A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.

The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.

The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.

The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.

Quicken conducted the survey online, gathering responses from more than 1,000 Americans.

Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.

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