Are you looking to create an influencer marketing strategy? Do you know about influencer marketing? If not, then we got you covered!
Just about a decade ago, influencer marketing was limited to mostly celebrities and a few popular bloggers. Recently, due to the increased usage of social media, many new influencers are popping up. Platforms such as Instagram and Snapchat allow anyone to generate a following for themselves, which they can leverage into selling a brand.
But, before we get to in depth on influencer marketing, let’s find out what exactly it is.
What Is Influencer Marketing?
Influencer marketing involves using the influence of individuals who have amassed a decent following for themselves on social media to promote a product that is relevant to them and to their followers.
This type of marketing works because of the high level of trust which influencers have built with their valued followers. Brands reach out to influencers to market their products and use their influence to endorse their products.
Value of Influencer Marketing
Instagram is usually the first social media platform that comes to mind when people talk about influencers. This is due to the number of people who use the platform as well as the notable influencers who have made a name for themselves. According to a survey by Adweek, this industry will be worth $10 billion by the end of 2020. While Instagram may currently be the popular choice to find influencers for marketing, other platforms like TikTok, Snapchat, and YouTube also have their influencers.
Difference Between Micro- and Macro-Influencer
Not sure which type of influencer to use in your marketing campaign? Not a problem!
There are two types of influencers, macro- and micro-influencers. Macro influencers are people who have amassed a large following on their social media accounts to the point where many people know them. Think Kylie Jenner, for instance. Micro-influencers, on the other hand, are more average people who usually have a follower range from 100-10,000 followers. These people are generally still trying to develop a large following for themselves.
Micro- vs. Macro-Influencers: Engagement
One study showed that the engagement rate of posts by micro-influencers is 7x more than the engagement rate of macro-influencers. Although they have fewer followers than macro-influencers, they have a genuine audience for their content. Their followers are likely to get more engaged with their content, even when it’s sponsored, as their posts seem more authentic.
Micro- vs. Macro-Influencers: Affordability
One of the most significant differences between using a micro- or a macro-influencer is the affordability. Undoubtedly, macro-influencers offer a high level of reach, but the cost of asking them to promote a product is less feasible for startups and small businesses. According to the survey by the New York Times, a highly followed influencer with 3-7M followers charges around $187,500 per YouTube video, and $75,000 for an Instagram post. While their reach may seem tempting to recruit them in your influencer marketing efforts, make sure to analyze the costs of working with them.
Micro-influencers, of course, charge significantly less because they don’t have as much as a following. That doesn’t mean you should ignore them as they have a genuine follower base.
Micro- vs. Macro-Influencers: Relevance
Another notable benefit of working with micro-influencers is their ability to connect with a highly-relevant audience. This can help increase the ROI of your influencer marketing campaign significantly.
Micro-influencers tend to post about specific subjects that they like doing, such as beauty and gaming. So when people ask them if they can promote a product, they make sure it is a product that they will use. You’re not going to ask an influencer who posts about beauty products if they can promote a gaming chair, right? Micro-influencers tend to have a smaller audience that likes the content they are posting. This makes it more valuable to ask them to promote one of your products as it will come off as being authentic rather than just a cash-grab.
Macro-influencers, even though they have a greater reach, might not come off as authentic when promoting a product. A lot of big-name influencers tend to promote products they never use. This may reflect negatively on your company as it can be perceived as you just trying to get people to buy your product, even if they don’t need it.
When Do Influencers Benefit Your Business?
Influencer marketing leverages the power of a social media, infusing their content with your marketing helps build brand awareness and generates revenue for your business.
You should consider using influencer marketing if you find yourself in the following situations:
- Business lacks brand awareness
- Failing to achieve results from conventional marketing methods
- No direct access to potential consumers/audiences
- Minimal brand identity
Creating an Influencer Marketing Strategy
To reap the desired results from influencer marketing, you must devise the right strategy.
It goes without saying; you must define your goals. Identify what you would like to accomplish from the influencer marketing strategy. When you set your goals in the early stage of the planning process, it allows you to figure out what to keep track of. You can figure out what KPIs and metrics to use to determine whether or not your strategy is working.
Some of the common goals that businesses would like to achieve from influencer marketing include:
- Brand Awareness
- Brand Identity & Authority
- Audience Engagement
- Lead Generation
- Increased Sales
Make sure you know what you are trying to accomplish with your influencer marketing strategy.
Identify the Type of Influencer Marketing
After setting your goals, it’s time to determine the type of influencer marketing campaign you want to use.
Types of influencer marketing campaigns include:
- Sending your product as a gift to an influencer and requesting him/her to post a review about it
- Guest posting on influencers’ blog
- Collaborating with an influencer, creating content, and posting on theirs’ & yours’ website and social media
- Contests & Giveaways
- Brand Ambassadors
Once you’ve identified your goals, choose one or more types of the influencer marketing campaigns you’d like to implement in your strategy.
Identify & Define Your Target Audience
Identifying your target audience is very crucial for your marketing efforts. You must use sufficient knowledge, expertise, and resources to identify them.
Spend enough time to determine what kind of people you want to connect with through influencers and create a buyer persona. When you’ve identified your audience, it’ll be easier to target them with your marketing strategy.
Find & Choose the Right Influencers
As you’re on the lookout for influencers, consider these types:
- Social Media Stars
- Digital Media Celebrities
- Non-competing Brands
When you’ve identified the type of influencer you want for your campaign, choose one that has an audience of your interest. Make sure that you don’t choose one based on how many people are following their account, but the one with the right and relevant audience as they are more likely to convert.
Track & Analyze Results
It is important to track and analyze the results of your marketing strategy. Use metrics, such as the number of comments on a post or how many times it’s been shared, to measure the performance of your campaign. From there you can see how many of those people actually went on your website to purchase a product.
Influencer marketing, when used correctly, can bring more brand awareness to your company and generate leads. You have to make sure you work with the right influencers to have a successful marketing campaign. Working with an influencer who likes your product and has a following relevant to what you are marketing can lead to a high ROI.