Digital marketing is the rage these days and it’s becoming clear–for small and big businesses alike–that they can’t go on without it. These days, a new component of digital marketing is trending and more businesses are capitalizing on it—it’s called influencer marketing. In fact, it’s become so popular that the global value has doubled since 2019. Presently, it stands at $13.8 billion.
Exactly why is it so popular and what do businesses stand to gain from it? Before we get on to that, let’s take a look at what influencer marketing is. At its core, influencer marketing involves using endorsement and product mentions from individuals on social media. And it’s not just any individual a business uses. Most organizations hire people who have a strong following on their social media. The goal is to get customers who are willing to use your product. And businesses are doing really well using this medium of marketing. Here’s how:
"...brands understand that they have to invest in influencers if they want to ensure a huge following..."
They do Research
As with any marketing strategy, research is the first step. No brand prefers to go in blind as it can have severe repercussions. So the first thing they do is to choose the social media platform—YouTube, Instagram, Facebook and TikTok are just some of the platforms a brand considers. While brands later expand and find influencers on other platforms, they begin with one platform because it’s easier to navigate and costs less.
During their research, most brands also look at the kind of influencer they want to hire. Some brands want a micro influencer because they have a decent number of followers. Moreover, they focus on only a couple of products and accept few topics. Of course, this also depends on the budget the brands own. Targeting influencers who have a celebrity status might be more effective but it also costs a lot more money than most business owners have.
Invest in Influencers
It’s not always that easy to find influencers, especially when brands are operating on a budget. However, brands understand that they have to invest in influencers if they want to ensure a huge following. To this end, they also offer their influencers free products or promo—over and above the money brands are giving them. Once brands engage with the influencers, they can take a look at their follower count, price, style and voice and come to a better agreement with them. However, it’s clear that it’s not possible to engage with them if brands aren’t willing to spend a bit of money.
Engage with Followers
Now that the influencer has been hired, the brand moves on to the next step—that’s joining the conversation. This happens when the influencer uploads the product or makes a mention of it. Brands take this as a cue to engage in a conversation with the followers and see how they are engaged. Most brand representatives also make a point to comment on the platform. These are all ways to interact with potential customers and have them interact with the brand. This also allows them to build a strong customer following.
And engaging in a conversation isn’t just a marketing gimmick that brands do. It’s shown to produce results. For instance, a study indicated that close to 70 percent of the consumers who buy the product have had a pleasant experience online.
Repost
Reposting is another way to ensure that brands capitalize on this marketing strategy. Businesses that hire good influencers know they put in the work to produce content. For these influencers, it’s not just about uploading a picture and getting paid. No, influencers go the extra mile and make each post unique. The aim is to engage their followers.
Good brands understand this and seek to capitalize by reposting their content. It’s their way of acknowledging the influencers efforts. Reposting the content ensures that a good number of people can see it. And it’s also very important. Research shows that visual content is 40 times more likely to be shared as compared to content that only contains text.
Give Guidance
Most brands understand that there is a thin line between telling influencers what they want and guiding them. The latter is definitely more effective as it gives influencers the space to create their content. After all, they know their followers and the type of content they like. However, some brands also want to impart a key message and they let their influencers know to use a specific hashtag. To this end, brands make sure to share and research examples of the post they want.
Pay Social Media Platforms
It’s a common fact that plenty of social media platforms, especially Facebook, doesn’t show posts to all the followers. In fact, posts are viewed by only a small percentage of followers. Think about it this way—if you have about a 1000 likes on Facebook, your post will be shown to 50-100 people only. And that’s just an estimate. The post will be shown to other people but that largely depends on how the people who see the post react. There is a way around this and brands have come round to that idea. To ensure that everyone can see the posts, businesses can pay more to Facebook, Instagram and to their influencer.
Brands know that influencer marketing isn’t only for visually appealing products like food or fashion. In fact, they know that they can find the right type of influencer for their business. It could be an eight-person medical group or a $50 million dollar business. They know they can influencers for any type of business and help them through it.
If you are looking for influencers and want to capitalize on them, it’s best to do your research before jumping on to the bandwagon. While there is no denying the importance of influencer marketing, hiring the wrong one can create problems for you that might not be so easy to clean up. So take your time and choose wisely!
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[…] Small and medium-sized businesses have the power to grow and take over the market if they have the relevant guidelines. So be sure to follow the guidelines and you’re there! Read my other article on influencer marketing and how brands are capitalizing. […]
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