You may have heard of influencer marketing, but do you know what it is or what it has the potential to bring to your business? Influencer Marketing is a form of marketing that uses endorsements and product mentions from individuals (“influencers”) with an advanced online presence. An influencer can be an A-list celebrity but it doesn’t have to be; Micro-influencers often have less than 2,000 followers but target a very specific audience. Influence marketing works because there is a developed trust and respect between influencers and their audience.
Large companies often use influencer marketing with large amounts of success, but don’t forget they have larger budgets and can target more popular celebrities. ‘Beats By Dre’ is a company who has done this extremely successfully, their headphones were often photographed clinging to the necks of A-listers such as Lebron James (145M Instagram followers) and Kylie Jenner (380M Instagram followers). But you can easily target your audience on a budget – the trick is to select the perfect influencer for your product.
The most important thing to consider when selecting influencers is to find somebody who represents the same field as your business and products. For example, if you are selling running shoes, it would be beneficial to target an athlete to post wearing your gear. You want to make sure that both your business and the influencer stand to benefit from the relationship, be it in the form of cash payments, products or even a slice of the profits that come from sales as a result of the collaboration. It isn’t uncommon for influencers to have managers in this generation, so be prepared to negotiate deals with their team.
Once you’ve selected the perfect influencer, it’s time to get to work creating a marketing strategy to utilise your new audience. Steps to consider should include:
- Select an influencer in your industry and know what you’re willing to pay them for their services – Keep in mind that the larger the following, the higher the expected payment.
- Set a project budget and management strategy – Factor in planning, execution and review when you create your budget.
- Decide on measurable goals and message – Most common goal is to elevate brand awareness and increase sales. Studies show that the average business earns $5.20 for every dollar spent on influencer marketing.
- Review and refine your strategy – Have dates to reassess, measure your progress and be open to making changes and evolving your strategy.
- Campaigns need to S.M.A.R.T (specific, measurable, achievable, relevant and time bound).
At the end of the day, you need to decide if utilising influencer marketing is the right move for your business. However, with the evolution of social media and its power to generate leads and drive conversation, it makes sense to utilise somebody who already has a grasp on the audience’s attention.