Influencer marketing is one of the fastest-growing types of online marketing. It’s been around for over 15 years, despite its recent popularity. It used to be reserved for celebrities who had established a reputation for themselves. More people have entered the industry in recent years, and the market has become saturated.
However, very few small and big businesses have embraced influencer marketing. Maybe they don’t understand what it is or they don’t believe in its dynamics. So, who is an influencer, and what is influencer marketing?
In simple terms, an influencer is someone who can influence others. In influencer marketing, the said influencer collaborates with brands to promote a particular product or service. It can be through PR packages or paid partnerships.
Influencer marketing is a marketing strategy used by brands to promote or raise awareness of their products or services through influencers. It takes place on social media platforms and blogs. These brands use influencers with a large following and have established themselves in a specific niche, such as fashion, food, or travel.
Influencer marketing works because influencers have earned the trust of their followers; hence they believe in the products they promote. In addition, the influencer’s endorsements provide social proof to a brand’s prospective customers.
This method could be the solution to most of your marketing needs. According to statistics, it grew by approximately $13.8 billion in 2021. In addition, for every $1 spent, brands receive a $5.78 return on investment.
A survey was also conducted to prove the effectiveness, and 90% of the respondents said they believed influencer marketing could prompt their buying decision.
Influencer marketing is no different than other marketing tactics in that it requires research and planning. You can’t pinpoint any influencer to help you promote your products and services. There are several tactics you have to follow.
The first step to identifying an influencer you want to use; is to choose a platform. This could be Instagram, TikTok, or Facebook. It is advised that when starting, focus on one platform, and as you grow, you can diversify. Typically, start with a platform where you’ve already built your presence.
Your niche also plays a significant role in establishing the platform to use. For example, food, fashion, travel, and beauty brands thrive on Instagram. If you’re in the video game industry, Twitch and YouTube are your platforms. Also, choose your preferred influencer well. Check their following, their niche, the power of influence, and those that fit within your budget.
It is important to note that different influencers have different compensation rates. Various factors determine their compensation rates, such as their following and the type of business. Finally, the influencer marketing industry is rapidly growing. What worked for you last year might not work this year. Keep on doing your research frequently.
The primary roles of influencer marketing are to enhance brand awareness and increase sales. However, you can break your goals from these two broads knowing your expectations. Perhaps you want to raise awareness for a new product you’re releasing or expand your social following. Maybe you want influencers to talk about the value of your brand. Make sure your expectations are clear.
After deciding on the platform, influencer, ultimate goal, and budget, it’s time to figure out how to contact them. Mainly, you’ll have to email them with your objectives and budget. If your expectations meet theirs, then it’s a done deal.
Influencer marketing is your solution if you want to successfully grow your business while making sales on social media platforms. You will get a high return on investment, grow your following, and gain social proof. If you’re not sure how to go about influencer marketing, Oracle Tree is here to help. Contact us today to help you grow your business.
What could you do if your business simply… worked?