Influencer marketing is becoming a widely used strategy for online promotion. For some time now, it has been a catchphrase, and the mainstream media frequently makes use of it. It is basically a part or can be termed as a part of social media marketing.
Before getting into this particular marketing strategy in depth it is important to understand who influencers are.
Who are Influencers?
An influencer is someone who has the capacity to influence others’ purchasing decisions as a result of one’s status, expertise, position, or connections with their target market; and a devoted audience in a specific niche. The size of the following is determined by the size of the niche’s topic.
It’s also crucial to understand that the majority of influencers have worked hard to develop a committed and enthusiastic following. These consumers intentionally choose to follow influencers over brands. The brand doesn’t genuinely interest the audience. They are just interested in the influencers’ viewpoints. Really shouldn’t try to impose laws and ethical standards on the chosen influencers. They own the audience, therefore they are free to go with their following in tow.
What is Influencer Marketing?
Influencer marketing incorporates both traditional and modern marketing strategies. It transforms the concept of celebrity endorsement into a content-driven marketing campaign for the modern era. As companies and influencers work together to create the campaign’s results, which is influencer marketing’s key differentiation.
This marketing strategy, however, doesn’t just involve celebrities. Instead, it centers on influencers, many of whom do not view themselves as famous in a traditional sense.
A brand works with an online influencer to promote one of its goods or services through influencer marketing. Some partnerships between brands and influencers in this marketing are less concrete than that; they merely aim to raise brand awareness.
Influencers can be found anywhere, unlike celebrities. Anybody might be one. Their substantial online and social media followings are what give them the power to influence. Anyone from any background or profession, for any reason at all, can be an influencer.
They are the individuals who create the most interesting social postings on their specialized subjects, depending on their area of competence. They post the most beautiful images, create funny films, and host the most educational internet forums.
TYPES OF INFLUENCERS
One of the difficult things for the brand is to determine the best categories of influencers to offer actual results. Especially with the option of five different influencer types.
- NANO INFLUENCERS
Nano-influencers, who have the fewest followers, give marketers a tiny and likely smaller reach. What businesses do lose in reach, however, they make up for in interaction rates. With an engagement rate of 8.8%, nano-influencers lead all other influencer types. Because the content is so authentic and tailored to the audience, marketers dealing with this kind of influencer can anticipate a unique experience.
Brands with minimal resources may wish to start with nano-influencers because they are considerably more cost-effective than their more senior counterparts. Some nano-influencers even work for free in order to gain brand relationships and grow their fan base.
- MICRO-INFLUENCERS
Micro-influencers are often seen by marketers as being significantly more effective in terms of engagement and trust. That’s because micro-influencers are more specialized and have a close relationship with their fans. Consumers are more likely to purchase a product if it is recommended by a micro-influencer (82%).
Compared to content from macro- or mega-influencers, micro-influencer content is less polished but may come across as more genuine. Depending on the company’s objectives, this might have an impact on the level of success an influencer marketing campaign has for a brand.
- MID-TIER INFLUENCERS
Despite not having celebrity status, mid-tier influencers are nevertheless a significant group of content producers whose followers have faith in them. In comparison to macro- or mega-influencers, these influencers provide marketers with a broad reach and a little bit higher engagement with audiences between 50K and 500K. Each post has authentic, up-to-date content that is polished but not dated.
Mid-tier influencers probably spent years moving up the ranks from nano-influencer to mid-tier influencers rather than using popularity to advance quickly. They have a lot of experience producing content and have a stronger connection to their audience.
- MACRO INFLUENCERS
Macro-influencers are those who have 500,000–1 million followers and can include athletes, celebrities, TV personalities, and thought leaders. Brands may anticipate a high price tag from them because they can use their reputation to get followers on social media, however, it won’t be as expensive as with mega-influencers. With this kind of influencer, brands can reach a wide audience, much more compared to the ones mentioned before.
Content from macro-influencers is often more polished than that from micro- or nano-influencers. This might be a better fit for some brands’ audiences and objectives.
- MEGA INFLUENCERS
Mega-influencers, who have more than a million followers, is well known on social media because of their celebrity status. They produce a ton of engagement on social media channels where their audience is engaged. This is what makes them desirable to organizations looking to utilize influencer marketing, as well as what drives up their cost.
Mega-influencers have a huge audience, but research shows that as the number of followers an influencer has grows, so does the rate of engagement. The engagement rate is barely 1.6% for Instagram influencers with more than 10 million followers.
HOW TO DEVELOP INFLUENCER MARKETING STRATEGIES?
- SELECT YOUR OBJECTIVES
For brands implementing influencer marketing, reaching new target audiences is the main objective. This makes sense given that an influencer campaign increases your exposure to their followers. Once the desired visibility and awareness of the brand are achieved, then one can focus on driving the sales up.
- DEFINE YOUR TARGET AUDIENCE
To use the correct tools and influencers in your influencer marketing strategy, you must reach out to the appropriate audiences. It is crucial to identify your target market for your particular campaign. Making sure you know who you’re trying to reach is easy by creating audience personas. Perhaps your goal is to connect with more of your current audience or a completely different one.
- WORK AS PER THE 3Rs OF INFLUENCE
- Relevance- A relevant influencer promotes material that is pertinent to your company and sector. Their audience must be compatible with your target demographic.
- Reach- Reach is the whole population that you might be able to influence through the influencer’s fan base. It’s important to keep in mind that a tiny audience can still be beneficial if it has a strong enough following to support your objectives.
- Resonance- This is the potential level of interaction the influencer will have with a market that is appropriate for your business. Bigger isn’t always better. Having a large number of followers is useless if they are not drawn to your offer. On the other hand, niche influencers may have incredibly devoted and engaged fans.
- LISTING INFLUENCERS
The key is trust when deciding who you wish to collaborate with. The opinions of the influencers you collaborate with must be respected and trusted by your target audience. Any outcomes without the element of trust will be flimsy. It will be difficult for you to perceive a real business benefit from your efforts.
The engagement of the chosen influencer tells whether he/she can be trusted or not. What you want are numerous views, likes, comments, and shares. From the precise follower segments you’re seeking to reach, you need to see these in particular.
In addition, a high interaction rate indicates a dedicated following as opposed to an exaggerated follower count boosted by bots and fraudulent accounts. You need to track down someone who creates content that matches the style and feel of your business.
- RESEARCH ABOUT YOUR INFLUENCER
Check out the posts made by your potential influencers and if they frequently post sponsored content. Their engagement rate might not endure if they are already bombarding their fans with numerous sponsored posts. To keep fans interested, enthused, and engaged, make sure your content is abundantly organic and unpaid.
Consider this as well when deciding what you’d like the influencer to post. Even if your offer is accompanied by a substantial salary, the influencer will find it difficult to accept it if you request too many posts in a short period of time.
Influencers in high demand receive numerous offers. You must demonstrate your effort to learn about an influencer’s work when you initially approach them.
Make sure you are well aware of the topics covered on their channels and the target demographic.
- DON’T RESTRICT THEIR CREATIVITY
An influencer on social media who has put a lot of effort into growing their fan base won’t agree to a deal that makes their personal brand seem inconsistent.
Influencers are professionals at creating content, after all. They favor the term “creators” because of this. By allowing them to demonstrate those skills, you’ll get the most out of their job.
Of course, it’s a good idea to give some direction as to what you’re looking for. But do not anticipate being able to stage-manage the entire campaign.
- MEASURE THE OUTCOME OF THE COLLABORATION
It is important to evaluate whether the collaboration between your brand and the influencer attained the desired goal or not. That will provide you with a sense of understanding of how to strategize future collaborations.
Together, your brand and influencer can develop great and effective content for more audience engagement.