Influencer marketing has grown exponentially over recent years to quickly become one of the most prominent tools for marketers around the world. The unprecedented rise in social media usage has significantly lowered the value and effectiveness of traditional marketing methods.
Gone are the days when brands would scamper to grab prime-time spots on TV or feature in the latest popular magazine issue. As more and more people turn to the internet, businesses have started relying more on social media influencers to engage audiences and market their brands.
Undoubtedly, influencer marketing is here to stay.
What is Influencer Marketing?
Influencer marketing is a relatively new form of marketing that involves the promotion of a business or brand via digital influencers. Through influencer marketing, businesses can partner with popular social media figures to market their products or services to the audience.
Influencer marketing is a very cost-effective way from businesses to increase brand recognition, gain new audiences, improve engagement levels and generate leads or sales. By tapping into the existing audience base of an influencer, brands can gain more exposure without much effort.
10 Expert Tips for Influencer Marketing Success
If you want to step into the highly profitable world of influencer marketing successfully, remember the following tips:
1. Outline Your Goals
Most people will agree that instating a set of tangible goals is the first step towards the success of any marketing endeavour. The same holds true for influencer marketing too. To succeed in this highly competitive environment, you should start by clearly outlining your goals. Doing so will enable you to create a solid and consistent strategy throughout your social media influencer marketing campaign.
Some of the primary goals to be considered are raising brand awareness, building brand identity, increasing your audience base, generating leads or sales, improving customer loyalty, and building connections, amongst others. It doesn’t matter which goals you choose or how many of them. The most important thing is to know exactly what you want.
2. Determine Your Target Audience
Once your goals have been outlined, the next step is to define your target audience. This may seem like a basic step to many, but some marketers don’t realize that it is a very vital one. Determining the target audience will help you strategize your influencer marketing campaign in the best manner possible.
When defining your target audience, a variety of factors can be taken into account. Age, gender, demographics, location and interests are just some of these factors. However, knowing your audience base will ensure that your influencer marketing campaign reaches the right people. Besides, it will also help you sell to them more efficiently.
3. Research Your Influencers Thoroughly
According to a report published by Econsultancy, 73% of surveyed respondents stated that finding the right influencers is the hardest part of influencer marketing. The increasing popularity of influencer marketing has given rise to a huge number of digital influencers – both genuine and fraudulent. Partnering with fake or ineffective influencers can spell doom for your brand.
Before settling in on a particular influencer, make sure to do your diligent research. Perform a thorough background check before working with anyone. Gauge the engagement rate of an influencer’s followers by carefully examining his/her profile. Check whether they’ve worked with any reputable brands or your competitors in the past. When picking your influencer, make an informed choice.
4. Define Your Budget
The topic of payment to influencers is a grey area and prone to many variations. Famous influencers who are in demand might quote an astronomical figure that surpasses your budget. On the other hand, many influencers will be glad to work with you for other, more feasible rewards such as special offers, freebies, discounts and the like.
Whatever the case may be, you do need to define the overall budget of your influencer marketing campaigns beforehand. Having an idea about the budget will help streamline operations for you. For instance, you’ll know the kind of influencers you can afford to collaborate with or the number of freebies you can give away without any worries.
5. Choose Quality Over Quantity
Many brands mistakenly assume that the success of their campaign depends on the number of followers an influencer has – a bigger audience equals more success. However, this is not always the case. Some popular social media influencers might have tons of followers, but their engagement rate might be really low.
Influencer marketing is all about contextual engagement. It’s better to work with an influencer who is aligned with your brand and has a small, highly engaged audience rather than one who cares little about your brand and has millions of followers who are not very engaged. Remember, you want an influencer who can truly have an impact on the audience.
6. Get the Word Out
Once you’ve finally decided upon an influencer, it’s time to let the world know about it. One of your primary goals is to increase brand awareness and widen your reach. So, don’t ever hesitate about broadcasting your collaborations with influencers. Shout it out from the rooftops if you have to!
Let cross-promotion work its wonders for you. Tag your influencer everywhere you can to make their audience aware that you are working with them. Ask your influencer to do the same and tag your brand everywhere possible. You never know – after becoming aware of the collaboration, some of your influencer’s followers might start getting interested in your brand and even follow you.
7. Don’t Worry About Losing Control
Traditional marketing methods like television and print media ads let you exercise total control over the entire process – from conceptualization to distribution. Influencer marketing doesn’t work that way. Ultimately, it is the influencer who’s putting the word out for you. Some might take one approach, while others might take a completely different one.
Every influencer is a creative individual who’ll have varied ideas on showcasing your brand. It is important to let their creative freedom ride without trying to rein it in. Ultimately, it is the social media influencers who know how to engage their audience best and what kind of content will be most effective. So, supervise them but also give them complete control over their content.
8. Opt for a Consistent Look, Feel and Tone
When brainstorming about the kind of content that you want to create, try to achieve some uniformity in the look, feel and tone across different influencers and social media platforms. The idea is to put forth is instantly recognizable content – your audience should be able to relate your brand even with a passing glance.
Communicate your ideas to influencers clearly. Doing so will help them create engaging content that resonates with the audience. Irrespective of whether you are posting an article, a picture or a video or, make it a point to maintain consistency. This will ensure top-of-the-mind recall amongst your target audience.
9. Build A Lasting Relationship with Influencers
While it may be tempting to partner with a famous influencer for a one-time deal to make your brand trend or generate quick buzz about a certain product, the success that follows will only be short-term. What you should actually strive for is a long and lasting, mutually beneficial relationship with your influencers.
When brands and influencers work together for a long time, they develop a good rapport and start trusting each other. This mutual trust can make things much easier as you can leave most of the creative work to the influencer without having to constantly oversee them or worry about eventual outcomes.
10. Always Track Your Metrics
The only sure way to gauge the success of your social media influencer marketing campaign is to track and monitor your metrics. The reason is simple – you can only fix something when you know it’s broken. Tracking Key Performance Indicators (KPIs) and other such metrics will give you a clearer idea of what works and what doesn’t.
Always keep track of how your audience is reacting to an influencer marketing campaign. Monitor the traffic, likes, dislikes, impressions, engagement levels, conversion rates and just about any other metric that lets you compare and contrast. Having all this data readily available in your hands will significantly help in improving your campaign’s success.
In the end, influencer marketing can be the greatest tool in your arsenal for driving brand recognition and improving overall ROI. However, you can only succeed if you’re willing to put in the effort that is required. Make use of these expert tips to begin your journey but do remember that the key to success is patience and hard work.
Amplifiers is a newly-launched influencer marketing platform that solely caters to the stock trading industry in our country. This innovative platform seeks to bring together multiple brands and influencers under a single roof. The platform provides a lot of benefits to influencers – from curated offers to an impressive content library and easy-to-use templates.
Influencers can use many such resources to educate their followers about stock trading and help them make profitable investments. For more information, please visit the Amplifiers website.