Influencer marketing has been around from way before social media. Sure, the word “influencer” came into the modern lexicon in the past decade, but the practice itself has been around for centuries.
One of the earliest records of influencer marketing was in 1760, when Josiah Wedgwood made a tea set for Queen Charlotte, the wife of King George III, and started marketing it as having “Royal” approval. As a result, his China quickly became known as Queensware, gaining the luxury status it has till today, almost 300 years later. Royalties were the influencers back then.
Social media has only made influencer marketing more popular because anyone can become an “influencer” in various niches.
What is influencer marketing?
To understand influencer marketing, we first have to define “influencer”.
Simply put, an influencer is someone with an influence over a group of people. Their opinion is valued and can influence people to take a particular action, such as choose a product or service over another. Back in the 1700s, influencers were royalties because they were well known. Today, influencers are people with a large following on social media platforms. They typically have knowledge, expertise, or a unique point of view.
That said, influencer marketing is a marketing strategy that involves partnering with influencers to promote your products and services through endorsements and product mentions.
But it’s not that simple; there are many influencers, and not all are perfect for all businesses. This guide will help create an effective influencer marketing campaign for your brand. But first, is it right for you?
Is influencer marketing right for your brand?
Here are the three questions you need to ask yourself to determine whether influencer marketing is right for your brand.
Does influencer marketing align with your target audience?
If you don’t already have a target audience, you need one. It helps you direct your resources to people with a high likelihood of converting. Once you have identified who you are targeting with your messages, determine whether and where you can find them.
According to Influencer Marketing Hub’s 2022 benchmark report:
- TikTok ranks best for females 24 and under
- YouTube is best for males, especially millennials
- Instagram is best with females between 25 and 34
If your target audience falls under any of the above, you might want to try influencer marketing. Other social media platforms exist, but these are the hottest right now.
Does your brand fall under the common niche influencer products or services?
According to the benchmark report above, in 2021, the common niche categories for influencers include:
- Lifestyle brands 13.8%
- Beauty 8.56%
- Music 8.27%
Family and photography follow them. If your brand falls under these, influencer marketing could be right for your brand. But that doesn’t mean the rest are doomed; there is something for everyone.
Can you afford influencer marketing?
The cost of partnering with an influencer depends on several factors unique to you and the influencer. Nonetheless, industry experts suggest:
- $1,000 per 100k followers on Instagram
- $100 per 1,000 views on YouTube
- $5 to $25 per post for nano-influencers, and $2,500 and up for mega-influencers on TikTok
If you don’t have the cash in hand, you can negotiate other compensation methods such as using products or services.
Should you engage in influencer marketing?
Influencer marketing could be suitable for your brand, but should you engage in it? Yes, you should. If not for the above reasons, do it because it continues to grow. If you don’t engage in it now, sooner rather than later, all your competitors will be doing it, giving them a significant advantage over you.
The global influencer marketing value has grown from a mere 1.7 billion in 2016 to a whopping 13.8 billion and is projected to keep growing, according to Statista.
Some of the reasons for its growth include:
- More people are becoming influencers
- Influencer marketing agencies are growing in popularity and introducing standardization
- There are more content options, such as blogs, audio, videos, pictures, etc.
If you have determined that influencer marketing is right for your brand after assessing your target audience, the common influencer niche products and services, and your budget, you have no reason not to engage in influencer marketing.
How to develop an influencer marketing campaign
Like any marketing campaign, influencer marketing requires deliberate planning and developing a strategy to succeed. The steps below should help you create a winning influencer marketing campaign.
1. Define your goals and target market
The first step is to outline the campaign’s goals and your target market. What do you want to achieve with the campaign? Is it spreading brand awareness? Increasing sales? Who are you targeting? Which platform are they found in?
Answering these questions will lay the groundwork need to develop a successful campaign.
2. Find your influencers
This is the most critical point of developing your influencer marketing strategy; it will make or break your campaign. The first step is to choose the platforms you want to focus on. Typically, it is the platform that most of your target market uses.
Once you choose the platform, you can find your brand’s best social media influencer.
Social listening can be used to find the most influential voices in your industries. You can also study your competition to see what influencers they are using.
While looking for influencers, consider their cost and type. There are five types of influencers based on their social media following and influence. They are:
- Mega-Influencers: Influencers with more than one million followers, such as celebrities.
- Macro-Influencers: Influencers with 500,000 to 1 million followers.
- Mid-Tier Influencers: Influencers with 50,000 to 500,000 followers.
- Micro-Influencers: Influencers with 10,000 to 50,000 followers.
- Nano-Influencers: Influencers with 1,000 to 10,000 followers.
The bigger their following, the more they cost.
3. Track the metrics of each campaign
After launching your influencer marketing campaign, tracking their performance over time is crucial. Several metrics, including the amount of engagement and number of clicks, sales, or traffic driven to your site, can be used. Tracking them allows you to calculate each ROI, so you can know who to focus on.
4. Revise your strategy as needed
Tracking the metrics of each campaign and closely monitoring the performance of your influencer(s) will give you valuable insights to help you improve your campaign. Ask yourself questions like:
- Which product performed better with the influencer over the other?
- Which platforms bring in more sales?
- What is the ROI of each influencer?
They will help you refine your strategy.
Comprehensive marketing will take your business to the next level
Influencer marketing can be a potent marketing tool with proper research and planning. If they aren’t already, all your competitors will be using it in one form or another in a few short years. Why shouldn’t you?
But it shouldn’t be the entirety of your marketing campaign. You need a comprehensive marketing campaign involving SEO, PPC, social media marketing, reputation management, branding, video production, etc., to grow your business.
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