Influencer marketing is when a company works with an online influencer to promote one of its products or services. Some influencer marketing partnerships are less tangible than that firms just collaborating with influencers to increase brand awareness.
PewDiePie, a YouTube celebrity, was an early example of influencer marketing. He collaborated on a series of videos with the creators of a horror film set in the French catacombs beneath Paris, in which he faced difficulties in catacombs. It was ideal stuff for PewDiePie’s 27 million subscribers, with nearly twice as many views as the film’s trailer. Everyone came out on top.
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Unlike celebrities, influencers can be found anywhere. It might be anyone. Their massive online and social media followings are what makes them influential.
A well-known fashion photographer on Instagram, a well-read cybersecurity writer who tweets, or a recognized marketing executive on LinkedIn are all examples of influencers.
There are prominent people in every industry you simply have to look for them. Hundreds of thousands (if not millions) of people will follow them. However, many will appear to be average folks.
They may only have a few thousand followers or even fewer in some situations. Nonetheless, they will have earned a reputation as specialists in their profession. They are the people who people turn to for answers to their questions.
They are the ones who make the most interesting social postings on their particular themes, depending on their realm of knowledge. They post the finest photos, create the most interesting movies, and moderate the most educational internet forums.
Table of Contents
What is the best way to create an influencer marketing strategy?
Prepare a budget and a management plan.
You need to set your budget now that you have a rough concept of how much to pay influencers. Consider how much time you’ll need to develop, execute, and evaluate your influencer program. Running a successful influencer marketing campaign isn’t a one-size-fits-all approach. It will necessitate close monitoring and follow-up.
Influencers are human and frequently juggle several collaborations, some may fall behind on their promises to publish on time or make errors in your specified tags or calls to action, as opposed to a more automated ad campaign. To build these relationships, you’ll need the time to be more hands-on with them, and you’ll need to adapt your approach over time as you learn what works and what doesn’t in your area.
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Make a decision on your objectives and message.
Influencer marketing is used for two main reasons: to raise brand recognition and to improve sales. Instead of putting these broad objectives as your two objectives, it will be more productive to begin your approach by focusing on what your brand requires. Perhaps you want to expand into a new user group with a new product, or perhaps you want to avoid trends and employ influencers to talk about your brand values.
Influencers can reach out to extremely precise groups of people. Rather than depending on thousands of followers, influencers will assist you in ensuring that your material is viewed and engaged with by a very specific audience who is likely to be interested in your product.
What to pay influencers and how to find them
The first stage, like with any strategy, is to conduct research. Select the platform on which you want to concentrate your efforts first. You can always branch out to other platforms later, but if you’re just getting started, stay with one for now. In an ideal world, your company would already have a presence on this network or be striving to do so.
If you’re not sure where to start, social listening can help you figure out where people are talking about your business and brand—and which platforms have the most prominent voices in your market.
Examine and improve your strategy.
Even if your influencer marketing campaign is still running, you should set goals for yourself and track your progress. The next section of this course will cover how to keep track of your progress. Although not all campaigns are successful, you should learn something from each one you make.
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Statistics On Influencer Marketing
1. Searches for “Influencer Marketing” have increased dramatically.
Since 2016, searches for the phrase “influencer marketing” have increased by 465 percent on Google alone. Clearly, it is now a popular topic, prompting an increase in the number of people seeking to learn more about influencer marketing and locate platforms and firms that specialize in the field. Between 2016 and 2019, searches for “influencer marketing” increased by 1500 percent. However, with influencer marketing being considered mainstream by many, searches have slowed slightly.
2. In just two years, the number of platforms and agencies focused on influencer marketing has more than doubled.
Influencer marketing has grown so common that corporations are constantly developing platforms to aid in the discovery and selection of influencers, as well as to make the system more transparent and user-friendly for both brands and influencers. A number of agencies that specialize in influencer marketing have recently opened. To avoid losing clients, a number of established companies have added influencer marketing to their services. Over the last 12 months, 240 new influencer marketing-focused platforms and firms have entered the market, compared to 380 the year before.
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3. In 2021, influencer marketing will be worth $13.8 billion.
Influencer marketing grew at a faster rate in 2020, and this trend is expected to continue in 2021. Influencer marketing’s market size is anticipated to have expanded from $1.7 billion in 2016 to $9.7 billion in 2020, with a further increase to $13.8 billion in 2021.
4. Influencer marketing has a high average earned media value per dollar spent.
In our 2021 Influencer Marketing Benchmark Report, we didn’t have updated numbers on earned media value (EMV), but we did in 2020. For every $1 spent on influencer marketing, businesses receive an average of $5.78 in promotional publicity. Some organizations gain up to $18 in EMV for every dollar spent on influencers, while 25% lose money or barely break even.
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5. Influencer marketing is considered effective by the majority of marketers.
Marketers and brands clearly believe in the power of influencer marketing, which has resulted in an avalanche of new content over the previous 12 months. Influencer marketing is considered an effective type of marketing by 90% of our poll respondents. This figure has remained largely constant throughout 2017, and all indications are that the trend toward influencer marketing will continue.