Influencer Marketing 101: Everything You Need To Know

An influencer is an individual who has the power to persuade others to engage in a certain type of activity, such as the purchase of a product or service. Influencer marketing involves the use of popular experts, "influencers" on social media; it is a guaranteed way of spreading the word about a certain business.

Influencer marketing may be the right strategy to employ even if you have highly specific goals in mind, such as changing your target audience to a younger demographic or forming a partnership in order to promote certain brand values; potential clients could respond well to this strategy because seasoned influencers have a lot of sway over the followers that engage with their content.

Learning how to work with individuals who fit the criteria of "influencers" is an important strategy to learn about, while you're in the process of scaling up a business. This article will help you master the art of influencer marketing.

How Exactly Does Influencer Marketing Work?

Influencer partner up with a brand to promote the latter's goods or services. Occasionally, this partnership simply increases brand recognition for an organization. This works because influencers generally have an extensive "follower" base that they exert influence over; as the followers often trust the judgement of the influencers they follow, they will seriously assess the value of the products/services being marketed by them.

Influencers could be photographers, psychologists, writers or even teachers; while some of them may have millions of followers, others may have less than 10,000 but they can still be considered to be reliable experts within a certain niche.

Why Is Influencer Marketing Important In This Day And Age?

One of the most effective ways to gauge the importance of a marketing strategy is to obtain feedback from key players in the field. Results from a survey involving over 2000 marketing agencies and professionals indicated that the number of google searches including the words "influencer marketing" increased by 465% since 2016, implying that its popularity is increasing rapidly.

Something more interesting, influencer marketing supposedly hit 13.8 billion dollars in revenue in 2021. In fact, influencer marketing is such a promising strategy that most of the surveyed organizations stated that they intended to expand their influencer marketing budget by 2021 in order to best utilize the strategy.

The statistics are hardly surprising given that efficient influencers have strong reputations for being trustworthy sources of information in their respective fields; thus, working with a compatible influencer is a fantastic way of reaching potential clients that may even have been out of reach in the past. The collaboration may also increase your brand credibility once people associate the influencers they admire, with your organization and the goods/services you are offering.

10 benefits of influencer marketing
10 Benefits Of Influencer Marketing

How Do You Establish A Successful Partnership With An Influencer?

Successful influencer campaigns can be implemented using well-defined goals. At this stage, you need to outline the purpose of your campaign. What is your over-arching message? Do you have values that you wish to adhere to? Take some time to note down the answers to these questions; they will act as anchors as you gradually develop your influencer marketing strategy. It could keep you motivated when the going gets tough.

The second and possibly most important step involves conducting extensive research, as you would do if you were using any other marketing strategy. Begin your research by picking a particular social media platform to conduct your campaign on. Then, find data on the target audience for your campaign; you should ideally pick an influencer who has a history of successfully persuading the selected target audience to engage in a particular set of activities.

Next, the influencer you pick must match the product you intend on selling; for example, if you are selling a skin product, pick an influencer who is known for their stellar skincare routine. The selection process can be streamlined by using a search engine or an agency to pick out these influencers. After that, you can easily liaise with the influencer of your choice to determine whether they are a good fit for your organization.

In order to gauge the effectiveness of influencer marketing in scaling up your business, you need to identify tools that can help you measure the success of the influencers that you have recruited. Some of the potential tools of measurement include impressions, engagement (the number of likes, comments, and shares), audience reach, conversions (which includes the amount of traffic being diverted to a particular website) and the number of increased subscriptions to certain media outlets that you employ (such as newsletters). `

Another point of consideration, when working with influencers, involves the payment package. Some influencers are paid after the marketing campaign comes to an end while others are paid prior to the start of the campaign. The payment is often agreed upon verbally or more reliably, in written form; influencers are paid based on how many people they have influence over, the degree of support they are willing to provide in the marketing process, how much they have charged previously and how good their track record of influencer marketing has been.

The most popular influencers are sometimes paid six or seven figures while lesser-known influencers with substantially smaller audiences, may receive compensation in the form of free goods or services, as opposed to being provided with money. Assessing the standard rates for a certain influencer group could be helpful when you're deciding on a payment package. Additionally, you might want to check whether the influencers are affiliated with talent agencies as the contact and payment process could vary depending on that factor.

A Few Important Points To Consider

Recruit Reliable Individuals

There are many individuals out there who pretend to be influencers but do not have track records to back up their promises. It is vital to vet the individuals that you intend to work with, to make sure that they do not take advantage of you in any way. This can be done by assessing their social media profiles and gauging whether there is evidence of them using fraudulent content; a substantially low engagement ratio could be a sign that an individual isn't as "influential" as they claim to be. On the other hand, experienced influencers will often have extensive portfolios to their name which increases their credibility.

Cultivate A Positive Working Relationship With Influencers

Unlike automated marketing campaigns, influencers are human and it is worthwhile to develop genuine connections with them; this includes clarifying your mission and work values from the beginning in order to assess compatibility. It may take time to learn whether their approach will work within the niche that your business operates within.

Additionally, it is likely that they may be working with several brands at one time; thus, they may forget to post on time or make mistakes on occasion. It would be best to prepare for this in advance so that you can check in with them on time. If they do make a mistake, approaching the situation with the right degree of empathy could also go a long way in developing the partnership with them.

At the same time, reviewing their progress and weeding out incompatible influencers in a compassionate manner could prevent you from losing valuable time and money that you could otherwise spend on influencers that will actually help you build brand awareness and drive sales.

Don't Underestimate The Power Of Regularly Reviewing The Partnership

Establish regular progress checkpoints at the very beginning in order to assess whether the partnership is still mutually beneficial. If the collaboration is not successful, reviewing the progress will prevent you from making the same mistakes in the future.

Additionally, even successful influencer marketing strategies could be improved within the current context of ever-changing social media trends; thus, regularly refining your strategy will greatly benefit all parties.

Conclusion

Influencer marketing can be as effective as other campaigns if it is conducted effectively. In order to increase its chances of success, make sure that you conduct thorough research when picking influencers, set realistic, measurable goals, recruit compatible influencers and consistently review the progress that they make.

On a final note, be ready to tweak your campaign to suit the ever-changing needs of the audience that you are catering to; that skill will help you develop a competitive advantage over key businesses in your industry.

References

Influencer Marketing

Understanding Influencer Marketing

Related Posts

Subscribe for more right in your inbox!

Thousands of subscribers cannot be wrong! Get Startup insights right in your inbox. 
We will only use your email to send you insights once a month - no spam!
Subscribe To Our Startup Insights

Written by Sikhandi

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 7

No votes so far! Be the first to rate this post.

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Startup Insights
© COPYRIGHT NEXEA, ALL RIGHTS RESERVED. PRIVACY POLICY. TERMS OF USE.
OUR STARTUP NETWORK
CORPORATE ACCELERATORNEXEA INNOVATION
ENTREPRENEURS PROGRAMME