What is Influencer Marketing
A decade ago, influencer marketing was confined to superstars and a handful of devoted bloggers. Now, it seems as if we’ve seen social media influencers grow in popularity, saturate the market, and even get involved in fraud. If you’ve conducted prior research on influencer marketing, you may have encountered contradicting information, with advice ranging from employing social influencers to not using them at all. What is Influencer Marketing
As a business, navigating influencer marketing methods is more complicated than ever, but we’re here to help you make sense of it all.
Continue reading for some recommendations on determining if influencer marketing is right for you.
What is influencer marketing and how does it work?
At its most basic level, influencer marketing is a kind of social media marketing that relies on product endorsements and mentions from influencers–individuals who have a large social following and are regarded as experts in their domain. Influencer marketing works because social influencers have a high level of trust with their followers, and their recommendations act as social proof for your brand’s prospective consumers.
What is Influencer Marketing
The influencer marketing landscape as it currently exists
In 2014, it was simpler to stand out on Instagram than it is now. If you were fortunate enough to be featured on Instagram’s featured page or if your style was sufficiently unusual, your chances of getting hired as an influencer were excellent. After establishing a sufficient number of corporate agreements, some have made social media influencer marketing a full-time job. What is Influencer Marketing
Influencer marketing’s worth
While influencer marketing on Instagram is a well-known tactic, there are several other networks that are rising in popularity with influencers. According to Adweek, the sector will reach a value of $10 billion by 2020. Other platforms, such as Snapchat, YouTube, and TikTok, each have their own set of influencers who cater to a certain audience. Mediakix, an influencer marketing firm, polled marketers at the end of 2018 to ascertain their attitudes about influencers heading into the new year. What is Influencer Marketing
1. How to locate influencers and how much to compensate them
As with any approach, the first stage is research. Choose the platform on which you wish to concentrate your efforts initially. You may always extend to other platforms later, but for now, focus on one. Ideally, your brand should already be active on this network or be actively seeking to extend its presence.
If you’re unclear where to begin, social listening may assist you in determining where people are discussing your sector and brand—as well as in identifying the most powerful voices in your business on each platform. On learn more, see our guide to social listening.
2. Develop a financial plan and management strategy
Once you’ve determined how much to pay influencers, you’ll need to set a budget. Include time for developing, implementing, and assessing your influencer campaign. Running a successful influencer marketing campaign requires more than a set-it-and-forget-it approach. It will need close monitoring and follow-up.
In contrast to a more automated marketing campaign, influencers are human and usually juggling numerous collaborations, which means that some may fall behind on their promises to publish on time or make mistakes in the tags or calls to action you want. You’ll need the time to build these connections more personally and to learn from experience what works and what doesn’t in your area.
3. Establish objectives and a message
The two most often cited motivations for using influencer marketing are to enhance brand recognition and sales. Rather of defining these broad objectives as your first two goals, it will be more productive to begin your approach by zeroing in on your brand’s demands. Perhaps you’re looking to expand your consumer base among younger generations. Or you want to introduce a new product to a new user segment. Alternatively, you may choose to forego trends in favor of using influencers to communicate your brand’s beliefs. What is Influencer Marketing
Influencers have the potential to connect with highly targeted audiences. Rather than depending on thousands of followers, influencers will assist you guarantee that your content is viewed and engaged with by a highly focused audience that is likely to be interested in your product.
4. Outreach to influencers: How to engage influencers
Returning to the first step: research. With a strategy in place for your network, your objectives, and the sorts of influencers you want to target, we return to investigating how to identify the ideal influencers to work with.
Bear the following in mind when you do your research:
Is the influencer already blogging about topics related to your service? For instance, if you’re a restaurant seeking to promote a new menu, you can hunt for influencers that consistently share photos of their dining experiences and cuisine.
Are they authentic? This entails going through their feed and engaging with posts. A low engagement ratio in relation to the number of followers and spam-like comments are indicators of a phoney account.
Have they already collaborated with comparable brands? Depending on the sort of influencer you want, a seasoned professional will be able to provide you with a press kit that includes a portfolio of their work. The more money you spend in an influencer, the more vetting you will want to do.
5. Evaluate and fine-tune your plan
Even if your influencer marketing campaign is still in process, you should have predetermined dates for tracking its success. The next section of this article will discuss how to monitor your progress. Not every campaign will be successful, but you will hopefully learn something with each one you develop.
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