Influencer Marketing: Is It Right For Your Business?
Influencer marketing has been around since word-of-mouth, but it's become much more powerful in recent years as people have turned to social media sites like Instagram, Tik-Tok, Facebook and Twitter to consume their content and interact with other users. Celebrity endorsements were the early form of influencer marketing, but in today's digital world, social media content creators with niche audiences often offer more value to your brand. In recent years, influencer marketing has made a huge impact on the way marketing is approached. As of 2022, the influencer marketing industry is valued at $16.4 billion. Companies are putting more time and effort into influencer marketing than ever before. Maybe you've considered influencer marketing and wondered if it's right for your business. If you want to know more about what influencer marketing is and how it can benefit you, keep reading!
What is Influencer Marketing?
Influencer marketing is a strategy you can use to reach your target audience by partnering with social media influencers. In this type of marketing, a company sponsors an individual or group to promote its product or service. The idea is that the influencer has a large following on social media and will share their opinions about the product with their followers. In this type of marketing campaign, you're not always hiring stars like Kim Kardashian, who can command fees in the millions! Instead, you might be interested in someone with 500 followers on Instagram—but those 500 followers are influential people and have thousands more following them. An estimated 41% of consumers find new products through influencers monthly. Influencer marketing has become essential to marketing campaigns, and it is expected to continue to grow!
Types of Social Media Influencers
The types of social media influencers are generally based on the size of their audience. It's important to note that a higher follower count does not always mean a higher level of influence. Knowing the different types of social media influencers is key to understanding the benefits they can offer brands. There are 4 main types of social media influencers: nano-influencers, micro-influencers, macro-influencers, and mega-influencers. Nano-influencers have the smallest follower count, usually anywhere from 100-10,000 followers. Micro-influencers usually have a follower count from 10k to 100k. Macro-influencers followers usually range from 100k to 1 million. Mega-influencers (think social media celebrities) have more than 1 million followers. No matter their size, their followers trust them and look to them for advice on everything from fashion trends to how to fix their cars. The benefits of each type of influencer differ, but they all have the same thing in common. They have built a high amount of trust with their followers, and their recommendations serve as social proof to your potential customers.
How Influencer Marketing Can Benefit You
The benefits of influencer marketing are numerous. Working with social media influencers can increase your brand awareness, leading to increased sales and customer loyalty. They can help drive more traffic to your website and attention to your products or services, which also helps to increase sales. Social media is a great way for brands to reach out directly to their customers and offer discounted deals or special product offers. When these deals or even just the products themselves are endorsed by someone they trust, they are far more likely to buy. Working with social media influencers can also help you reach new audiences. 61% of customers trust an influencer's recommendations, so even if someone wasn't aware of your products or services, they are still more likely to purchase because someone they trust recommended it. With so many benefits to influencer marketing, it's easy to see why more and more brands are investing in it.
How to Create an Influencer Marketing Strategy
Creating an influencer marketing strategy can seem intimidating, but it doesn't have to be. First, you need to determine your goals. What are you hoping to achieve through influencer marketing? Do you want more followers? More engagement? Better brand recognition? Next, do your research. Figure out your target audience and where they hang out online—then find out who the most influential people in those spaces are. Then reach out to the influencers! Let them know what you're doing and ask if they'd like to collaborate with you on creating content that helps both of you achieve your goals. Different influencers come with different prices, so make sure you discuss and agree on a price per post. After that, collaborate with them on creating content (make sure it's something that makes sense for both of you). To ensure your influencer partnership is successful, you will also need to measure the results. Use your website and social media data and analytics to track your influencer marketing campaign and make sure you're getting the results you expected.
Influencer Marketing is Here to Stay
Influencer marketing is a great way to reach your target audience, build brand awareness, generate sales and promote products or services. By tapping into the social media influencers who already have a following and getting them to share your content, you can reach hundreds or thousands of people in just one post. With so many different types of influencers, companies need to find the right ones who align with their brand image and help them achieve their goals. If you need help coming up with a marketing strategy to work with an influencer, Encompass Online Marketing Ltd. can help! We have all the experience with marketing strategies and creating social media content and campaigns that you need to succeed. Contact us today!
Written By: Trenton Ross