It’s no secret that influencer marketing rules the marketing world, with 17% of companies devoting more than half of their marketing budget to an influencer marketing strategy. Before social media, the only way of marketing was traditional ways like newspaper ads, billboards, magazines, etc. Today, we have an array of options, including influencers.
The world of marketing is full of wonders, and influencer marketing is one of them. Who knew that influencer marketing would become such a big hit, even during the time of pandemic? In fact, the global influencer marketing market size was valued at a record $13.8 billion, which was more than double, compared to 2019.
5 Undeniable Facts for Your Influencer Marketing Strategy
Since influencer marketing has greatly evolved over the last decade, there are some long-lived facts out there. Let’s take a look at them with one of the top influencer marketing companies.
- Influencer Marketing is Legit
Yes, influencer marketing is a completely legitimate strategy. 92% of consumers trust influencers rather than traditional endorsements. In fact, 33% believe that influencers are trusted sources when making shopping decisions. So, if you haven’t jumped on the influencer marketing movement, it’s probably the right time. To win the influencer marketing strategy, focus on creating influencer-activated content experiences.
- It’s a Cost-Efficient Deal
One of the biggest misconceptions around influencer marketing is that influencers are pricey. To be true, it’s the opposite! Influencers have different fees based on their followers or engagement. If you have a tight budget, you can pick micro-influencers that fit your influencer marketing strategy. Otherwise, go big with celebrity influencers.
- Its Performance is Easy to Track
Calculating ROI is often challenging, but you can measure an influencer marketing strategy with normal KPIs like engagement ratio, conversion rate, and impressions. Depending on the type of your business, marketing campaign, and social media channel, there are an array of tools available to measure short-term sales and long-term brand equity. HypeAuditor, Upfluence, Google Analytics, and Storyclash are some of them.
- It is for all Age Groups
Audience demographics may vary based on the social platform and brand, but that doesn’t mean influencer marketing is only for young audiences. It doesn’t belong to just one age group or community, neither do followers. In fact, influencers from each age group are available online these days. From fitness and motherhood to millennials and Boomers, influencer marketing covers different markets and age groups.
- It is Relevant for Every Brand
Completely true! Whether it’s an enterprise or startup, placing an influencer marketing strategy into their social media strategies always makes sense. You can create a clear budget and invest as per your needs to get the results accordingly. What else? Influencer marketing is not limited to products that are for consumption, but also to retail shops and B2B services.
5 Steps to Build an Industry-Specific Influencer Marketing Strategy
Now that you are familiar with influencer marketing facts, it’s time to create a winning influencer advertising strategy with one of the best influencer marketing companies. Follow these steps to get started.
- Do Some Research
First thing first, identify the social media platforms that your ideal audiences frequently use. Determine their needs and pain points. To create an impactful strategy, know what your competitors are doing. Analyze what kind of content is working or failing for them. Also, decide whether you want well-known celebrities or micro-influencers for your influencer marketing strategy.
- Create a Clear Plan
After carrying out research, set up an influencer management timeline and budget for the marketing campaign. While you can automate ad strategies and other tasks, influencer partnerships will require higher monitoring and follow-up. See if you can manage them all in-house, or have to hire influencer marketing companies for the job.
- Determine Your Marketing Goals
Focus on your brand goals when creating an influencer marketing plan. For example, if you want to target a male demographic from 30-55, you will need a different kind of approach than a demographic of 18-25. Make sure you nail the exact audience attributes that fit your goals. Here, you need to conduct influencer outreach.
- Find and Contact Influencers
Influencers are present on all social media networks, and finding relevant influencers is no rocket science. The influencers you choose should be in sync with your brand values and goals. Be sure to check their hold on the audience. You may need influencer marketing tools to shortlist influencers that are legitimate, relevant, and have worked with similar brands. You can find verified influencers to market your brand with tools like Unbox Social.
- Track, Optimize, and Repeat
Finally, to know whether your influencer marketing strategy is working, it is essential to measure its performance. Tracking results is easy if you set identifiable influencer marketing KPIs. Key identifiers like hashtags, affiliate discounts, or tracking links monitor direct results from influencer campaigns. Also, consider the number of likes, comments, and shares to track the success. The best approach is to opt for a social media analytics tool to track the campaign.
While influencer marketing has been the talk of the town, there are many businesses failing at it. They are struggling to understand the what, why, and how of influence marketing. Still, influencers are here to stay as long as social media exists. Once you’ve the right influencer marketing strategy, you might find yourself creating endless business opportunities. Hope you find this article informative.