The Importance of Influencer Marketing

The Importance of Influencer Marketing

Ever wonder how influencers got their name or what an influencer is? It’s actually pretty straightforward — they are influencing others. If you’ve ever wondered what exactly influencers do or how to create a successful influencer marketing campaign, we’ve outlined several tips. 

What Defines an Influencer? 

An influencer can be defined as an individual (or animal) that has the power to “influence” purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience. Influencers tend to be influential people within a specific industry. Additionally, influencers use social media channels (Instagram, TikTok, Facebook, YouTube, LinkedIn, & Twitter) to advertise certain products or services to their significant amount of followers and they tend to focus on a certain niche.  

Did you know that there are a few different types of influencers? These types include the following: 

  • Nano-influencers
    • 10,000 followers or fewer
  • Micro-influencers
    • 10,000 - 100,000 followers 
  • Macro-influencers
    • 100,000 - 1 million followers 
  • Mega-influencers 
    • 1 million+ followers 

One of the unique things about influencers is that they can be anybody and they can live anywhere in the world. Some of my favorite influencers are courtneysteeves and heywanderer.

What Exactly is Influencer Marketing?

Now that we know what an influencer is, what exactly is influencer marketing? Influencer marketing is when a brand collaborates with an online influencer to market a specific product or service to a targeted audience. Also, brands can also work with influencers to help increase their brand awareness. When creating an influencer marketing campaign, it is important to work with influencers who share your brand’s values.  

Let’s look at some statistics. This year, the influencer marketing industry is expected to grow to be worth $13.8 billion. Also, for every $1 spent on influencer marketing, businesses are making about $5.78 ROI. Additionally, Influencer Marketing Hub surveyed about 5,000 different marketing agencies and brands and discovered that about 90% of their respondents believe that influencer marketing is an effective form of marketing. Based on these statistics, this type of marketing is going to continue to grow, so it is important to understand what influencer marketing is and how to work it into your organization’s marketing budget. 

Tips on How to Create a Successful Influencer Marketing Strategy 

Since influencer marketing is sticking around, as an organization, it is important to understand how to create a successful marketing strategy. With this being said, let’s explore some of the basic tips to keep in mind when developing a successful influencer marketing campaign. 

1. Research, research research!

  • Choose the platform you want to focus on (make sure to take into consideration the type of industry you are targeting) 
  • Consider utilizing influencer marketing tools, such as Instagram Post Optimizer or Instagram Sponsored Post Calculator, to assist your campaign 
  • Explore social listening (when you track your brand’s social media platforms for mentions and conversations that are related to your organization’s products or services, then you analyze this information for opportunities
  • Research potential influencers to work with and know how to contact them 
    • Consider the three r’s when finalizing an influencer for your campaign: relevance, reach, & resonance
  • Understand the common rates for influencer compensation
    • For an average Instagram influencer post, it costs about $271 per post
  • Think of an estimated ROI for your campaign 

2. Set a budget

  • Make sure to factor in time for planning, executing, and reviewing your influencer marketing campaign

3. Develop goals and decide on a message

  • The most common goals are to raise brand awareness and increase sales 
    • However, these are a little too broad. Goals need to be more precise and should be catered towards your target audience. 
  • Your message is VERY important! 

4. Review your campaign & make adjustments where necessary 

  • Create pre-determined dates to measure the progress of your campaign and make adjustments where applicable  

Lastly, something to keep in mind is that a successful influencer marketing campaign takes some time to build and is not about getting instant results. Also, using multiple influencers at the same time may seem beneficial but it may not be. Just because an influencer has a ton of followers, it does not mean that the influencer will necessarily persuade their audience to follow through with a call to action. 

Let's Chat

If you think your organization needs a little digital marketing TLC or help executing a successful influencer marketing campaign, we’d love to chat. 

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Posted by Amanda Gottschalk at 11:20
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