No doubt, Influencer Marketing can do wonders if you do it the right way. It was only limited to celebrities and famous personalities in the past few years. However, with valuable content and proper strategy, anyone can ace Influencer Marketing.
Yes, with the rise of social media platforms like — Tiktok, YouTube, and Instagram, there is a rise in so-called social media influencers. Now the market is saturated, and everyone is claiming to be a social media influencer.
But the question is — how to start and stand apart as an influencer in today’s saturated marketplace? This is the post that you will need to understand what influencer marketing is and how to get started with it.
So let’s dive into details.
What is Influencer Marketing?
To put it simply, an influencer influences others (audience) through their content. At a fundamental level, influencer marketing is a kind of social media marketing that generally uses advertising and products mentioned by influencers.
In influencer marketing, the influencer mainly works/collaborates with a brand to promote something with their audience. Also, celeb endorsements were the original form of influencer marketing.
Nowadays, social media influencers with a niche audience perform the best when compared to a broad audience influencer. The thing is, these niche-specific influencers have a dedicated fan following and engaged audience.
Some Important Influencer Marketing Statistics:
Here are a few of the important influencer marketing statistics that you should know.
- In 2021 the influencer marketing stats grew to $13.8 billion.
- Two-thirds of the US marketers, around 67.6% will use some form of influencer marketing, which is expected to increase by 72.5% in 2022.
- Instagram is the top choice for social media influencers; around 93% of the US marketers plan to use Instagram for influencer marketing.
- For every dollar spent, businesses are making a profit of $5.78 ROI.
- Only 16% of the US marketers plan to use TikTok for influencer marketing back in 2021. This year, the number is to be on the next level.
How Many Types Of Influencers Are There?
There are four types of Influencers that you can use for your influencer marketing campaigns, and we have explained all four types below:
1. Nano-Influencers: Nano-influencers are those people who have less than 10K followers on their social media handles. These influencers are great to work with if you are targeting a specific niche, and they are also inexpensive, so they will fit right into your budget.
2. Micro-Influencers: Micro-influencers are those people who have more than 10K followers but less than 100K followers on their social media accounts. These influencers are connected with their audience and know how to endorse a product easily. However, the only issue is that the audience is relatively small.
3. Macro-Influencers: Macro-influencers are those people who have followers in between 100K to 1 million on their social media handles. They are a superior version of micro-influencers, and they can do all the things micro-influencers can do, but they are a bit more expensive than micro-influencers.
4. Mega-Influencers: Mega-Influencers have more than 1M followers on their social media accounts, and they usually endorse big brands. If you have a lot of money to spend, then you can hire them, and the reach will be good for your business.
What’s The Value Of Influencer Marketing?
Undoubtedly, Instagram for influencer marketing, is a well-known platform to get started. However, many other networks are growing and suitable for influencer marketing.
According to the reports, the industry will hit around 13.8 billion by the end of 2022. Also, other networks like YouTube, Snapchat, TikTok, and other platforms come with their own set of influencers with different demographics.
Brands are willing to invest around 15 billion dollars in influencer marketing in 2023. Also, TikTok will gain more popularity when compared to other social media platforms. What’s more TikTok comes with the strongest engagement numbers compared to other platforms.
Now you have got a better idea about influencer marketing, different forms of it, statistics, and value. Its’ to get started creating an influencer marketing strategy for your brand.
How to Create An Influencer Marketing Strategy For Your Brand (Effective Way)
Influencer marketing also needs a proper strategy and planning compared to any other marketing tactics. Here we have broken down every step you can use to create an influencer marketing strategy for your business easily.
Step #1: Where To Find Influencers & Negotiate/Pay
Yes, the research part is always the first step to get started with. To start finding influencers, you need to choose one platform where you want to focus, for example — Instagram, TikTok, YouTube, etc. Remember, you can always switch to expand to other platforms as well; initially, you just need to get started first.
If you cannot find a social media platform, we suggest checking social listening, which can help you know what people are talking about in your niche.
The industry you’re in also matters when you start implementing social media strategy. For example, Instagram and YouTube work like a charm, and so does YouTube. Also, let’s say you’re into gaming; Twitch is the right platform to go after.
However, it’s essential to do your research and refine the type of influencers you’re interested in working with. For example, you can work with micro-influencers and even mega influencers. We would highly suggest that something between 15 to 20K followers is sufficient. Also, the number of fans following an influencer will also determine the budget as well.
Coming to the compensation part — it varies a lot. Just make sure you look into the common rates for those influencers. Most of the time, influencers work independently while others work with agencies or have connections with a network. So you will have to do some digging and compensate based on that only.
While investing the money, you will need to think about the ROI of working with a social media influencer. Just think about all the aspects before putting all your money into it.
Back in 2017, influence published some research results; you can read about the complete research here.
Anyways, research is the key before getting started with influencer marketing. So make sure you invest your time.
Step #2: Setting Up a Proper Budget & Management Strategy
In the previous step, you researched what to pay the influencers; now, it’s time to create your budget. It would help if you also considered planning, executing, and reviewing all your influencer marketing strategies. Everything involved here includes proper monitoring and follow-up things.
We also suggest setting up a proper formal ambassador program — if you have the time and money. For example, Fujifilm uses the ambassador in new product launches and other things.
So you need to make sure you’re setting up a proper budget and a proper management strategy.
Step #3: Decide The Goals and Message Of The Campaign
The two primary reasons for influencer marketing are to evaluate and build brand awareness and increase sales. Instead of focusing blindly on these two things, we suggest going after what your brand’s or product needs are. For example, you could reach a specific target audience like younger ones from 15-24. For this, you wouldn’t be going for irrelevant followers; instead, you should focus on your target audience.
You should always reach out to influencers who have a specific audience where you want to promote your business/brand. Make sure the influencers’ content has a conversational tone, and every post has a specific goal such as awareness, action, etc.
Don’t forget your message is equally important to the goals you have set up. It would help make sure that influencers are publishing content that resonates with your audience. And also, it should convey the message.
You need first to structure all of the influencer marketing campaigns and the message.
Step #4: How to do Influencers Outreach: The Right Way to Contact Influencers
In this step, you will learn how you can easily do influencer outreach. Again, we need to get back to the basics: research. We have a plan to set the network type goals along with the types of influencers. It’s time to find the right type of influencer that you want to target.
While researching and reaching out to the influencers, you need to consider a few aspects listed below.
- Make sure the influencer has a niche audience related to your brand target audience. Let’s say you have a coffee cafe; before reaching out to influencers, make sure to check whether they have posted about the same in a while.
- Make sure whether they are legit or not. You need to scroll down to many posts and check the engagement within the posts. Also, make sure to check whether they have any fake comments or any sign that leads to a fraudulent account.
In addition to all this, you can also use Twitter Analytics tools to identify potential influencers for your targeted audience and brands easily.
The next step is to find a way to start the reach-out process. You can easily reach out directly to the — PM on the same platform for the micro-influencers. When reaching out to established influencers, you can check their bio and get their contact information. What’s more, they might also have some websites that show the brand partnerships, etc.
Step #5: Refining & Tuning Your Strategy
Now we’re in the last step of refining and tuning our strategy. The thing is, there are many ways to help you measure the success of your campaigns.
The next step is to set up a way that helps you track all your results. Remember, not all campaigns are successful; eventually, you will figure it out.
How to Measure Your Influencer Marketing Campaigns
Now that you have everything in place — the influencer marketing campaign for your business. It’s essential to track the performance of your campaigns and check metrics such as — likes and comments. To understand the effectiveness of any influencer marketing campaign, you need to understand the return on investment.
For example, you can easily create specific hashtags such as #demandsage or something like that. This will help you to track what your influencers are up to.
What’s more, you can also use UTM parameters, which help you easily track visitors from your influencers. UTMs also help you to measure — how much engagement your campaign gets. To get started with the UTM thing, you need to assign your influencer a unique link with the UTM codes to get a clear picture of all the results. Also, it will help you to calculate the ROI as well easily.
So this is how you can easily measure your influencer marketing campaigns.
Conclusion: What Is Influencer Marketing (2023)
Influencer marketing is changing every day because of the rise of social media influencers and the fierce competition. Who knows, in the next two years, it could be a whole different thing; however, you have the time now to get started with it.
There are many pros and cons associated with Influencers and campaigns. Make sure to follow the guide which we have shared in this post. This will help you easily set up your influencer marketing campaign.
Now over to you, what do you think of influencer marketing? Do you have any experience with it? Do let us know your thoughts in the comments section below.
Influencer marketing is one of the types of social media marketing where brands promote their products through influencers. Brands pick those influencers who have a good following on social media and have an amazing social influence in society. Some people confuse influencer marketing with celebrity marketing. They are somewhat similar, but they are not the same.
Brands contact famous social media influencers to promote their products on their social media profiles in exchange for money or goods. Influencer marketing is the new form of celebrity endorsement where brands don’t have to spend so much money to promote their products.
Influencer marketing is an effective marketing technique, and it works really well for brands. It is predicted that the influencer marketing industry will be worth $7 billion+ by the end of 2023. In 2019 it was calculated that for every dollar brands spent on influencers, they earned $5.78 back from their publicity.
You don’t need a very big following to start getting paid because brands don’t care about your following. They only care about the quality of content you’re creating and whether you’re engaging your audience with your content or not. You can even start earning through influencer marketing with not more than 1000 followers.
Influencers can make money with affiliate marketing, sponsored posts, merchandising, brand partnerships, selling courses, monetization programs, and direct donations.