In a world where people are constantly connected to social media, influencer marketing has become one of the most effective ways to reach out to potential customers. But what is influencer marketing? How to do influencer marketing? And how can you harness its power for your business? In this guide, we will answer these questions and more. We will start by explaining what influencer marketing is and how it has grown due to the rising popularity of social media platforms like Instagram, Facebook, and Twitter. Then we will discuss the influencer marketing strategies and show you how to get started.
What is influencer marketing?
Influencer marketing is a type of social media marketing that uses endorsements and product placements from influencers—people who have a large following on social media—to promote your brand or product.
Why influencer marketing?
Influencer marketing is effective because it uses word-of-mouth marketing, which is more trusted than traditional advertising. Also, influencers have a lot of sway with their followers. According to one study, 92% of people trust an influencer more than an advertisement or traditional celebrity endorsement.
How influencer marketing has grown
Social media platforms like Instagram, Facebook, and Twitter have made it easier for influencers to connect with their followers and promote brands or products. This has led to a growth in influencer marketing. In fact, according to Business Insider, spending on influencer marketing is expected to reach $15 billion by 2022.
Nowadays, many influencer marketing agencies can help you connect with influencers and promote your brand or product. However, before you start working with an influencer marketing agency, it is important to have a clear understanding of your goals. Otherwise, you may end up spending a lot of money without seeing any results.
Guide to Influencer Marketing
How to Leverage Influencer Marketing?
The first step is to identify your influencers. To find influencers, you can use social media tools like Hootsuite Insights or BuzzSumo. Once you have identified your influencers, the next step is to reach out and collaborate with them.
Here are some tips on how to collaborate effectively with influencers:
– Establish clear objectives and expectations for the partnership from the start
– Be transparent about your budget
– Provide influencers with creative freedom
– Respect their time and work schedule
– Keep communication lines open
Let’s say you are in e-commerce and want to use influencer marketing to sell your products. Once you have found the right influencers, you can start by sending them sample products and asking them to post pictures or videos of themselves using the product. You can also ask them to write a review of your product on their blog or social media platforms.
The price will depend on your budget and the influencer’s following. Generally, influencers with a large following can charge more than those with a smaller following. You can use influencer marketing platforms like Upfluence or Heepsy to find influencers and negotiate rates.
While influencer marketing is lucrative and offers numerous benefits, having the right influencer strategy for your company is even more important. With so many moving parts, it can be difficult to keep track of everything without help from a professional team.
How to create an Influencer Marketing Strategies:
Now that we have gone over what influencer marketing is and how it can benefit your business, it’s time to learn how to create an influencer marketing strategy.
1. How to find influencers and what to pay them
Much like any strategy, research is the first step. Choose the platform you want to focus on first. You can always expand to other platforms later but if you’re just starting, stick with one. When it comes to establishing an influencer marketing plan, your industry is just as important as the influencers you want to target. Instagram and YouTube are popular among beauty and fashion businesses. Twitch is dominated by the video game sector.
You’ll need to consider the potential return on investment of your social influencer marketing campaign: how will you evaluate the impact of influencer postings on your overall influencer marketing strategy? How will you know whether influencer marketing is worthwhile for your company?
When it comes to finding influencers, there are two main types: micro-influencers and macro-influencers. Micro-influencers typically have a smaller following, but they are more engaged with their followers. On the other hand, macro-influencers have a larger following but may not be as engaged with their followers.
How much influencers charge:
Nano-influencers (1,000-10,000 followers): $10–$100 per post
Micro-influencers (10,001-50,000 followers): $100–$500 per post
Mid-tier influencers (50,001-500,000 followers): $500–$5,000 per post
Macro-influencers (500,001-1,000,000 followers): $5,000–$10,000 per post
Mega-influencers (1,000,001 plus followers): $10,000+ per post
2. Set a budget and management strategy
The next step is to set a budget for your influencer marketing campaign. This will depend on the size and scope of your campaign, as well as your objectives. Once you have a budget in mind, you can start to develop a management strategy.
There are a few things to consider when it comes to influencer management:
– How often will you need to contact influencers?
– What platforms will you use to manage influencers (e.g., spreadsheets, project management tools)?
– Who will be responsible for managing influencers?
– How will you track influencer performance?
– What metrics will you use to measure success?
Influencers are people, and they frequently have numerous partnerships to manage, so some may fall behind in their duties to post on time or make mistakes in your requested tags or calls to action. To develop and improve your method through experience with what works and what doesn’t in your niche, you’ll need the time to be more hands-on with these relationships.
Some companies choose to outsource their influencer management, while others prefer to keep it in-house. There are pros and cons to both approaches. Outsourcing influencer management can save you time and money, but it can also be more expensive in the long run. It’s important to weigh your options and decide what’s best for your company.
3. Decide on goals and message
The next step is to decide on your influencer marketing goals. What do you hope to achieve with your campaign? Do you want to increase brand awareness, drive traffic to your website, or generate leads? Once you have decided on your goals, you need to develop a message that aligns with those goals. This will be the foundation of your influencer marketing strategy.
Influencer content that has a conversational tone and a personal narrative distinguishes these posts from company-sponsored ones about the same item on their feed.
Your influencer marketing message should be clear, concise, and easy to understand. While you don’t want to stifle an influencer’s creativity and individuality, you also don’t want them to promote anything unrelated to your campaign. It should also be aligned with your overall influencer marketing strategy. For example, if your goal is to increase brand awareness, your influencer marketing message should focus on raising awareness of your brand among influencers’ followers.
4. Influencer outreach: How to contact influencers
Now that you have a budget, management strategy, and influencer marketing message, it’s time to start reaching out to influencers. The best way to contact influencers will depend on the size and scope of your campaign. If you’re targeting a small group of influencers, you can reach out to them directly via email or social media. However, if you’re targeting a large group of influencers, you may want to consider using an influencer marketing platform or marketplace like Benchkart.
When contacting an influencer, it’s important to be polite and professional. Remember that these people are busy and they receive countless requests from brands every day. So, make sure your request stands out from the rest. Be clear about what you’re asking for and what you’re willing to offer in return. influencers are more likely to respond positively to requests that are specific and well-thought-out.
You can also use Twitter analytics tools to identify potential influencers that will fit your campaigns.
5. Review and refine your strategy
After your influencer marketing campaign is complete, it’s time to review and refine your strategy. Look at the results of your campaign and decide what worked well and what could be improved. Then, make changes to your budget, management strategy, influencer selection process, and influencer outreach approach accordingly. By constantly refining your strategy, you’ll be able to get better results with each successive campaign.
The whole Influencer marketing process can be daunting, but don’t forget the advantages it has over other marketing strategies. Agencies for outsourcing influencer marketing can be found on Benchkart.
While influencer marketing is lucrative and offers numerous benefits, having the right social media marketing team with your company to guide you is even more important. That’s where Benchkart comes in. Benchkart is the leading platform for companies to find and collaborate with social media marketing providers in a simple & hassle-free manner. With Benchkart, you can easily find influencer marketing agencies that fit your specific needs and budget. So what are you waiting for? Get started today with b2b agencies and see the amazing results influencer marketing can have for your business!