Understanding the basics of influencer marketing
Let’s say you’ve made the decision to dive into influencer marketing head first but are stuck on a frenzy wondering how you should strategize.
Worry not, this blog will take you through the ins and outs of influencer marketing, down to the smallest of details you should consider to ensure your success.
With absolute certainty, it will be a journey of discoveries and introspection but first, let’s start with the basics!
What is influencer marketing?
So you’re scrolling through your Instagram feed, popping likes and shares here and there and suddenly, bam! A post from someone you’ve never met pops us rambling about fitness equipment, apparel, or even some quick tips on healthy foods and snacks.
That, my friend, is influencer marketing in action! It’s when brands partner with individuals who’ve amassed a significant following to promote their products and services. And these individuals are influencers.
However, influencer marketing isn’t about just getting your product before of some eyeballs and calling it a day. There’s more that went into the production process of that sponsored post that pops on your screen.
Think about it – how will you make make your viewer hit that “Buy Now” button to your landing pages? How do you turn their interest into actionable results, such as a purchase or subscription?
It is all about strategy. When your favorite fitness enthusiast endorses a certain supplement, you’re more likely to believe them and want to try it out, right? This is where credibility comes in.
Influencers are not just mere promoters but experts who’ve studied their audience enough to know their interests and sway their purchasing decisions.
Why is having a solid influencer marketing strategy important for your brand?
Your influencer marketing strategy is the MVP of your campaign. Sure, you could throw in a few bucks to the most popular influencer and cross your fingers, but that won’t cut it.
Having a solid strategy at hand not only determines your campaign milestones, but also helps you define your goals and measurable key performance metrics that will inform your overall ROI.
Additionally, in the rapidly evolving influencer marketing landscape, a strategy equips your brand with a versatile edge to jump on trends, adapt new platforms and regulations on the fly. A plan allows for a seamless transition into these changes while staying on top of your game. Think of it like preparing for the worst but hoping for the best.
Even better, a formidable marketing strategy sets foundation for long-term influencer partnerships based on mutual respect, trust, and open communication. And guess what, good relations with your influencers reflect in your campaign’s performance – their endorsements will be more genuine and authentic.
Say goodbye to second guessing decisions and welcome thoughtful executions, strategic planning, and building meaningful connections.
Influencer marketing stats you need to know about
Check out the following juicy tidbits that prove why influencer marketing should be your next big thing!
- 89% of marketers globally prefer influencers marketing to other marketing instruments in the industry. Influencers are pulling their weight.
- 69% of consumers trust their influencer recommendations compared to word directly from a brand. 88% of them have made a purchasing decision based on influencer recommendation.
- 69% of brands in the influencer marketing space plan to boost their marketing budgets in 2024!
- Influencer campaign engagement rates have toppled 8-10 times more than those of traditional advertising.
- Lastly, 89% of marketers prefer Instagram for influencer collaborations. With such numbers, the Gram is leading the pack!
Below are killer strategies to help you shift from an influencer marketing novice to an expert faster than you can say ‘pro!’
The ultimate guide to a solid influencer marketing strategy for brands
1. Define your goals and set a clear budget
Is your goal to boost brand awareness, drive sales, boost customer engagement, or launch a product that you wanna create a buzz around? Clearly outlining your objectives will help you tailor your campaign strategy to achieving them.
But don’t just vaguely define them, be specific in what achieving that goal would look like. If your goal is to boost sales, define how many units you intend to sell. If it’s follower growth, put a target number and period. This way, you can align your campaign strategies to your desired outcomes.
Remember, a plan without a timeline is just a wish list. So always put a timeline to your goals – consider your long-term success just as much as you yarn for short-term results.
And if you don’t hit your targets, it’s easier to go back to the drawing board with a reference as this time, you’ll be starting with experience, not from scratch.
The budget talk!
Here we are folks – the dreaded B-word, budget! Budgeting is a non-negotiable process. You’ve got to do it, or you’ve got to do it.
Your influencer marketing strategy should include a well thought-out process of defining how much you’re willing to spend on your campaigns and where you should spend it.
A variety of questions can help inform your decision on the appropriate budget for your influencer marketing campaigns. Some include:
- Which platforms are you planning to launch your campaign on?
- How much should your campaign launch cost you across different platforms?
- What forms of influencer compensation would you use and how much does it cost?
- How many influencers do you need to onboard?
- What are your legal obligations?
These questions are a good starting point to getting your finances ready for the journey ahead.
How to balance your goals and budget
Whether you’re operating within limited financial resources or breaking the bank is an old adage for your brand (money isn’t an ish!), your budget must efficiently maximize your campaign’s impact.
This entails striking a balance between your allowable expenditure and campaign goals. You won’t have to sacrifice one over the other when you prioritize your goals based on importance and viability.
Let’s say creating brand awareness is a priority but you also want to boost your sales. This is where budget flexibility comes into play. Increasing sales has a more immediate outcome and so you might be willing to invest a bit more to see the results.
This calls for a budget cut on brand reach and awareness creation and a plunge into boosting sales. Talk of prioritization at its finest!
2. Identify your target audience
The recipients of your products or services are your target audience. Understanding this audience is paramount to knowing which influencers to partner with for your campaign.
If you barely have an idea of how your potential customers behave, where they spend their time, or their preferences, you can always go with your competitors’. Err… this might come a little easier if you’re just new on the block – the marketing arena.
Think of it like a domino effect; if you know your competitors, it will only take you a short time to know who they’re targeting. Once you know who they’re targeting you can easily learn/evaluate how they present themselves and remain appealing to their audience.
Compound this knowledge and iterate with your brand. Simple, right?
Imagine your ideal customer…
Start by gathering the demographic information of your ideal customers. What’s their income, age, gender, location, level of education? Paint a clear picture of your buyer persona.
Get inside their heads – what makes them tick?
Next up, understand their behavioral patterns and trends. What do they do for fun? Where do they hang out online? Are they TikTok trendsetters, LinkedIn luminaries, or Instagram aficionados? This knowledge will inform the channels for your campaign.
What are their interests, values, and lifestyle? What are their pain points, dreams, hopes? What gives them sleepless nights?Put yourself in their shoes for a moment and picture the kind of content you’d wanna see on your screen. What kind of brand would you follow?
These insights will help you create a customer-centric campaign that will appeal to your audience and in the long run, boost your returns.
3. Find the right influencers for your brand
Having defined your target audience, it’s now time to find them their soulmates – the right influencers. Who are the cool kids on the Internet who match their vibe?
With the right strategy, this step can be easy peasy lemon squeezy. Let’s get right to it.
Leverage influencer search platforms
Doing your influencer search manually can be an overwhelming process. But with influencer search platforms such as HiveInfluence, you can narrow down your search to influencers who not only vibe with your audience but also uphold your brand values.
This is made possible by a plethora of features on the platform, including advanced search filters that let you sift through potential influencers based on niche, location, gender, follower count, engagement rates, and topics of interest.
Even better, you can filter influencers based on their follower demographic. If their followers match your target audience, then they are a potential fit.
Quality over quantity
This is a long known influencer marketing mantra – quality over quantity, every time. Influencer finding is not just about finding an influencer with a massive following, they have to be the relevant for your brand.
Sure, it’s quite tempting to go by the follower count but you also have to consider the value they bring to your brand. After all, it’s about making every dollar spent worth its purpose.
Instead, zero in on their engagement rates. Do the numbers match the engagement? Go for influencers who have created a bond with their followers and consistently produce high quality content.
They may not have an extensive reach, but their impact is priceless and far greater than a celebrity influencer boasting a massive but disengaged following.
Look at their personality and aesthetic. Do they ooze your brand’s values? While at it, don’t hesitate to check in on their past collaborations to solidify their performance.
Understand different types of influencers
Well, influencers come in every shape and size. Understanding different influencer tiers and the value they bring to the table not only cements your influencer marketing strategy but also guides your budget allocation.
1. Mega or celebrity influencers
These are heavyweight influencers who can make or break a trend on a whim. They are the likes of the Kardashians, Kevin Hart, Dwayne Johnson “The Rock”, and so on.
They wield millions to tens of millions of followers, presenting a global visibility for your brand. With their endorsement, your brand can literally become an overnight success.
But the same way you snap your overnight popularity is the same way you’ll snap your bank account for an endorsement.
2. Macro influencers
Following closely down the pyramid are the macro influencers. These are content creators with anywhere from 100,000 to 1 million followers
While they may not match their predecessors in follower count, they still command engaged audiences and offer wide visibility and awareness.
This tier are a cost-effective alternative for brands looking for high impact reach, closer to celebrities’, but without the premium price tag.
3. Micro influencers
Micro influencers are the rising digital ambassadors of the influencer marketing world. They amass between 1,000 to 100,000 influencers.
Micro influencers are more niche specific and offer authentic content, as what they lack in reach, they compensate in authenticity and engagement.
Their highly engaged audience makes them indispensable partners for boosting engagement and sales as their endorsements are trusted enough to generate conversions.
4. Nano influencers
Last, but certainly not least, are the nano influencers – the drivers of community engagement. They have a rather small following ranging from a few hundred to 1,000 followers.
Although their following is considerably small, they offer something invaluable from collaborations – genuine authenticity.
Furthermore, their endorsements are more like a word-of-mouth recommendation from a trusty friend to a loyal following. Even better, nano influencers come with pocket friendly price tags that deliver engagement and high conversions.
Decision time: Mega, macro, micro, or nano?
So you now know who is who and are probably wondering, “Which type of influencer is ideal for my brand?”
Well, the answer lies in your goals, target audience, and budget. If your goal is to increase brand awareness, macro influencers fit your tier. Err…you can also try out the celebrities if your budget is fat.
However, if you’re purposely looking for higher engagements and conversions through genuine content, then micro and nano influencers are right for you.
4. Utilize the right social media platforms for influencer collaborations
Undeniably, choosing your ideal social media campaign platforms should be dictated by your audience. This drives us back to spying on our competitors. Begin by searching where they are and evaluating the platforms they use.
From their content analysis, look at what’s working, what isn’t, and how their audience engages with your content. This process not only guides your decision on the right platform but also informs your content fit.
Nonetheless, let’s dive into the finer details of choosing the right social media platform for your influencer marketing campaign.
Each platform is different
During this process, it is crucial to understand that each platform comes with a different set of features and content formats. Additionally, social media platforms offer different paid advertising tiers.
For this reason, it’s crucial to tailor your content formats to suit your chosen platforms. For instance, the most appealing features on Instagram are Reels which increase your likelihood for broader reach.
Reels, alongside TikTok videos and YouTube Shorts, appeal to modern-day viewers with shorter attention spans..
Consider your strengths
With so many content format options out there, choosing what appeals to your audience might be as confusing as choosing the right emoji to use. But worry not as we’ve got some tricks up our sleeves to help your blend your core strengths with the right social media playground.
For starters, consider your current resources. Whether you have a team of videographers ready to shoot killer video, or a writer to craft attention grabbing posts, leverage these creative to help you shine on media platforms.
Before making hefty investments into the campaign, go for the low hanging fruits to test how your audience responds. Afterwards, you can prioritize on what works for your brand and dodge the nuances in the process.
All in all, remember to meet your audience where they’re at because that’s where you’ll make the biggest impact.
5. Create compelling content with influencers
If you’re reading this, you must have teamed up with some awesome online influencers and are collecting your arsenal to create drool-worthy content.
Before getting ahead of yourselves, there are some key factors you should consider which crafting content. Read on to find out…
Collaborate like a pro
Always co-create content with your influencers – this can hardly be stressed enough. Collaborate is a two-way street and both parties should be involved.
Of course, you’ve got a creative genius on your hands. But don’t just dictate their every move and question each of their decisions.
Allow your content creators the freedom to do what they do best without fear of making mistakes or intimidation. While at it, put in some salt to flavor their outcomes.
Whether you’re launching a photoshoot, shooting a video series, or preparing a live Q&A session, brainstorm ideas together to create a breeze. This makes influencers feel valued and motivated to bring their A-game on the job.
Stay true to your brand
No matter the amount research you’ve put into your campaign production, the blunt truth is that influencers know their audience best because after years and years of doing something, you’re bound to get good at it.
However, you still have a message to convey to each potential customer on their first encounter with your brand. You have a reputation to build.
Therefore, every step of your influencer marketing strategy should echo your brand values and messaging. While it’s advised to allow influencers their creative freedom, it should not be at the expense of your brand image.
Aim to strike a balance between collaborative inclusion and keeping it real with your audience.
Think outside the box
Make your influencer marketing strategy stand out in the saturated market. The goal is to create engaging, entertaining, shareable, and clickable content to those active conversions home.
When it comes to content creation, the sky is the limit. There are boundless opportunities to create a unique voice in the social media sphere. You just have to tap into it!
6. Measure the success of your influencer marketing campaign
To have a solid influencer marketing strategy means providing a roadmap for measuring success. The key performance indicators (KPIs) that you defined during goal setting help measure your success.
They will help you know whether your influencer marketing campaign was a hit or a miss. Thereafter, consider the following best practices for measuring success:
Track, analyze, and repeat
Your campaign has now gone live. Great progress! But that’s not all. Get ready to track and analyze your performance.
This process involves consistently monitoring your KPIs in real time. From comments to shares, engagement rates, website visits, visitor retention, and sales, get into data and see where the wind is blowing.
Analyze how your audience interacts with your content and once you get a gist of what’s appealing, double down on it.
Calculate your return on investment (ROI)
In the long run, you have to know whether your investment was worth the buck and this is where you crunch the numbers. While influencer search platforms give you performance analytics on your campaigns, you have to go the extra mile of calculating your ROI.
Sum up the total costs of your campaign, including production fees, influencer fees, platform fees, product costs, campaign management costs, legal fees, and other miscellaneous.
If these expenditures outweigh your quantifiable returns, then it’s time reassess your influencer marketing strategy but if your quantifiable returns outweigh your total costs, then you’re on the right track.
Common mistakes brands make in their influencer marketing strategy
1. Going for quantity over quality
Ever heard of the saying ‘sometimes the best gifts come in small boxes’? This is the reality in influencer marketing. Don’t chase the large followings, chase value.
2. Ignoring micro-influencers
The underdogs of influencer marketing are often overlooked; yet, it’s small seeds that grow mighty tress. Imagine onboarding your micro influencer and growing your reach and engagement as they expand their following through authentic and credible content. It’s a win-win!
3. Restrictive content briefs
Let’s talk about content briefs – or lack thereof. Content briefs save you from the hustle of uncountable amendments to your content and help produce rather polished first draft.
Brands often make the mistake of crafting restrictive content briefs that don’t allow for creator inputs or have very little room for flexibility.
As a best practice, provide your creators with general guidelines and allow them to mold their creativity to these guidelines.
Wrap-up
Creating a successful campaign lies in your influencer marketing strategy. With a powerful blueprint for your campaign, you’ll drive real results for your brand.