In the ever-changing realm of digital marketing, few strategies have garnered as much success and criticism as influencer marketing.
This powerful tactic has allowed businesses big and small to reach their target audiences in authentic and engaging ways. With over 5 billion social media users making up over 60% of the global population , a successful influencer marketing strategy can change the course of a business if done right.
In this guide, we will explore the fundamentals of influencer marketing, how to make the most of your budget, how to measure success, and how to navigate common pitfalls.
Make sure you read to the end where we give you an exclusive insight on how to get a leg up over your competition in the influencer marketing space.
What is Influencer Marketing?
Social media platforms like Instagram, TikTok, and YouTube have birthed a new breed of celebrities – influencers – who wield considerable influence over their followers’ purchasing decisions. Influencer marketing is the act of leveraging these individuals to serve as a conduit between your business and their audience
With 69% of users trusting influencers’ recommendations over information coming directly from a brand, and costs rising across paid social ads, there’s never been a better time to try influencer marketing. There are several ways to get started to ensure you don’t break the bank, but still drive strong results.
How Much Does Influencer Marketing Cost?
While influencer marketing was once dominated by major brands with hefty budgets, it has now become accessible to businesses of all sizes. For small businesses, in particular, it presents a golden opportunity to level the playing field and compete with industry giants on a more intimate scale.
The most cost effective way to start out in influencer marketing is to reach out to current fans. Those who already love your business are often willing to shout their love from the rooftops in exchange for discounts and gifts. Consider starting a brand fan club where there are rewards for those who are able to make sales. This allows you to easily control how much you are spending to make the most about your budget.
On the other end of the spectrum, engaging influencers who have a large audience, but no connection to your brand is going to be far more expensive. When selecting an influencer, it’s important to have clear goals. If your needs are centered around visibility it might be best to focus on influencers with large audiences. However, if you are more sales focused, influencers with the highest engagement might be better for your brand.
Is Influencer Marketing Worth It?
Only if you are tracking performance properly. One of the biggest struggles businesses have with influencer marketing is how to determine if it is working. With firm goals and solid tracking, you can put into place a strategy that will work for your business.
Many businesses use specialty codes that influencers can leverage to track sales back to themselves. Other popular strategies for tracking influencer performance are specialty links and landing pages businesses create specifically for those people. Each type of tracking has its pros and cons for measurement which you will need to weigh out prior to implementation.
Beyond the direct forms of tracking, influencer marketing has a halo impact as well. This is similar to less directly measurable marketing tactics like TV or radio. A successful influencer marketing campaign should also drive a bump in your direct, brand, and organic traffic. It is important to have a baseline of performance in these channels prior to an influencer’s post in order to measure the greater halo. Knowing what and how to measure performance when leveraging influencer marketing is at the crux of avoiding many common pitfalls.
Tips to Succeeding in Influencer Marketing
Make sure you clearly communicate what you want from the influencer. There should be no misunderstandings when it comes to working with an influencer. They should be on the same page as you in terms of your campaign goals to eliminate frustrations during your collaboration. Provide them with the goals of your campaign, a list of “don’ts”, comprehensive information about your brand, and an easy way to get in contact with you.
Along those lines, you need to keep in mind that while you know your business the best, the influencer knows their audience. They know how to speak to their people to get them to purchase and engage. Don’t over architect the message you want the influencer to convey. If you do, you run the risk of the post coming off as inauthentic.
To ensure your influencer marketing campaigns come off as authentic, take the time to find influencers who fit your brand. While it might seem like a huge investment, you’ll end up seeing the most return when investing in people who authentically love your brand rather than those who are good at selling. Building a community behind those who are, or could become, fans will help you better communicate your desired message to their audiences and help you build up your fan base in turn.
Additionally, make sure your ideal audience matches the influencers target audience. For this, you may need to think outside the box. For example, a child care influencer isn’t necessarily marketing to other child care professionals. Often their audience is made up of parents looking for advice. This is similar for a lot of experts who may have audiences of learners. Start small and test different types of influencers to determine the best fit for your brand.
When getting started with influencer marketing, you should try different strategies that match your budget, ensure you are measuring performance to your goals, and follow our tips to ensure your success.
At Media Proper, we have experience in building influencer marketing programs from the ground up and implementing measurement solutions to prove out performance. If you’re struggling to make influencer marketing work for you, or want to get started, our team of marketing experts can help guide you down a path that will give you an edge on your competition. From small businesses to large, we can help you with your digital marketing needs.
With this comprehensive guide, brands can embark on their influencer marketing journey with confidence, armed with the knowledge and strategies needed to thrive in the digital age. Embrace the power of influencers and unlock a world of possibilities for your brand.
