Marketing today is more than just a battle for mindshare and share of wallet. Businesses and brands across categories have a plethora of marketing options from which to choose. Their customers straddle multiple mediums each day and therefore not only begin engagement but also disengage from a brand with a simple click from any point in the customer value journey. Gone are the days where digital media was significantly more affordable than its counterpart - traditional media.
The world we live in today is fast-paced, agile and even unforgiving at times. At the end of the day, for the business to survive and even thrive, it must generate revenue and therefore its marketing activities must deliver a Return on Investment. Our customers live in an omni-channel world, looking for Authenticity, Transparency, Value and Branded Experiences. How does marketing bridge these two worlds while creating a win-win for everyone?. Welcome “The Influencer”.
Influencer Marketing is a powerful tool for marketers looking to increase sales. By leveraging the influence of key individuals, brands can reach a wider audience and gain the trust and credibility of potential customers.
Related Reading: The Importance of Customer Centricity, Decoding Viral Marketing, Leveraging Affiliate Marketing for Sales, Sustainable Strategies for Business Growth, Defining Your Ideal Marketing Mix, Building Brand Equity, Driving E-Commerce Traffic, Unleashing the power of experiential marketing,
Would you like to download our 'Marketing Acceleration' Playbooks?
-
14 Strategies for Business Success During Difficult Times
-
24 Lead Generation Strategies To Drive Awareness and Engagement
-
26 Simple Ways to Measure Effectiveness in Marketing for Powerful Growth
-
36 Powerful Marketing Tactics That Actually Energize Growth In Your Marketing Funnel
-
Ways to Unlock Irresistible Customer Value With Your Brand's Archetype
What is influencer marketing and how does it work?
Influencer marketing involves brands working with individuals who have a large social media following, with the intent of not only promoting their product or service but also building brand awareness, trust and value. Working with influencers who share similar values as the brand, allows for the brand to identify new audiences that align with the target audience of the business. Influencer marketing offers a brand a more cost-effective way to advertise. Influencers create their own content basis the product or service and deliver it to their followers.
Affiliate Vs Influencer Vs Celebrity marketing
Types of Influencers
-
Macro-influencers: These influencers have a large following (typically over 100,000 followers) across multiple social media platforms. They have a wide reach and are often sought after for brand partnerships and collaborations.
-
Micro-influencers: These influencers have a smaller following (typically between 1,000 and 100,000 followers) but tend to have a highly-engaged audience. They are often considered experts in their niche and are effective at reaching specific target audiences.
-
Nano-influencers: These influencers have a smaller following (typically under 1,000 followers) but they are just starting to gain traction and they are considered up-and-comers. They often have a specific niche and can be a great way to reach new audiences.
-
Celebrity influencers: These are well-known figures from the entertainment industry, such as actors, musicians and athletes. They have a large following and their endorsement can be very impactful for a brand.
-
Industry influencers: These influencers are experts in their field and have a strong reputation within their industry. They can be thought leaders, executives, or experts in their field. They are often sought after for their knowledge and credibility.
-
Niche influencers: These influencers are experts in a specific niche or topic, such as fashion, beauty, fitness, parenting, travel, food and more. They have a highly-engaged audience within their niche and are effective at reaching specific target audiences.
-
Virtual influencers: They are computer-generated characters that exist only in the digital world. They have their own social media accounts, interact with other users and even collaborate with brands.
How to set up an Influencer Marketing campaign for your brand?
While any influencer marketing campaign can take time and effort to set up and execute, it requires the right strategy and execution to ensure that it is cost-effective and successful. It is a relatively simple and straightforward process consisting of these 8 step.
-
Define your goals: Before you begin your influencer marketing campaign, it's important to define your goals. What do you hope to achieve through the campaign? Are you looking to increase brand awareness, drive sales, or build trust with your target audience?
-
Identify your target audience: Once you have your goals in mind, you need to identify your target audience. Who are the people you want to reach through the campaign? What are their interests, values and lifestyle?
-
Research influencers: Next, you will need to research influencers who align with your target audience. Look for influencers who have a large following, high engagement rates, and a track record of success.
-
Reach out to influencers: Once you have identified potential influencers, reach out to them and introduce yourself and your brand. Explain your campaign goals and ask if they would be interested in working with you.
-
Negotiate terms and create a contract: Once you have agreed on terms with an influencer, create a contract that outlines the details of the campaign, including the type of content to be created, the compensation, and the timeline.
-
Create a content calendar: To ensure that the campaign runs smoothly, create a content calendar that outlines the type of content to be created and when it will be shared.
-
Monitor and measure the results: Once the campaign is launched, monitor the results and measure the success of the campaign. This will help you to determine if the campaign was successful in achieving its goals and to adjust your strategy accordingly.
-
Follow up with influencers: After the campaign, follow up with the influencers to thank them for their participation, and to gather feedback on the campaign.
Related Reading: How to drive outcomes not outputs, Creating Marketing Funnels That Work, Social Media Marketing, The Keys to Accurate Customer Profiling, Creating Experiences Across A Buyers Value Journey, Harnessing The Power of Story Telling
How to evaluate the right influencer for your business?
For any influencer marketing campaign to be successful, it it imperative to identify and evaluate the right influencer for your business, its product or service. The influencer must be a good fit for your brand and have the potential to drive real results. Here are 7 steps to help you evaluate the potential influencer:
-
Reach: The number of followers an influencer has on their social media platforms can give you an idea of the potential reach of their posts.
-
Engagement: An influencer's engagement rate (likes, comments, shares) can indicate the level of interest and interaction their followers have with their content.
-
Audience demographics: Look at the influencer's audience demographics such as age, location, and interests, to ensure their followers align with your target market.
-
Brand fit: Assess whether the influencer's personal brand, content, and values align with those of your business.
-
Authenticity: Look for influencers who are genuinely interested in and use your products or services. Authenticity and genuine interest in the product or service is important for building trust with the audience.
-
Performance metrics: Track the performance metrics of the influencer’s campaign like click-through rate, conversion rate, and ROI to measure the effectiveness of the campaign.
-
Cost: Compare the cost of the influencer with other marketing channels and see if it is worth the investment.
How can a brand evaluate if an influencer marketing program has been successful?
On the face of it, it would seem that evaluating the success of the influencer marketing campaign is difficult and challenging. However there are several metrics that your company can use to fully evaluate and determine success.
-
Track Engagement: One of the key metrics to track is engagement, including likes, comments, shares and views on the influencer's content. This will help you understand how the content is resonating with the audience and the level of engagement it is generating.
-
Measure Reach: Measure the reach of the influencer's content, including the number of views, clicks, and impressions. This will help you determine how many people have been exposed to your brand and message.
-
Track Sales: Track the number of sales generated as a result of the influencer marketing campaign. This will help you determine the return on investment of the campaign and the impact of the influencer's promotion on sales.
-
Monitor Brand Mentions: Monitor the number of brand mentions and the sentiment associated with them. This will help you understand how the campaign is impacting your brand's reputation.
-
Follow-Up Surveys: Follow up with the influencer's audience by sending surveys, asking about their awareness of your brand and their likelihood of purchasing your products or services.
-
Track Website Traffic: Track the amount of website traffic generated by the campaign; you can use tools like Google Analytics to track the number of visitors and their behavior on your website.
Conclusion
Influencer marketing is a powerful tool for reaching new audiences, building relationships and trust, and driving measurable results. The main goal of influencer marketing is to build relationships and trust with a certain group of people, and to reach new audiences through the influencer's existing followers.
It is likely that influencer marketing will continue to evolve with a focus on authenticity, transparency, and data-driven and measurable results. Micro-influencers, influencer-generated content, and influencer marketing beyond Instagram are a few of the trends expected to shape the influencer marketing industry in the upcoming years. Additionally, virtual and augmented reality, influencer-led e-commerce and measurement and ROI will be more prevalent. The future promises that key players will continue to adapt and innovate to stay ahead of the curve.
Related Reading: How to maximize PR opportunities for brand growth, Promises Kept Makes Customers for Life, Building Trust One Action At A Time, Building New Tribes For Your Business
Trigger Worldwide is a Brand Marketing Agency, built specifically for businesses to create Sustainable Growth. Our proprietary tools and process methodologies harness Technology, Creativity & Innovation, leverage Economic Drivers and Consumer Beliefs to help businesses overcome marketing inefficiencies and achieve their Growth Agendas.
“CREATE AN INSPIRED FUTURE FOR YOUR BUSINESS”
~ Trigger Worldwide