With an increasing number of people moving online, it is now easier to reach out to potential customers across social media through influencers.
Guide to Achieving Business Goals Through Effective Influencer Marketing Strategies
Influencer marketing is the most common form of marketing that is adopted by companies that wish to establish a brand. The entire concept of influencer marketing is dependent on inverting the marketing funnel.
The traditional marketing funnel looks something like this:
The influencer marketing funnel, on the other hand, looks like this:
Influencers are nothing but customers who are very persuasive and can convince other people to buy the products. These influencers are chosen by companies or brands as part of their influencer marketing strategies. The companies send them their products free of cost, so that these influencers can share their experiences through social handles or blogs, thus leading to more customers.
Here are the steps in the influencer marketing process:
1. Choose the influencers that are right for you
It is important that you find influencers that are in your ‘space’, and would fit in perfectly with your influencer marketing campaign. Every target market has multiple verticals within it. Therefore, finding influencers whose followers and reach coincides with the many verticals of your target market becomes very important when it comes to making the most of your influencer marketing strategies.
2. Connect with the influencer
Once you have identified who your influencer would be, and matched their reach to your target market, it is important to connect with them. Talk to them about your product and the values that you wish to convey through your influencer marketing campaign. Make sure to convey quantifiable goals to convey your targets. Most of the influencers make their contact information available on their pages, websites or their social handles – therefore contacting them is not a problem.
3. Calculate yourInfluencermarketing budget and make an offer
Unfortunately, influencer marketing also costs. So, you must set aside money as per your budget that you are willing to give to the influencer for the purpose.
4. Monitor the performance of your influencer marketing strategy continuously
All of this would be for naught if you cannot track and subsequently reframe your influencer marketing policies.
Pro tip: It is important to understand that a greater reach does not always mean great results. Social media influencers can buy followers anytime they want – but they cannot always buy the attention of their followers. It is the quality, and not the quantity, that counts.
Once you have formulated your influencer marketing strategy, set goals, set up a budget and started the process of reaching out, it becomes more and more important to move to niche marketing – or micro-influencer marketing goals. This means reaching out to regional or local influencers in your target market verticals and concentrating the reach further.
Micro-influencer marketing is particularly helpful for the companies who are on a budget. Since a lot of these local influencers would have just started out, they can be very cost-effective.
As your brand grows, it becomes more and more important to maintain a brand reputation. When trusted influencers promote your offerings, it shows their trust in you and lays the foundation for the creation of a brand, namely trust and loyalty.
When customers trust and resonate with your brand, they become loyal to your company, and subsequently become influencers for your offering by promoting it further to their friends, business partners, and family. This creates the base for an organic and expanding brand.