What is Influencer Marketing and How to Use it for Your Business?
Influencer marketing is a type of marketing that involves using popular individuals or “influencers” on social media to promote products or services to their followers in exchange for compensation. The goal of influencer marketing is to leverage the influencer’s credibility and trust with their audience to increase brand awareness, reach new audiences, and drive sales.
Why is Influencer Marketing Important?
Influencer marketing is important because it can be an effective way to reach and engage with a specific target audience. By partnering with an influencer who has a following that aligns with the brand’s target audience, the brand can leverage the influencer’s credibility and trust with their audience to build awareness, generate interest, and drive sales. Additionally, influencer marketing can help brands stand out in a crowded marketplace, increase their social media following, and build relationships with consumers in a more authentic and relatable way.
Types of Influencer Marketing
There are several types of influencer marketing, including:
- Sponsored content: where an influencer creates and shares content promoting a brand or product in exchange for compensation.
- Affiliate marketing: where an influencer earns a commission on sales generated through a unique tracking link or discount code.
- Product reviews: where an influencer receives a product to review and share their opinion with their audience.
- Giveaways: where an influencer hosts a giveaway on their social media platform and asks their followers to follow a brand, like a post, or tag friends in exchange for a chance to win a prize.
- Brand ambassadorships: where an influencer becomes a long-term partner of a brand and promotes its products or services on an ongoing basis.
- Takeovers: where an influencer takes over a brand’s social media account for a specified period and creates content that is authentic to their personal brand.
How to Create an Influencer Marketing Strategy?
Here are some steps to create an influencer marketing strategy:
- Set goals: Determine the objectives you want to achieve through influencer marketing, such as increasing brand awareness, driving sales, or building brand loyalty.
- Identify your target audience: Define the audience you want to reach and the type of influencers who have influence over that audience.
- Research influencers: Find and evaluate potential influencers based on their relevance, reach, engagement, and authenticity.
- Develop a budget: Decide how much you’re willing to spend on influencer marketing and allocate your budget accordingly.
- Define your campaign: Determine the campaign type, messaging, content, and timeline that aligns with your goals and target audience.
- Build relationships with influencers: Reach out to influencers and develop mutually beneficial relationships with them.
- Monitor and measure: Track the performance of your campaigns and measure their success against your goals, making adjustments as necessary.
- Continue building relationships: Cultivate long-term relationships with successful influencers, as they can become brand ambassadors over time
Also Read: Best Social Media Marketing Tips For Beginners And Experts
How to find influencers for our business?
To find influencers for your business, follow these steps:
- Determine your target audience: Identify your ideal customer and the type of influencers who have a similar audience.
- Conduct research: Use social media platforms, Google, and influencer marketing platforms to find influencers who are relevant to your industry, niche, or topic.
- Evaluate influencer metrics: Analyze the potential influencers’ metrics, such as their number of followers, engagement rate, quality of their content, and overall online presence.
- Check their authenticity: Look for signs of fake followers or engagement, such as large spikes in followers or a lack of genuine comments.
- Reach out and connect: Once you’ve identified potential influencers, reach out to them and establish a connection. Be clear about your intentions and offer them value in exchange for their promotion.
- Build long-term relationships: Cultivate relationships with successful influencers, as they can become valuable brand ambassadors over time.
- Use influencer marketing platforms: Consider using influencer marketing platforms to help you find and connect with influencers who match your target audience and budget.
Influencer marketing tools
Here are some influencer marketing tools that can help you identify, evaluate, and manage influencer campaigns:
- HypeAuditor: An influencer discovery and analytics tool that helps you find and evaluate influencers based on their reach, engagement rate, and authenticity.
- Followerwonk: A social media analytics tool that helps you find influencers on Twitter by searching for keywords in their bios or tweets.
- BuzzSumo: A content research and influencer discovery tool that helps you find popular content and the influencers who shared it.
- Upfluence: An all-in-one influencer marketing platform that helps you find, manage, and measure influencer campaigns across multiple social media platforms.
- AspireIQ: An influencer marketing platform that helps you identify, vet, and manage influencer campaigns, as well as track performance and ROI.
- Klear: An influencer marketing platform that helps you find and evaluate influencers based on their demographics, interests, and engagement metrics.
- Grin: An influencer marketing platform that helps you automate and scale influencer campaigns, from finding influencers to tracking results and payments.
A case study of influencer marketing
One notable case of influencer marketing is the partnership between Daniel Wellington, a Swedish watch brand, and influencer Kendall Jenner.
In 2016, Daniel Wellington launched an influencer marketing campaign that featured Jenner promoting the brand’s watches to her millions of followers on Instagram. Jenner posted a photo of herself wearing a Daniel Wellington watch and included a discount code for her followers.
The campaign was a huge success, generating over 1.3 million likes and 12,000 comments on Instagram. In addition to the social media buzz, the campaign also resulted in a significant boost in sales for Daniel Wellington, with the company reporting a 214% increase in revenue in the first half of 2016.
The success of the campaign was attributed to the alignment between the brand and the influencer’s personal brand, as well as the quality of the product and the authenticity of the partnership. The partnership with Kendall Jenner helped to increase brand awareness, reach new audiences, and drive sales, making it a prime example of the power of influencer marketing.