How to Develop Your Influencer Marketing Strategy
In 2023, an estimated 17% of marketers expect to try their hand at influencer marketing for the first time. One of the reasons this approach has become so popular is that 61% of consumers trust recommendations from influencers, while only 38% trust information coming straight from brands.
As a result, many companies hop into the world of influencer marketing each year. If you want to join their ranks, here’s what you need to know about how to develop your influencer marketing strategy.
What Is Influencer Marketing?
Influencer marketing is a social media-based strategy that involves forming partnerships with influencers to have them endorse a project or service. Influencers are individuals with distinct and engaged followings within their niche, functionally allowing them to influence those who interact with their posts by offering guidance on matters within their area of expertise.
Why Use Influencer Marketing?
Generally speaking, influencer marketing is a straightforward way to connect with a specific audience by partnering with an individual who engages with that audience directly. Additionally, it’s a chance to boost your company’s reputation by associating with an individual that your target consumers already trust.
Overall, 80% of consumers have made a purchasing decision based on what they’ve learned about a product or service on social media. That implies that they view influencer recommendations as more genuine or credible.
In some cases, influencer marketing is also more affordable than alternatives. While pricing can vary depending on the influencer in question and the niche they operate in, it’s a way to reach a specific audience potentially for less than a similar targeted ad may cost.
What Is an Influencer Marketing Strategy?
An influencer marketing strategy is a plan for how you’ll leverage digital creators that reach the height of an influencer to connect with a target audience and spur sales. Most influencer marketing strategies involve an array of points or techniques, as well as specific goals.
Since one company’s priorities can vary from another’s aims, the exact nature of an influencer marketing strategy differs from one organization to the next. However, building the initial influencer marketing plan typically involves similar steps.
Building a Basic Strategy
When you’re developing an influencer marketing strategy, the first step is to identify your company’s goals. For example, are you aiming for product or service awareness, a boosted reputation, an enhanced sales pipeline, or more purchases?
After identifying your goals, it’s time to set a budget. While influencer marketing can cost less than alternatives, that doesn’t mean it’s cheap by default. Various influencers and niches command different prices, and some are more affordable than others.
Next, you’ll want to determine the type of campaign you’re after. Sponsored content, guest posts, mentions, giveaways, affiliates, discount codes, and other options are available, so you’ll need to figure out what works best based on the engagement you’re after.
At this point, it’s time to identify influencers who could meet your needs. Spend time qualifying them first – ensuring they have high engagement with your target audience and operate in a niche that aligns with your product or service – and only reach out to those with ample potential. It’s also wise to make sure that their personality and style are a match, and to look for past successes with other brands.
Once you choose the influencer (or influencers), it’s time to launch campaigns. You can develop them directly, coordinate with the influencer, or get support from an agency. Finally, you’ll want to track the results, allowing you to use data to refine your influencer marketing strategy over time.
