9 Ways to Leverage Influencer Marketing to Drive Business Growth
The time of repetitive TV commercials is coming to an end. What if we want to market our product through something that comes from a source that people trust? That is where influencer marketing comes in.
Influencers are people who have a sizable following on their platform, and have a reputation for being experts in their field.
What is Influencer Marketing?
Influencer marketing is a type of marketing which gets influencers to endorse or mention a product or service on their platform.
Why should you use influencer marketing?
Influencers are as mentioned before, typically experts in their area. So their endorsement carries more weight than an average person’s. Also, their dedicated following often form a parasocial relationship with them, and hence tend to highly value their opinion, especially on things that are in their own field.
Growing Popularity of Influencer Marketing
Influencer marketing has always been around in one form or another. Getting an expert in the area, or someone with a dedicated following was always a viable marketing strategy. But with the advent of social media, these people and many others have an even bigger platform to express their ideas. And hence, it has become even easier to leverage them to endorse your offerings.
Now is the time to jump on the bandwagon, and use it to your advantage. Here are 9 steps you can take to execute a successful influencer marketing strategy for your business.
1.Identifying the right influencers
a. Define your campaign objective and target audience
What are you trying to achieve through your campaign? And who do you think would be your target audience for it? Define these factors before you move on to selecting the right influencers to achieve these goals, and reach these audiences.
Define measurable KPIs to evaluate the success of the campaign.
b. Set your campaign budget
Think of the campaign budget, and about how much of that you are willing to spend on the influencers themselves.
c. Finding the right influencers in your industry
As mentioned above, people tend to trust the opinions of influencers who are experts in their field. So find a list of influencers who create content in that domain.
d. Deciding influencer size
Influencers are generally categorized into 4 types by the sizes of their following:
- Nano influencers (1K–10K followers)
- Micro influencers (10K–100K followers)
- Macro influencers (100K–1M followers)
- Mega or celebrity influencers (1M+ followers)
The bigger influencers might have a higher reach, but often, smaller influencers have a more personal relationship with their followers.
And you can decide on whether you want a campaign with a small number of mega or macro influencers, or a campaign with a large number of nano or micro influencers.
e. Evaluating Potential Influencers
After filtering for all these factors, you should have narrowed down a list of potential influencers. Evaluate them and see what their credibility, reach and engagement are. And shortlist the ones who fit in best with these criteria.
f. Contact the influencer/ Influencer agency
Get in touch with the influencer or their agency with a proposal for the partnership. Pick the influencer who finds your terms agreeable and are willing to execute your campaign guidelines.
2. Crafting Effective Influencer Campaigns
a. Setting campaign objectives and key performance indicators (KPIs)
When crafting an influencer campaign, it’s essential to establish clear objectives and identify the key performance indicators (KPIs) that align with your goals. Are you aiming to increase brand awareness, drive website traffic, generate leads, or boost sales? By defining specific objectives and KPIs, you can measure the success of your campaign and make data-driven decisions.
b. Defining campaign scope, duration, and deliverables
To ensure a successful influencer campaign, it’s crucial to define the campaign’s scope, duration, and deliverables. Determine the number of influencers you will work with, the timeframe of the campaign, and the type of content or actions you expect from the influencers (e.g., social media posts, product reviews, sponsored videos). Clear communication and alignment on campaign expectations are key.
c. Collaborating with influencers on content creation and messaging
Influencers bring their unique voice and style to their audience. When working with influencers, it’s important to collaborate on content creation and messaging to ensure that it resonates with their followers while aligning with your brand. Provide guidelines and brand assets, but also allow influencers the freedom to express their creativity and maintain authenticity.
d. Incorporating authenticity and transparency into influencer partnerships
Authenticity and transparency are critical elements of successful influencer partnerships. Encourage influencers to disclose sponsored content and be transparent with their audience about their partnership with your brand. Authenticity builds trust with their followers and enhances the effectiveness of your influencer marketing efforts.
e. Leveraging different types of influencer campaigns (sponsored posts, giveaways, reviews, etc.)
Influencer marketing offers various campaign formats that can be leveraged to drive growth. Consider different types of influencer campaigns, such as sponsored posts, giveaways, product reviews, or influencer takeovers. Each format has its strengths and can be tailored to meet your specific campaign objectives. Experiment with different approaches to find what works best for your brand.
3. Establishing Strong Influencer Relationships
a. Building rapport and trust with influencers
Establishing strong relationships with influencers is key to long-term success. Take the time to research and genuinely engage with influencers before reaching out to them. Follow their content, comment on their posts, and show appreciation for their work. Building rapport and trust will increase the likelihood of a positive partnership.
b. Negotiating fair partnerships and compensation models
When partnering with influencers, it’s important to negotiate fair partnerships and compensation models. Factors to consider include the influencer’s reach, engagement rate, and the scope of the campaign. Compensation models can include monetary payment, free products or services, exclusive access, or affiliate partnerships. Transparency and fairness are crucial to maintaining healthy influencer relationships.
c. Developing mutually beneficial collaborations and long-term relationships
Look beyond short-term campaigns and aim to develop mutually beneficial collaborations and long-term relationships with influencers. Long-term partnerships allow influencers to become more familiar with your brand, resulting in more authentic and effective content. Continuously provide value to influencers by involving them in new initiatives and recognizing their contributions.
d. Guidelines for effective communication and feedback with influencers
Effective communication is vital for successful influencer collaborations. Clearly communicate campaign expectations, deliverables, and timelines. Be open to feedback and suggestions from influencers as they possess valuable insights into their audience’s preferences. Establish a streamlined communication process to ensure timely responses and foster a positive working relationship.
e. Leveraging influencer insights and feedback for campaign optimization
Influencers have a deep understanding of their audience and can provide valuable insights and feedback. Leverage their expertise to optimize your campaign. Analyze the performance of influencer content, gather audience feedback, and iterate on your strategies. By incorporating influencer insights, you can refine your approach and enhance the impact of your influencer marketing efforts.
4. Define metrics to track the success of the campaign
The metrics for the campaign can be about how well it performed on social media, as well as about any conversions they managed with their campaign. The social media performance can be evaluated through metrics such as the reach and engagement of the campaign. And conversions can be tracked by directing the customers who came through their platform to use a specific coupon code.
Get started with influencer marketing today
Now that you know influencer marketing is a game-changer, it is time to jump onboard. You know the basic roadmap to get started with a campaign of your own. But selecting the right influencers and campaign strategy might be a long process. If it feels like too much to handle on your own, you can always seek the help of a growth hacking agency like Maplitho Solutions.