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Influencer Marketing Strategy: What Is it? (Click HERE if you want to know why you need one)
Influencer marketing has naturally become one of the most popular marketing methods. As target markets become younger and more digitally connected, influencers can help organizations connect with consumers where they are – online.
Businesses have caught on to the huge benefits of having an Influencer represent their brand. They are beginning to create Influencer Marketing Strategies through Influencer collaborations.
Influencer Collaboration is a marketing strategy that involves paying individuals with a large social media following to advertise your brand to their followers. The influencer can demand compensation in monetary value or complimentary products and services in exchange for their recommendation.
Are you ready to learn how to implement this strategy?
Here are six steps to help you create and implement an influencer marketing strategy:
1. Define your goals.
By clearly defining the end goal of your strategy, you can work your way backward to determine the steps needed to get there. Using your goals as guiding lights will also define your strategy’s metrics for success. These will help keep your campaign on track.
Are you trying to increase brand awareness or drive engagement? Do you want to spruce up your lead generation method, or do you want to build on the loyalty and goodwill of your existing audience?
Dunkin Donuts is an excellent example of how defining your goals can influence your results. They hired Charli D’amelio to advertise their products to increase their app downloads.
After her video went viral, they launched a drink named after her, “The Charli,” and her 143 million Tiktok followers were more than willing to join in the trend. As a result, the app’s download increased by 57% when Dunkin Donuts released the drink.
2. Identify and define your audience.
Properly segmenting and identifying your audience can determine the effectiveness and success of your influencer campaign. It’ll be easier to identify which audiences would best help your marketing goals once you define them.
Depending on your organization’s target personas or ideal buyer, you should group consumers by demographics, psychographics, buyer lifecycle stage, or preferred channel.
Tinder is an excellent example of how your target audience can influence your campaign. Most of their app users are 18-25 years old, so they hired influencers in this age bracket to promote their app.
Tayler Holder was one of the influencers who participated in the campaign, and one of his posts has over 500k likes. It’s just a photo of him wearing a Tinder-branded shirt and a short caption, “Swipe right and come find us on @tinder.”
3. Define your budget.
Defining your budget is essential s because it guides your content creation and distribution options.For example, if you’re on a limited budget, you may opt to use an independent influencer instead of an agency.
This is also a good time to decide how you compensate your influencers. Some influencers are okay with being paid for using free products and services.
Every influencer marketing campaign is different depending on the means of payment and the resources required for the campaign. Here is an example of how you can break down your marketing campaign budget:
4. Choose a type of campaign.
The way you promote your brand through an influencer depends on your goals and the target audience’s preferences.
Guest posting, sponsored content, re-targeting, co-creation, competitions, mentions on social, discount codes, and more are terrific examples of influencer marketing campaigns.
For example, Audible partnered with best-selling author Tim Ferriss on his podcast, where his listeners could use his custom link to get a discount on Audible content. This partnership delivered a relevant offer to the target audience, benefitting Audible, Tim Ferriss, and his podcast listeners.
5. Decide on the social media platform you want to use.
One good thing that happened during the pandemic is that the usage of all social media platforms went on the rise. Marketers’ most used social media platform as of last year is Facebook, and the least used is Snapchat.
That being said, the best platform is based on your target market and the kind of content you’re promoting.
For example, if you’re promoting something for teens, Snapchat would still be your best platform. This chart from WordStream will give you more clarity.
6. Create content for your campaign.
Once you’ve decided on the medium and campaign type, it’s time to create compelling content. Even if you have the most exciting campaign or best product-market fit, consumers will lose interest if your messaging or content doesn’t captivate them.
Make it as easy as possible for your influencer to share your message. The better your messaging fits with their audience, the easier it is for your influencer to push your brand out to their audience.
For example, Fitplan targets people working out from home who might need professional training to reach their body goals. To increase their app sign-up, they work with influencers already sharing fitness content with their audience, like Michele Win.
In return, when their followers sign up for the app, the influencers get to train them and earn money from the app. This strategy works because the content aligns with the users’ needs, and they can see what to expect. It’s also easy for the influencers to push this message because they simply share the same message with their followers.
7. Find your brand influencers.
The right influencer should understand and connect with your audience, your brand, and the content you’re promoting. For example, if you’re promoting supplements, you have a better chance with influencers who are into health and fitness than influencers who are mainly interested in new fashion trends.
You can get influencers in your niche by using hashtags on social media platforms. For example, by simply searching #fitness on IG, you get over 1 million posts from different fitness influencers.
Sometimes, you don’t have to work with an influencer in your niche but rather someone who is trending. One solution is to use an influencer marketing platform to find an influencer in your niche. Your marketing team can help identify the best influencers for your brand by staying on top of their social media game.
8. Promote your campaign.
Once you’ve successfully identified your target market, found your ideal influencer, and created compelling content, all that’s left is promoting your new partnership!
Go to your favorite social channels or draft a blog post to generate some buzz.
For example, Fitplan shares short workout advice videos by their influencers on their IG page. This is a good way to encourage viewers to sign up by giving them a glimpse of what happens in their program. Sharing the content on their page also helps reach the people who might not be following their influencers.
9. Track your success.
It’s critical to track the performance of your partnership to ensure all expectations are met and determine the success of the campaign.
Track website traffic, engagement, conversions, or other metrics you decided on when you determined your marketing goals. You can agree to check the data weekly, monthly or quarterly depending on the nature of your campaign. Check in with your original goals to analyze your success and how to repeat them.
There’s a lot of potential for high return on investment (ROI) from influencer partnerships. Therefore, tracking if and how your influencer content performs better than your non-influencer content is essential.