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Artificial Intelligence
Leverage AI for Product Design and Development in Print on Demand!
Utilize the power of AI for designing and developing products in Print on Demand! Keep on reading to know how you can effectively use AI in this field.
Social Media Marketing
Influencer Marketing Strategy: How To Get Started (+ Best Tools)
Wondering how to create the best influencer marketing strategy for your business? Let us walk you through the best ways to get started and the best tools you can use to track and measure your influencer marketing results!
It’s time to pick your influencer marketing strategy because it’s 2022 and influencers are getting more and more powerful.
A prime example is when the hotel chain Marriot worked with Jeana Smith, a famous YouTube influencer, to promote the Marriot App and received 4 million views. These influencers and celebrities are incredibly impactful and perfect for promoting a product or reaching out to potential audiences.
We have all seen our favorite influencers promote a product or get sponsorship. Influencer marketing is everywhere and continues rising as this marketing trend gets more popular and promises beneficial results.
What is Influencer Marketing?
An influencer is someone who inspires or influences a relatively large group of people. Influencer marketing is when an impactful individual works with a company to promote a product or service. In the current digital age, there are influencers in every niche and industry, making influencer marketing highly accessible.
What is an Influencer Marketing Strategy?
An influencer marketing strategy is a detailed plan to employ and incorporate influencer marketing into your business strategy. In other words, to effectively integrate influencer marketing into your company's growth blueprint, having a detailed and well-planned influencer marketing strategy is the key.
To create the best influencer marketing strategy, you must understand your audience and know the types of influencers available in your niche that would best represent your company as well as your marketing campaign.
Impact of An Influencer Marketing Strategy
Let's be honest, we have all probably zoned out when an influencer promotes a brand or perhaps skipped that part. So does influencer marketing really make an impact?
It may surprise you, but 14 percent of 18 – 24-year-olds and 11 percent of millennials bought something because a blogger or influencer recommended it in the last six months. Fourteen percent may not seem significant, but for a large audience, it is immense.
Additionally, from $1.7 billion in 2016, the market grew to $9.7 billion by 2020 and increased to $13.8 billion in 2021, suggesting consistent growth. This year, the influencer marketing business is expected to grow to a whopping $16.4 billion.
In 2021, more than two-thirds (67.9%) of US marketers will employ influencer marketing in some way. Furthermore, with the continuous beneficial outcome shown by influencer marketing, it is predicted to rise to 72.5 percent in 2022.
Types of Influencers
Nano Influencers:
Who:
- Ranges from 1K to 5K followers.
- New to the industry and are building a following interested in what they have to contribute.
Pros:
- Greatly beneficial if you have a local business or your product is for a targeted audience.
- If you are on a low budget, their cost per post is relatively cheaper than the other types of influencers that will be discussed.
Cons:
- May not have high engagement rates due to fewer followers.
- Don't have the absolute best resources to promote the product.
Micro-Influencers:
Who:
- They have from 5K to 50K followers.
- Usually, beauty, travel, fitness, or lifestyle influencers who are experts in their field.
Pros:
- These content creators have a high engagement rate as their audience strongly trusts the products they recommend and their advice.
- Reasonable budget.
- Very active on social media.
Cons:
- May have a low engagement and success rate due to fewer followers.
Mid-tier Influencer:
Who:
- Between 50K to 500K followers.
- Have a high social media status and constantly collaborate with other brands.
Pros:
- Have a significant impact due to the large audience reached.
- Have more loyal followers who are more willing to follow their endorsements.
- Their voices are more impactful when it comes to advertising.
- Have experience promoting products.
Cons
- Can be expensive.
Mega Influencers
Who:
- 500k followers and more.
- Considered celebrities.
- When collaborating, there might be some legal requirements involved.
Pros:
- Have a large following, so your marketing campaign is almost guaranteed success.
- Know how to promote your product effectively.
- Have an international reach.
Cons:
- May be a while until they promote your product as they are usually busy working on various other projects.
- It will cost a lot more money.
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How To Create the Ideal Influencer Marketing Strategy
1. Choose your purpose
It may surprise you, but half the time, sales are not the primary goal expert markets would set for their influencer marketing strategy.
One of the most common objectives is to reach new clients, not make a sale immediately. Since influencer marketing has the potential to reach a broad audience, plan on how to capture the audience clearly and discuss that with the influencer that is promoting your product right from the start.
2. Know your audience
Your product usually is meant for a specific audience. For example, working with a fitness influencer is probably not the best choice if your product is related to makeup. Instead, choose an influencer that promotes and spreads information related to your product or service.
3. Read into the rules
It's essential to be aware of the rules. For instance, The Federal Trade Commission in the United States is in charge of these regulations. The FTC is a firm believer in full disclosure.
Make sure your agreements with influencers include disclosure standards. The particular standards vary slightly by country, so be sure to do your research.
4. Research
There can be many potential influencers that are right for your products. Still, it is vital to research the influencer information, the analytics of their videos, the way they promote products, their experience, and if the audience is loyal to them. Seeing their follower count does not tell you everything.
5. Reach out the right way
Slowly begin communicating with a new possible influencer partner by responding to their posts naturally. When it's suitable, make a comment. Don't be pushy; instead, be appreciative.
A direct message is a great place to start. If you can locate an email address, use it. Keep in mind that sending a generic DM isn't a good idea.
Writing a personal letter to each influencer may take a little longer. However, it will also demonstrate that you are serious about the cooperation. As a result, your chances of making a deal will improve.
Provide as much information about your brand as possible. Tell them what you want to achieve with your marketing campaign and make it clear how the influencer would benefit from this except the money.
6. Communicate with your Influencer
Though influencers are well known on how to be creative in reaching out to their audience, don't shy away from communicating how you might want your products or services to be promoted. At the same time, remember not to be pushy or try to direct the whole thing. Instead, trust what they are doing.
7. Analyze your Results
Use UTM parameters to track the visitors that an influencer brings to your website. They can also assist in determining the level of involvement received by the campaign.
You'll get a clear image of the results if you give each influencer their unique link with UTM codes. Giving influencers their discount code is another simple way to track the purchases they send your way, and it also benefits your product by attracting more buyers. By monitoring your results, you can also determine if this influencer is suitable for more future collaboration or if some other influencers might be a better option.
Need more help in creating the perfect influencer marketing strategy? Our digital experts can help you plan the ideal sales funnel and strategy for influencer marketing. Check out STANDOUT's Increase Sales with Sales Funnel Masterclass
Tools for Your Influencer Marketing Strategy
Buzzstream
BuzzStream aims to assist you in managing your complete influencer marketing campaign, from research to tracking your relationships and analyzing your results.
Package/Cost: The Starter plan for BuzzStream starts at $24 per month for up to 1 person.
Free Trial: Yes, for 14 days
Aspirel Q
AspireIQ has built a database of over six million content creators, allowing you to locate the ideal collaborators. From the first connection through content approval and tracking, you can expedite each step of your campaign with their automated step-by-step workflow that adjusts to your demands. Reach out to hundreds of influencers effectively and efficiently.
Package/Cost: Offers three levels of service to access the platform. Pricing is customized and requires a yearly commitment.
Free Trial: Yes, a demo session is offered.
Mavrck
Mavrck takes your existing customer list and determines who has the most influence online.
Package/Cost: Available on a subscription basis, with prices according to the customer's demands.
Free Trial: Yes, a demo session is offered.
Neoreach
Neoreach has developed a data-mining system for the social web. Over 3 million influencers' social profiles are stored in their database. The company caters to giant corporations and businesses.
Cost: Each client receives individualized pricing based on the number of users and a few other variables. Annual membership rates range from $50k to $500k, making this software prohibitively expensive for small and medium-sized businesses.
Free Trial: None
Upfluence
What: Upfluence has a massive database of approximately 1 million influencers. It continuously scans and updates social profiles, assessing each piece of material for reach and interaction.
Package/Cost:
- Startup: 1 User account, 500 influencers emailed, 1 social listening stream, Basic Training and Support.
- Small Business: 1 account, 750 influencers emailed, 3 social listening streams, Influencer Demographic Data.
- Professional — 2 accounts, 2k influencers emailed, 10 social listening streams, Influencer and Audience Demographic Data, API & Exports.
- Enterprise — 5 accounts, 5k influencers emailed, 25 social listening streams, Influencer and Audience Demographic Data, API & Exports, Publishing Platform.
Free Trial: None
Need more tools and tips on influencer marketing? Check out our youtube channel, where we provide in-depth Guides and Tools. The best part? It's completely FREE!
In Conclusion…
Influencer marketing is incredibly impactful right now, and it'll only get more prominent in the years to come. Working with influencers can help businesses achieve their objectives, no matter what they are. Influencers can help you build a following, increase sales, or simply spread the word about your company. Whatever the case may be, an influencer marketing strategy can be beneficial, so don't hold back on creating one today!
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Meet Our Blog Editor:
Meet other team member(s) that contributed to this blog
Alice Lieu
Digital Marketing Manager @ STANDOUT
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