Tag: Them

Tom Cruise lands helicopter in UK family's garden, takes them for a ride: 'It was surreal'

The “Top Gun” movie star reportedly needed a place to rest his chopper and used a local woman’s Warwickshire garden.

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What Are Influencer Engagement Marketplaces (and How to Use Them)

Influencers are everywhere.

There are roughly 37 million influencers on Instagram, and around 1.5 million of them work on YouTube.

Every day, these creators promote brands across social media, talk up great products, and directly influence how people spend their hard-earned money.

Sounds great, right? There’s just one problem.

It’s really hard to actually find a great influencer to grow your business.

Whether you’re digging through social media platforms for ideas, or spending hours pitching creators, it’s a time-consuming process. In fact, according to Mediakix, 61 percent of marketers struggle to find the best influencers for their campaigns.

What’s the answer?

You need a more effective means of sourcing influencer talent and making connections. Influencer marketplaces can help you do just that, so let me show you how they work.

Why You Should Use Influencers in Your Marketing Strategy

Before we get started, let’s touch on influencer marketing more generally. Is it worth your time, or should you leave the influencer trend behind?

While influencer marketing isn’t for everyone, I think you should give it a go if it makes sense for your business.

Why? Because influencer marketing works.

While I’m not suggesting you should rely solely on influencer-based marketing, the trend is here to stay, and it’s worth trying.

If you’re still not convinced, here’s another way to think of it. Around 26 percent of consumers use ad blockers to hide ads and improve their browsing experience.

There’s a high chance those ads you’re paying for won’t reach their intended audience! For sales-based companies, influencer marketing could be a promising alternative.

Ready to find influencers for marketing campaigns? Let’s explore the mysteries of the influencer marketplace.

Influencer Engagement Marketplaces - Everything you need to know

How Businesses Find Influencers

You can find influencers online in four major ways:

  1. Social media platforms: There’s no shortage of social media platforms to browse for influencer talent, albeit this is a time-consuming process.
  2. Search engines: Google is a great way to find competitors and identify which influencers they use for their campaigns.
  3. Influencer marketplaces: These marketplaces help you match with various influencers in your niche.
  4. Influencer agencies: You can hire an agency to match you directly with the influencer they think suits you best.

Although we’re focusing on influencer marketplaces, remember it’s not the only strategy for finding influencers to market your business.

What Are Influencer Marketplaces?

Influencer marketplaces match businesses with influencers working in their niche, whether it’s beauty, fitness, food, and so on.

It’s a simple premise. You sign up and post a brief describing the services you’re looking for and wait for influencers to respond. If you find an influencer you’re happy with, you can hire them to create content, promote your brand and, well, influence people to buy your products.

You’re not limited to one influencer, either. You can work with multiple influencers across the platform, and you can recruit more talent as you go.

The upshot? Whether you’re running a one-off product campaign or you’re looking for a more stable relationship, influencer marketplaces could work for you.

Some of the more popular influencer marketing platforms include:

  • Influence
  • Intellifluence
  • AspireIQ
  • Webfluential
  • Famebit
  • Influencity

It’s common for influencers listed on marketplaces to work across two or more social media platforms. For businesses, this is great news because you can use one or two trusted influencers for all your content marketing.

Upfluence, for example, primarily pairs businesses with Instagram influencers, but there’s some scope to access influencers working on TikTok and Facebook, too:

What Are Influencer Marketplaces - Upfluence

While HypeAuditor matches you with influencers working across the likes of Twitch and YouTube:

What Are Influencer Marketplaces - HypeAuditor

There’s a huge range of marketplaces out there, so be sure to explore your options. Here are a few things to consider:

Platform Fees

Whichever marketplace you choose, you’ll usually pay a fee for signing up and using their services, so be sure to factor in the cost before you join.

Some platforms, though, like Influence, let you set up a basic account for free. The problem? You’re limited in terms of how many messages you can exchange each month, and how many profiles you can see in the search results. While this might work for one-off campaigns, it may be less sustainable for long-term influencer marketing.

Weigh up the pros and cons of the different fee structures before you commit.

Influencer Marketplaces Vs. Influencer Agencies

We touched on this earlier, but to be clear, influencer marketplaces and influencer agencies are totally different things.

  • Influencer marketplaces allow you to work directly with your chosen influencer. You put your brief out there and look for talent.
  • Influencer agencies, on the other hand, do some of this work for you. They vet their influencers against your brief and select the ones they think are best suited to your needs.

You can use both marketplaces and agencies if it suits your marketing strategy. Just bear in mind that they’re not the same thing.

In short, think of influencer marketplaces like a matchmaking service. While there’s no guarantee you’ll find the right influencer to collaborate with, there is a chance you’ll find a long-term creative partnership.

How to Use Influencer Engagement Marketplaces

Are you excited to give influencer marketplaces a try? Great! Before you jump into a subscription, though, here are some steps I suggest you work through.

Identify Your Goals

Before you even join an influencer marketplace, be clear on what you’re trying to achieve. For example, are you trying to increase sales, generate hype around your brand, or boost your engagement levels?

Jot all your goals down and try to identify which one is your priority.

Next, clarify your target audience and how they best respond to influencer marketing. That way, you can figure out precisely what role the influencer will play in your campaign.

As an example, say you’re a brand looking to launch a new product aimed at millennials on Instagram. You want to build hype and increase sales. Your main goal is to sell the product, so you’re looking for influencers who can not only help you but who can speak your target audience’s language.

Determine Your Budget

Once you know what you need from an influencer marketplace, it’s time to set your budget. How do you know what’s a “fair” amount to pay your influencer, though? Unfortunately, there’s no right answer, but asking yourself the following questions can serve as a guide.

First, what kind of content do you need? You might, for example, pay more for an in-depth product review video than a few short posts on Instagram.

Next, which platform are you targeting? Each platform requires different creator resources, so they command different rates. On average, you might pay an influencer $10 per 1000 followers for an Instagram post, but that goes up to $25 for a Facebook post.

How big is the influencer’s audience? The bigger the influencer, the more they can charge for their time.

Finally, is it a one-off or long-term campaign? You could potentially get better rates if the influencer knows they’ll get steady work from you. Seasonal campaigns could cost you more, since there’s higher demand around this time.

Don’t forget you’ll need to budget for a monthly or annual marketplace subscription, too. Be sure you can afford the fee before you sign up.

Research Influencer Marketplaces

Should you join every influencer marketplace out there? No.

Instead, research your options and choose one or two platforms to start out with. Here are some tips for moving forward.

  • Ensure the marketplace is focused on your industry. For example, if you’re a fitness brand, don’t join a marketplace with only culinary influencers, and so on.
  • Make sure the influencers on the marketplace actually work on your chosen social media platforms. Why join a YouTube marketplace if you’re only marketing on TikTok?
  • Check the marketplace hosts influencers in your price range. There’s no point opting for a platform where you’ll only find hugely popular influencers, i.e., those with a million or more followers, if your budget doesn’t allow for this.

My suggestion? Look to see if a marketplace offers a free trial, or at least a free membership option, before you commit to a paid plan. This lets you test out the platform without putting a dent in your marketing budget.

Remember, if you’re unhappy with the results, you can always review your strategy and try out different marketplaces. Influencer marketing is flexible like that.

Find Influencers Who Fit Your Business

You’ve set a goal, determined your budget, and signed up with a marketplace. Next comes the hardest part: finding the best influencer for your needs.

Honestly, there’s no “right” way to go about this. However, here’s what is most important to consider when shopping for an influencer.

Engagement

If followers engage with an influencer, for example, by leaving comments or sharing their content, there’s a good chance you’ll see better engagement on your content. Influencers with large follower counts but low engagement levels may not be the best fit.

Authenticity

Authenticity matters. In fact, according to Stackla, 90 percent of customers value authenticity when choosing which brands to buy from, so any influencer you work with must come across as “real” and authentic.

Reach

To be clear, you don’t need influencers with millions of followers. For some niches, it’s even better to target influencers with much smaller audiences, but higher engagement levels.

As a general guide, reach matters, but it may be less important than engagement.

Resonance

Does the influencer resonate with your brand identity? If not, it doesn’t matter how impressive the influencer’s follower count is: they won’t help your marketing strategy in the long run, and they may actually deter your target audience from shopping with you.

Determine Performance Metrics

You need to find a way to track your marketing campaign to ensure it’s working for you. How do you do this? By tracking key performance indicators, or KPIs.

The KPIs depend on your overall goal, but common metrics worth tracking include your impressions, engagement levels, follower count, and conversions.

Ultimately, it’s an influencer’s job to leverage their followers to your advantage, so if you’re not getting more traffic than usual, there could be a problem with your strategy.

Here’s the bottom line, though. You’ll know if your influencer marketing is working if you achieve your goal. In other words, if you set out to sell more products, the campaign most likely worked if you sold more products!

Unsure how to measure your performance? Be sure to check out our consulting services.

Review Your Partnerships Regularly

Just because an influencer comes across well on a marketplace doesn’t mean they’re the best fit for your business. Maybe their communication style doesn’t mesh well with yours, or you just find them difficult to work with.

Whatever the reason, it’s okay to cut ties. Just remember that if you do end your contract with an influencer, do it professionally. Influencers talk, and you don’t want a reputation as a difficult client!

Conclusion

Influencer marketplaces make it easy to match influencers and promoters who can help grow your business and generate hype around your products. That said, these marketplaces aren’t for everyone, and you might prefer curating your list of influencers and reaching out to them directly.

My suggestion? Spend some time researching the different marketplaces before you commit to a subscription, and remember to keep a close eye on your metrics to ensure your influencer partnership is working for you.

Have you tried an influencer marketplace yet?

Supply Splits And How You Can Profit From Them

Supply Splits And How You Can Profit From Them

Supply splitting is something that financiers like. When supplies divided, it suggests you have two times the quantity of shares you did previously.

Firms occasionally like to divide their supplies down the center. If you have 100 supplies worth $2 each and also the firm divides its supplies, you will certainly after that have 200 supplies worth $1 each.

If a firm is marketing supply for $300, a financier may assume that is over their budget plan, however if the supply is split as well as finishes up at $150, the capitalist may think about that an affordable rate. Dividing supplies is a video game where the worth does not go up or down yet individuals choose supplies which appear to be less expensive as well as believe they are obtaining a much better bargain.

An additional firm may turn around divide their supply, indicating you had 10 supplies worth $200 prior to. If a firm really feels that its supply rate is also reduced, it will certainly take into consideration doing a reverse split. It could desire to make certain the firm does not obtain de-listed or an additional factor for a reverse supply split is when you desire less shareholders, maybe desiring to make your business personal.

They have much more liquidity if a firm has reduced supply rates. Even more individuals discover the supplies economical and also there is as a result even more passion in them.

In some cases, nevertheless, supply splitting could supply incorrect hope for capitalists since a capitalist will certainly anticipate specific returns on his financial investment when the supply cost modifications. They may shed the market’s self-confidence which suggests dropping supply rates if the business does not provide what individuals anticipate.

The firm will certainly divide its supplies to change the assumption of its financiers. If this functions out the means they desire it to, the supplies may elevate.

If you have 100 supplies worth $2 each and also the firm divides its supplies, you will certainly after that have 200 supplies worth $1 each. If a business is offering supply for $300, a capitalist may believe that is over their spending plan, however if the supply is split as well as finishes up at $150, the capitalist could take into consideration that an affordable rate. Dividing supplies is a video game where the worth does not go up or down however individuals favor supplies which appear to be less costly and also assume they are obtaining a much better offer.

An additional business may turn around divide their supply, implying you had 10 supplies worth $200 prior to. It may desire to make certain the business does not obtain de-listed or one more factor for a reverse supply split is when you desire less investors, possibly desiring to make your business exclusive.

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Supply Splits And How You Can Profit From Them

Supply Splits And How You Can Profit From Them

Supply splitting is something that financiers like. When supplies divided, it suggests you have two times the quantity of shares you did previously.

Firms occasionally like to divide their supplies down the center. If you have 100 supplies worth $2 each and also the firm divides its supplies, you will certainly after that have 200 supplies worth $1 each.

If a firm is marketing supply for $300, a financier may assume that is over their budget plan, however if the supply is split as well as finishes up at $150, the capitalist may think about that an affordable rate. Dividing supplies is a video game where the worth does not go up or down yet individuals choose supplies which appear to be less expensive as well as believe they are obtaining a much better bargain.

An additional firm may turn around divide their supply, indicating you had 10 supplies worth $200 prior to. If a firm really feels that its supply rate is also reduced, it will certainly take into consideration doing a reverse split. It could desire to make certain the firm does not obtain de-listed or an additional factor for a reverse supply split is when you desire less shareholders, maybe desiring to make your business personal.

They have much more liquidity if a firm has reduced supply rates. Even more individuals discover the supplies economical and also there is as a result even more passion in them.

In some cases, nevertheless, supply splitting could supply incorrect hope for capitalists since a capitalist will certainly anticipate specific returns on his financial investment when the supply cost modifications. They may shed the market’s self-confidence which suggests dropping supply rates if the business does not provide what individuals anticipate.

The firm will certainly divide its supplies to change the assumption of its financiers. If this functions out the means they desire it to, the supplies may elevate.

If you have 100 supplies worth $2 each and also the firm divides its supplies, you will certainly after that have 200 supplies worth $1 each. If a business is offering supply for $300, a capitalist may believe that is over their spending plan, however if the supply is split as well as finishes up at $150, the capitalist could take into consideration that an affordable rate. Dividing supplies is a video game where the worth does not go up or down however individuals favor supplies which appear to be less costly and also assume they are obtaining a much better offer.

An additional business may turn around divide their supply, implying you had 10 supplies worth $200 prior to. It may desire to make certain the business does not obtain de-listed or one more factor for a reverse supply split is when you desire less investors, possibly desiring to make your business exclusive.

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The Tale of Elusive Minority Business Loans: Where to Find Them and What It Takes to Get Them

Minority Business Loans are Out There, You Just Have to Know Where to Look

The United States is full of those considered to be “in the minority.” In fact, in some areas the majority of the population is considered to belong to a minority group! This is why minority business loans are more important than ever. Ensuring minority business owners have the funding they need to help their business thrive is vital to the economy.

The thing is, if you do not know where to look or what you are looking for, it can be difficult to snag one minority business loans. We are here to help you have a successful hunt.

The Best Sources for Minority Business Loans

There really are several sources for minority business loans. It is necessary to know the specifics of each however, before you can move in for the kill. Some only offer minority business loans to those in certain cities. Some are only available if you are looking to land government contracts. Each have their own requirements, and it takes a ton of time and research to figure it all out. We have a lot of research here to save you time. You do not have to start from scratch.

Business Consortium Fund, Inc.

This program is designed specifically for minority businesses. It is certified by the US Department of the Treasury. Businesses can qualify for $75,000 to $500,000 after approval. Amounts above $500,000 are on a case by case basis.

Funds can be used for working capital, equipment financing, and contract financing. To apply, you have to certify your business through National Minority Supplier Development Council. Additionally, you must have a supplier relationship with the Council.

National African American Small Business Loans

These loans are only available to low- and medium-income communities in Chicago, Los Angeles, and New York. The  NASBLF provides capital to African American minority-owned businesses not eligible for traditional financing.

Loans range from $35,000 on the low end to $250,000 on the high end. Technical assistance and financial consultation services are also available to business owners. Allowable fund uses include expansion, equipment purchases, and cash flow. They only have $30 million total to loan out in a year, unless more grant funds become available to the program.

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Accion

Accion offers funding in all states for minorities, veterans, women, those with disabilities, and low to medium income business owners. Loan amounts range from $200,000 to $300,000. They work to help build businesses from the beginning, and can put owners in contact with other banks, non-profits, and government resources that help build a network of support.

The minimum credit score for these loans is 575, and you cannot be 30 days late on credit cards, loan payments, or bills. In addition, you will not qualify if you have any late rent or mortgage payments over the past year.

Community Development Financial Institutions Fund (CDFI)

This group lends to those communities that are traditionally underbanked, including business owners that are minorities. Since the Community Reinvestment Act of 1977, banks are required to offer funding in communities that find it hard to qualify for traditional funding. Big banks often fund minority business owners indirectly through their CDFI partners.

To locate a CDFI, contact the local business development center or your local Small Business Development Center office. They can hook you up.

While the application process can be lengthy, they do offer assistance to prepare for future bank loans. In addition, their rates are competitive within the U.S.

Union Bank Business Diversity Lending Program

This program from Union Bank assists minority business owners with loans and lines of credit. To qualify as a minority for this program you must be Hispanic, American Indian, Latino, Asian, Alaskan Native, African American, Native Hawaiian, or other Pacific Islander.

A business that has revenue of up to $20 million could qualify for a loan of up to $2.5 million. However, you must be in business for at least 2 years, and the minority business owner must own at least 51 percent.

Indian Affairs

Businesses owned my Native Americans can get financing from the federal government through the Indian Affairs branch. An individual can fill out an application for up to $500, 000, but business entities and tribal enterprises my apply for more.

Potential borrowers can apply with any lending institution, they just have to use the Indian Affairs application. If the funds are used for construction, renovation, or refinancing, there are additional requirements. Generally, a list of collateral, a credit report, and an analysis of business operations are required.

Camino Financial

They are an online lender that offers minority-owned businesses loans and business solutions. They process all of their lending online, which makes it easy and convenient. Their microloans range from $5,000 to $50,000. They also offer small business loans between $10,000 to $400,000.

There is no collateral requirement. Also, you can pay off the loan any time with no penalties or fees. Pre-qualification happens within 24 hours, and since all documents are submitted online, you do not have to make unnecessary trips to turn in or sign papers.

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Other Options for Minority Business Loans

If you do not qualify for any of those already mentioned, or if you need more funding than what you can get with them, you may need a plan B. There are other options out there, but first you should know that traditional big banks are probably not on the list.

Why Big Banks Probably Will Not Work

Big banks are what most people think of as the first stop when it comes to getting a loan. That is true for some, but for most small business owners they are not the way to go. This is true whether they are looking for minority business loans or business loans in general.

Here’s why:

● Small businesses represent small loans with higher failure rates than larger businesses. Most are not at ease lending to companies with less than $1 million in sales.

● Big banks like collateral, and small businesses are less likely to have sufficient collateral for the loans they need. They are more likely to be leasing assets than larger businesses may own and offer as collateral.

● They also like to see a personal credit score of at least 680. Many small businesses, especially those that are less than 3 years old, do not have this.

So, what are small businesses to do if they need funding? What if the specific minority business loans are not enough? Consider these other options.

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Community Banks: Minority Business Loan Heroes

Community banks can be a great option. They are more easily accessible to small businesses in general. They tend to have better customer service and care more about the people involved than the bottom line. Often, they are more interested in building relationships with their lenders than their big bank counterparts are. However, their rates and terms are typically just as good as those with the larger lenders.

The downside is, as a brick and mortar financial institution they are still going to be slow. You will have to make multiple trips to the bank, and the whole process can be kind of long and drawn out.

The Small Business Administration

The Small Business Administration, or SBA, offers a number of options for minority business loans. They do not lend funds themselves, but rather work with lenders to offer security, so that they can make loans to those business owners that may be considered higher risk than what they would normally consider approving.

SBA Community Advantage loans:

Community advantage loans from the SBA are designed for businesses in underserved communities that need less than $250,000. You can find lenders that work with the SBA on this program using the SBA Lender Match tool.

SBA microloans

They also have microloans available of up to $50,000. These are offered through nonprofit organizations. With interest rates ranging from 8% to 13% and maximum repayment terms of six years, they can work well for those need minority business loans

One of the SBA’s partners in this program is The Opportunity Fund. According to them, of its borrowers, 90% are minority business owners.

SBA 8(a) business development program

If you are a small business interested in government contracts, an 8(a) certification can help. Your business must be at least 51% controlled by individuals that are “socially and economically disadvantaged.” This includes minorities, veterans, and women.

SBA 7 (a) Loans

These are not specifically for minorities, but they are available to minorities as well as everyone else. They are 10-year loans of $30,000 to $350,000. Rates range from 9.7% to 11.04%, and they can turn around in as little as seven days, though they more often take up to several weeks.

Alternative Lenders and Minority Business Loans

While not necessarily only for minorities, many alternative lenders offer loans that meet the challenges often faced by those seeking business loans. One of the greatest issues for small business owners when it comes to small business financing is credit score. The following loans are available with a lower credit score than what is typically required by traditional lenders.

Fundbox

There is no minimum credit score, but if you have at least $50,000 in annual revenue you can qualify for a line of credit from Fundbox. You also need to be in business for at least 3 months. Amounts range from $1,000 to $100,000 with rates from 10.1% to 79.8%. Terms are for 12 weeks, and you can have your funds as quickly as the next business day.

Kabbage

Another lender that will make loans on credit scores as low as 500 is Kabbage. Terms are for 6, 12, or 18 months and amounts range from $2,000 to $250,000. Interest rates are higher, at 24% to 99%. Funding can take several days, but sometimes happens in just a few minutes.

QuarterSpot

QuarterSpot is another option, and it is preferable for many as the terms go up to 18 months. Loans range from $5,000 to $250,000, but rates are pretty high at 30% to 70%. Approval can happen in as little as 24 hours.

Credibility Capital

Loans with Credibility Capital range from $50,000 to $400,000. Terms are for 1,2, or 3 years, and rates range from 10% to 25%. Funding usually takes around 7 days.

SmartBiz

SmartBiz offers low cost financing for expansion. These are SBA loans, but with SmartBiz funding happens a lot faster than with traditional banks. In fact, they can take a few weeks rather than a few months.

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Business Credit is Better

These minority business loans are heavily dependent on personal credit scores. That’s well and good, and if you qualify and need funding now, go for it. Regardless of whether or not you qualify for these loans however, you need to be building business credit.

Business credit is credit that is not connected to your personal credit score. It is based on the merits of your business alone. It is much better to use business credit than personal credit to fund your business. For one thing, if your business goes bust, your personal credit will not be affected directly. However, handling business transaction using your personal credit can negatively affect your credit score even if you make all of your payments on time.

This is due to the fact that, by nature, personal credit limits are lower than business credit limits. At the same time, business transactions are more expensive than personal ones. This means that if you fund business transactions on personal credit, you will always be close to maxing out your credit. That raises your debt-to-service ratio, which in turn lowers your credit score.

How Do You Get Business Credit?

The first step is to make your business look fundable. That means separating it from yourself in all ways possible. There needs to be a business address that is separate from your own, as well as a dedicated business telephone number through a toll-free exchange.

In addition, you need to incorporate. That means choosing between a corporation, s-corp, or LLC. A sole proprietorship or partnership will not work for business credit building. Next, apply for and EIN. It functions similarly to an SSN, but for your business.
There are a ton of other steps to establishing business credit, but these will give you a great start.

Don’t Give Up on Minority Business Loans

One thing is for certain, there are a ton of options out there for minority business loans. The only catch is that not all of them will work well for every minority owned business. We have given you enough to get you started, now get moving figuring out which ones will work for you. In the meantime, start building business credit so you can fund your business using its own credit and not your personal credit.

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