Influencer marketing, which refers to the collaboration between brands and individuals with established authority in a particular niche, is currently one of the fastest-growing channels in digital marketing. In fact, the industry is set to reach a massive $16.4 billion in 2022.
And what accounts for this?
This type of marketing can generate impressive ROIs for companies bringing in around $6.50 in revenue for every $1 spent. Plus, the majority of marketers believe it attracts higher-quality customers to their business.
So, if you’re struggling to get your product in front of an interested audience, reaching out to the right kind of influencer might be the logical next step for your business. How exactly would this work? Let’s take a look.
How Does Influencer Marketing Work?
At its core, influencer marketing is a social media marketing strategy that makes use of endorsements and product mentions from content creators with a large and dedicated number of followers across one or more platforms.
These content creators are viewed as authorities in their particular niche. They can use their influence to direct the focus and often even the purchasing decisions of their specific audience. So while this type of marketing is most often associated with boosting brand awareness, it can easily result in conversions and sales too.
Why Does Influencer Marketing Work?
Let’s not confuse the concept of influencer marketing with celebrity endorsements, which is where the idea of using an influential voice to deliver a brand’s message to a target audience first originated. Influencers in influencer marketing are not celebrities (although through building a following they can grow immensely in popularity, of course). Rather, by creating content for a brand in an established niche for their target audience, their following perceives them as experts and looks to them for recommendations and solutions within their specialized niche.
In fact, modern consumers are 92% more likely to trust influencers over globally-recognized celebrities. This is because they see through celebrity endorsements as the straightforward financial transactions they often are. This essentially makes them no better than expensive ads – and thing is well, people no longer trust ads like they used to.
Influencer endorsements, on the other hand, are viewed in a much more authentic light. Career influencers have worked hard not just to attract followers in their respective fields, but also on establishing themselves as experts in their particular field. Through creating engaging content and interacting with their audience, they develop positive reputations and relationships with their followers built on trust. This is what enables their followers to have confidence in their recommendations.
How Might Influencer Marketing Work For You?
If you are trying to find a way to cut through the noise and reach a Millennial and/or Gen Z-focused audience, an effective influencer marketing strategy will have you putting your best foot forward. 72% of the country’s younger audiences follow influencers, and 88% head to social media to find out more about a product they are interested in.
So, now you know where they all are; the trick is getting to them. For that, you need to choose both the right place and the best voice to represent your brand.
Choosing The Right Platform
While Instagram, Snapchat, YouTube, and TikTok all fall within the domain of the influencer-driven platforms, picking between these can be challenging. One or more of them will naturally lend itself to your product or service types over the others. While it’s very possible to cross-post, focusing on one initial platform is best practice in the beginning to focus your efforts and grow your brand presence.
Once you have decided on images vs. videos, you’ll likely find the answer to Snapchat vs. Instagram Stories or YouTube vs. TikTok after conducting some social research on which demographics these attract. They can be quite different. Also, pay close attention also to the platforms in which people are already talking about your brand, product/services, product categories, or industry in general.
Choosing The Right Influencer
While some opt to play the numbers game, seeking out those with the most followers in the hopes of reaching more people, this is not necessarily the best approach. Sure, you may get seen a little more by influencers with huge following, but there’s no guarantee that just because someone is following an influencer, they are paying attention to what they post.
So, instead of tracking down the influencers with the highest number of followers, a better bet is to find the ones with the highest number of organic followers. If the influencers’ following is genuinely interested in content from that influencer, they will be regularly interacting with their posts – liking them, sharing them, commenting on them. And remember, as long as the influencer has authority in the right niche, their followers are your potential customers.
That being said, it is crucial to choose an influencer whose audience aligns with yours. Pay attention to the demographics the influencer is reaching. Do the personas within the influencer’s following share similar traits and have similar needs and interests to the audience you are targeting?
And remember, engagement goes two ways. Keep a close eye on influencers who are consistently showing up for their audience and regularly engaging with their following. If they are interacting with their audience, they will be able to have that same level of engagement with their following when they post about your brand and offerings!
If you feel that your social strategy is lagging, it’s time to level up with the help of digital marketing experts like us at Firon Marketing. Take the next step to growing your business and reach out to us for a free audit today.