What Exactly is Influencer Marketing?
Ten years ago, influencer marketing was limited to celebrities and viral bloggers. Now, it includes all sorts of social media influencers. So much so, that the market is saturated. Why has it become such a phenomenon? What exactly does it entail, and who should be using it?
In the most basic way, influencer marketing is a type of social media marketing where a business seeks out influencers with a high following to endorse and promote their product or services. These sought-out influencers aren’t ordinary. Instead, they are experts in their niche. It’s effective because of the high trust these social influencers have built with their audience. So, their recommendations serve as solid proof to attract more buyers to a brand.
Market Value of Influencer Marketing
This industry is predicted to be 13.8 billion USD at the end of 2022. Businesses are making almost 6 USD for every dollar they spend on influencer marketing. We all know how famous Instagram is for this purpose. Almost 67% of businesses use Instagram as their go-to social media platform for influencer marketing. Hard Media engages and leverages both ‘macro’ and ‘micro’ influencers to impact PR and online campaigns, as well as commercial ROI. We collaborate with agents and talent to deliver unique content and cut-through campaigns.
How to Create an Effective Influencer Marketing Strategy
With proper planning and targeting, this type of visibility can work wonders. Here’s how you can make an effective influencer marketing strategy:
- Thoroughly research influencers on your desired platform. Later, you can use other platforms, but stick to one at the start. Go for followers with more than 10K followers to attract a large audience. Research is critical, so don’t miss this step.
- Set your budget. Ensure that you know the price your chosen influencer will cost. Plan, execute, and review your designed influencer program. Don’t stray from your budget. Be mindful, monitor, and follow up regularly.
- Decide on the goals and message you want to convey to your audience. If effective, you can increase your brand’s awareness and sales. Whatever you are planning to achieve, make sure it’s clear in the message conveyed.
Finally, and perhaps most importantly, review and refine your strategy. Set dates and achievable goals. Monitor and measure the progress of your campaign on the pre-set dates. Do this regularly, and you will be set up for success in no time!