It’s no secret that creating an influencer marketing strategy has become one of the most popular ways to market your products and services online. With billions of internet users browsing social media platforms for information every day, marketers are harnessing the potential of influencers for promotion.
According to Statista, the global influencer marketing industry has more than doubled since 2019. It was standing at around 13.8 billion U.S. dollars in 2021. However, with an increasing number of influencer endorsements, the competition is also skyrocketing, making collaborations between brands and influencer agencies more challenging than ever.
Follow these Steps to Build a Successful Influencer Marketing Strategy
Finding the right influencer in your niche may seem painstaking, but we’re here to simplify this process. Follow these steps to learn influencer marketing and get industry-specific influencers for your campaign.
Step 1: Define Your Budget
Be it a thousand-dollar campaign or a million, you should have a rough number in mind that you think your influencer marketing strategy will cost. Know what you’re willing to pay and what type of influencer you need to find.
It may be hard to put a number on precisely how much money influencers charge, but keep in mind that things get more expensive as followers increase. Charges also vary depending upon social media platforms and the audience’s engagement. So, know your number before you start looking out.
Step 2: Search for Influencers
Let’s say you’ve got a clear budget for your influencer marketing strategy. Now the search begins! There’s one way to get the right influencers, and that’s by reaching out directly. You might need a directory of agents to contact the influencers who are experts in your niche (or closely related).
For instance, Khloé Kardashian is a well-known influencer, but she would likely be useless for promoting SEO services. That said, someone like Tim Ferriss would be the right pick. If you don’t have enough budget for celebrity influencers, then get in touch with macro, micro, or nano influencers that have some precious influencer marketing experience in your niche.
Step 3: Identify the Platforms they Use
It’s time to find influencers’ social media links and see the posts they have written there. Check their author bio, open their social profiles, and learn the platforms they use the most. Figure out whether these platforms are popular in your niche. You can use dedicated third-party tools to learn influencer marketing and find relevant influencers. Some of these tools include:
- Followerwonk for Twitter
- Influenex for YouTube
- Heepsy for Instagram
- InBeat for TikTok
Step 4: Pick the Best Influencers
On instinct, you may feel gravitating toward the most popular influencer on your list. However, keep in mind that what really matters is ROI, not followers. It’s tricky to calculate returns, especially when you are unsure of how much the influencer marketing strategy will precisely cost. Plus, there are other factors like product price, margin, and TAM (total available market). For an estimated calculation, use the following formula:
Estimated ROI = (Audience Size x Estimated Conversion Rate x Lifetime Value) – (Marginal Costs + Influencer Cost + Free Product Cost)
Step 5: Pitch the Influencer
Finally, make your pitch. Once you know an influencer worth paying for, just get them on-board. They may reject your offer, so have a strong pitch in place. Try to contact a handful of influencers at once. If they respond, just compare their offers.
Make sure they tend to like what you are offering. It can be free products, free sponsorships, or money. Research your niche influencers, relate to them, and give them a reason to foster your influencer marketing strategy. Be genuine and transparent.
In essence, finding the right influencers is easy with the right tools, knowledge, and strategy. We just gave you some key tools and knowledge, but are you still missing the time? Don’t worry, there are professionals who will do everything for you. They’re called influencer agencies.
Help us build a robust influencer marketing strategy for you.