How to Improve Your Business With An Influencer Marketing Strategy
By David Wachs
Image source: Freepik
Social media has the power to transform public opinion and attract customers to your brand. It is by far one of the most valuable marketing tools today.
According to Statista, more than four billion people use social media. 86% follow a brand, looking to try new products and services.
Influencers are a huge part of this landscape. They can change people’s perception of your business with just one post. After all, 61% of consumers trust influencer recommendations.
You should try influencer marketing to get your brand in front of more people. The first step is to create an effective strategy.
In this article, we’ll go over the basic steps of creating an influencer marketing strategy.
What is influencer marketing?
Influencer marketing is social media marketing that relies on product mentions and endorsements from influencers.
As you know, influencers are popular individuals who can attract potential buyers to your business. Companies collaborate with influencers with a dedicated social media community that waits for their judgment on all brand-related things.
Influencer marketing has become popular among businesses in recent years:
- 93% of marketers leverage influencer marketing
- 9 out of 10 marketers think influencer marketing is an effective marketing type
- 8 out of 10 customers have purchased a product or service after seeing an influencer recommendation
You can improve your business with influencer marketing on any social media platform. For instance, brands can record a 27% increase in ad recall through collaborations with TikTok creators.
No matter the platform you choose, people will listen to influencers.
Let’s see how you can develop your influencer marketing strategy.
Tips on creating an influencer marketing strategy
Every marketing effort works if a well-thought-out strategy supports it. If you do it unprepared, you can’t expect spectacular results.
Sit down with your team and develop an influencer marketing strategy before you do anything else. Here are the steps you should follow.
1. Set your marketing goals and budget
The first step is to define your marketing goals. What do you want to achieve through influencer marketing?
Brands usually collaborate with influencers to reach new customers. They are one social media post away from expanding their audience base. Or they have other goals in mind.
Some key goals you might want to include are:
- Boost brand awareness
- Get more likes, comments and shares on your online content
- Increase sales of a specific product
- Attract more followers to your social media accounts
Make sure to set measurable goals that you can track with online tools. You must always know how close you are to achieving your goal. Your initial approach might not work and we’re sure you want to be aware of that.
Regarding budgeting, influencers expect you to pay them a fixed rate. That rate depends on their follower count and popularity. According to research, 19% of marketers spent between $1,000 and $10,000 on influencers in 2020.
But it doesn’t mean that you must spend this much as well. Determine how well your business is doing and what budget you can allocate based on the performance.
2. Connect with influencers
Image source: Freepik
Once you set your goals and budget, you should look for influencers. Social media is the easiest way to connect with them. They all use these platforms to spark conversations and give recommendations to consumers.
You can search for a specific topic with a hashtag to see public posts. There’s a high chance the results will reveal influencers making their voices heard. Go with the person that reflects your brand’s mission and vision.
Alternatively, you can first analyze who your competitors are collaborating with. You’ll have a list of people you might sway to promote your business. You’ll also know whether or not to target famous influencers or those with a smaller follower base.
The point is to ensure that the influencer covers your niche. If they’re only posting about cosmetics and you operate in a different industry, there’s no point for the two of you working together.
Choose the influencer who communicates with your target audience! Don’t forget to send them a thank you card to show appreciation. They might even post it on social media for free.
3. Collaborate on your content
Have you made a deal with an influencer? Good job! The next step is to decide what content they’ll post.
The influencer usually writes their content about your product or service. Influencers know their followers best, so you should trust their expertise.
You can always tell them what kind of content you want to see. Give influencers a few tips to move them in the right direction. But remember that the influencer has the last say—it’s their social media account.
4. Track the campaign’s performance
Image source: Freepik
Marketers can’t go without data. It tells us if internet users search for popular types of blogs or ways to solve an issue. The data also informs you how well your influencer marketing strategy is performing.
Track a campaign as much as you can. What can help is to generate a unique Urchin Tracking Module (UTM) for each campaign. The influencer should add the link to the relevant campaign.
As the link is trackable, you’ll know how many sales and clicks it generates. There’s no better way to see if your collaboration with the influencer suits your business.
5. Revise your influencer marketing strategy
Successful marketers learn from their past strategies and campaigns. You should learn as well. Analyze the performance of each campaign to decide what your next steps will be.
You should try to answer these questions:
- Did the influencer’s followers take an interest in your product?
- If they posted on multiple platforms, which platform was more successful?
- How many sales and conversions did you generate?
From there on, revise your strategy to get better results.
Conclusion
Influencer marketing is still going strong. Customers want recommendations from people just like them, not from brands. That’s why influencers are a powerful ally to have on your side.
If you want to plug a product or service, think outside the box and see who your target audience is following right now. That person can do a great job of promoting your business.
We hope our tips will help you create a winning influencer marketing strategy. Start searching for influencers now!
About the author
David Wachs is the founder and CEO of Handwrytten - Handwriting Services for Brands. David is also a frequent speaker on messaging technology and has presented for the Direct Marketing Association, South By Southwest, and others.
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