Influence Marketing: How to Build an Effective Strategy? Part 3
In recent years, many marketers have realized that it is very helpful to bring in “normal” people to promote their products and services. With this in mind, investment in micro-influencers has boomed.
In 2018, Forbes defined this group of influential individuals as the marketing force of the future.
Micro-influencers are not celebrities, but rather everyday social media users who have bonded with like-minded people, and who typically have between 1,000 and 10,000 engaged followers.
Engagement is the key point here.
Although micro-influencers have fewer followers than celebrities, their target audience is engaged and interacts with the content delivered by these content creators. It’s cheaper for a brand to collaborate with a micro-influencer than with a celebrity, and while the reach of a single collaboration isn’t as high, it’s much more focused.
The influential macro-influencers are those big stars who have hundreds of thousands, if not millions of followers.
Working with this type of influencer makes it easier to reach a large number of people and associate your brand with big names. However, there are costs involved, which places the barrier far too high for many businesses.
Working with celebrities isn’t for all brands, but the most effective strategies often seek to balance the two types of influencers for maximum impact.
While it may not be talked about as much, there are also nano-influencers, those who have less than 1,000 followers but find themselves in a very small niche with very high engagement.
Effective platforms and formats for influencing collaborations
When planning an influence marketing strategy, you need to start thinking about the most effective way to reach your target audience through someone else.
Collaborations are with influencers on different channels, and no strategy should be the same. This helps us understand that the most popular and efficient platforms and formats that are used on each of them.
Let’s take a look at some of the most popular platforms where brands collaborate with influencers.
- Choosing the most effective method depends a lot on individual influence and your audience. We will soon look into choosing the right platforms.
The rise of influence marketing
As we have already touched on the fact that the influence marketing industry is expected to be worth $ 15 billion by 2022, up from $ 8 billion in 2019.
Despite its current popularity, the industry is expected to continue to grow at a phenomenal rate, and there is no sign of slowing down, largely because social platforms continue to evolve and new platforms appear (most recent one being TikTok), which helps increase awareness through collaborations with influencers.
Influence marketing works; otherwise, brands would not continue to invest so heavily in it. But why use it as part of your marketing strategy?
Reasons why you should invest in influence marketing
When a business invests in a new marketing channel, there must be a clear return on investment. Here are some of the main reasons why you should use this tactic:
- Traditional ads lose their effectiveness, while collaborations with influencers continue to grow. Much of this is because consumers prefer social media posts to traditional ads and engage with them in a whole different way. When viewing an influencer collaboration, we don’t feel like we are being advertised in the same way.
- People buy from people, and influencer collaborations help you show the human side of marketing and bring authenticity to your campaign. We are all immune to advertising, but increasingly receptive to products promoted by influencers we admire.