Influence Marketing: How to Build an Effective Strategy? Part 1
Influence marketing is a thriving market.
From Instagram and TikTok to YouTube and other platforms, brands collaborate with popular people to reach their subscriber network and promote their products and services. Social networks quickly gained popularity, as did investment and interest in influence marketing.
But this little-known tactic goes far beyond what you think, and if it is poorly addressed, influence marketing can result in a waste of budget or, in extreme cases, harm to the brand.
In this guide, we will help guide you through this popular tactic and build a strong strategy by addressing the following topics:
- What is influence marketing?
- Influence marketing statistics you need to know
- Understanding different types of influencers
- Effective platforms and formats for influential collaborations
- The rise of influence marketing
- Why you should invest in influence marketing
- Developing a strong influence marketing strategy in 6 easy steps
By exploring the aforementioned topics you will get a clearer idea on influence marketing and be able to develop a strategy that will allow you to thrive your business.
What is influence marketing?
Influence marketing is the collaboration between businesses and individuals who register a significant number of subscribers and online engagement.
Brands work with these people (called influencers because of the influence they exert on their subscribers in this social media world in which we live) to reach their subscriber networks and thus promote their products and services.
Traditional advertising is becoming less effective, and even many online channels are starting to stagnate due to increased ad blocking and changes in consumer behavior.
In many ways, influencer marketing is the digital version of word of mouth about our buying habits. The fact that we make thoughtful purchases based on what our friends and family members have recommended to us or lived through is only part of our human nature.
And the Psychologist World platform explains this phenomenon of social influence very well:
“People feel the need to be informed by accurate information, and when they lack confidence in their own knowledge, they turn to others in the hope that they will provide them with the right information. By accepting this information, whether it is accurate or not, the person is subject to social influence.” It is also referred to as social proof.
As a marketer, you can use influence marketing to reach new audiences and increase brand awareness, website traffic and sales. This tactic involves finding influential people and enticing them to talk about you to their followers.
It turns out that you probably come across influential marketing collaborations every time you connect to social networks.
Have you ever noticed that a popular account you follow on Instagram, for example, has put a #Ad hashtag on its publication?
This is an influential marketing practice: a collaboration between a brand and an influencer to promote a product to an audience, raise awareness and build brand affinity. This tactic is often confused with other types of marketing, in part because of overlapping approaches, but to truly understand what influence marketing is, you need to understand how it differs from other approaches.