Influencer marketing is the new way to promote your products or brand on social media. If you haven’t used it until now, then you should start ASAP. It boosts your brand’s ROI by 11 times. Glossier enjoyed a great amount of success after using an influencer marketing strategy. It is an American beauty shop started by Emily Weiss and launched in 2014.
The company is so successful that its revenue is growing by 600 percent every year. Most of its success is because of an influencer marketing strategy that is correctly executed. Influencer-led campaigns generate as much as $23 for every dollar you spend. It is five times higher than how much websites make through banner ads. Also, people nowadays use ad blockers, which further reduces the income you make through ads.
The unique way millennials shop
The secret behind the success of an influencer marketing plan is social media. It has changed the way millennials shop because they go to social media platforms to get inspired. People trust these influencers and will readily purchase anything recommended by their favorite social media star. They have thousands and hundreds of potential buyers following them, so your work is half done already.
Spending millions of dollars on TV ads is so old school. Instead, you can give a small amount of money to a number of influencers and expose your brand to more number of prospective buyers. Execution is super easy and projects are delivered in a short time, so you can reach your target audience at the right time.
If this is your first time creating an influencer marketing strategy, you might have doubts about the whole thing. But don’t worry anymore because we have an in-detailed seven-step process to help you out.
1. Find your target audience
The most important step of any marketing campaign, even influencer marketing is finding your target audience. Check the influencer’s audience and metrics including location, interests, and demographics. It looks something like this. To find the best influencers, you have to check if their follower demographic matches your target audience or not.
Also, they should belong to your brand’s genre. You won’t have Ariana Grande promote an SEO tool. It doesn’t make sense because they aren’t related in any way. There are two things you need to remember — find an influencer in your niche and find one with similar target audience demographic.
2. Choose your marketing medium
You have many social media platforms to choose from but combining them is going to give you the best results. Top marketing mediums to use currently include Instagram, Facebook, YouTube, Twitter, and Pinterest. Every medium has special features that make it unique. For example, Instagram is a visual platform and helps you create an aesthetic campaign. On the other hand, YouTube is content-based and talks about the products in detail.
For example, Hello Fresh works with cooking and family channels on YouTube and gives $50 off to first 50 to 100 buyers. The YouTubers cook one of the three recipes and host a small taste test. You might be able to only break even the cost but the buyer will return for more.
If you are a fast fashion brand with the teenage population as your target audience, choose Snapchat and Tik Tok as your primary marketing medium.
3. Set a goal for your campaign
The next important thing is setting a goal. How many customers do you want to gain through the influencer marketing campaign? Also, determine the nature of your goal, which can be brand awareness, traffic, or sales. A campaign where awareness is your goal focuses on a target audience. If your goal is sales, direct selling to a concise audience is more instrumental. Influencers on Instagram charge according to their follower count.
For example, Selena Gomez, who has the highest number of followers, charges $550,000 per post, while Gigi Hadid charges $400,000.
4. Set a practical budget
66 percent of influencer marketing strategies on Instagram cost between $0 – $250. Approach micro influencers first. They are the ones that use your products and are experts in their field. Their followers trust them, so this group promises high conversion rate. After working with this group, move on to macro influencers, who have between 50,000 to one million followers. They usually charge $250 to $3,000 per post.
5. Find the right influencers
The influencer you pick is going to be your brand’s voice. They should have more reasons than money to work with you to make the campaign sound genuine. Use MarTech tools to find the right group of influencers for your brand campaigns.
6. Reach out to the influencers professionally
Now that you have made the final list, contact the influencers via email. Keep it professional and start by introducing yourself first. Just sending in your products isn’t going to work. Make a customized package for them and add extra goodies in the hamper. Remember, they get many packages and you want yours to stand out, otherwise, your influencer marketing strategy can go to waste.
7. Let the influencers try the product before marketing it
After they have used your products, send them another email asking for a collaboration. Finalize the cost and the type of content they will be producing. Make sure you okay it before it is uploaded on social media platforms.
Influencer marketing is an ongoing process, so keep your team on a lookout for upcoming influencers.