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Discover how to craft the ultimate influencer strategy for results

Tracy Steffensen

Before making a purchase, people seek out reviews and recommendations from past users of a product or service to inform their buying decision. It’s called social proof. The concept works by leveraging the fundamental human instinct of relying on the actions and opinions of others.

While online reviews are prevalent in the retail and consumer world, product evaluations in the B2B space can be found in industry publications, websites and marketing materials. But there’s another popular marketing tactic that is very effective and it’s being used by many brands these days to generate social proof. It involves partnering with social media creators or influencers.

People trust people.

Influencer marketing is a form of social media marketing that can attract higher quality customers. It’s been a buzzword in the marketing industry for the past few years. The influencer marketing industry is projected to exceed $22 billion, creating a massive opportunity for both brands and influencers. However, in Australia, brands are still lagging behind in adopting this trend.

According to the influencer marketing platform HypeAuditor, Australia engages with fewer influencers than other markets, such as the UK and the US. Australian brands that have implemented influencer marketing are reaping significant rewards and achieving great success. These brands are Kmart, Target,  Big W and Australia’s big supermarkets, Woolworths and Coles.

So why are others not investing in influencer marketing? Perhaps it’s the lack of a better understanding of how it works and how to make it work for their businesses. To help clarify, here are a few key points to understand about influencer marketing:

  • Influencer marketing, also known as branded content or working with creators, is a way to expand your brand’s reach on social media by working with experienced social media influencers with followers who share your brand values
  • There is no one-size-fits-all approach to making this strategy work, you need to do your research, get expert help and plan
  • Although celebrity endorsements were the original form of influencer marketing, an influencer can be any social content creator with a certain number of followers
  • Social content creators with niche audiences can often offer more value to brands. These smaller accounts can have very engaged followers on social media, which is great for brands looking to reach a certain audience at a fraction of the cost
  • Instagram, TikTok and YouTube are the top social media platforms to find influencers
  • Influencer marketing works best for brands and businesses with millennials as the target audience

Understanding that influencers come in various tiers based on the size of their following is crucial to selecting the right influencer that aligns with your brand and budget. The breakdown is:

  1. Nano-influencers have 10,000 followers or fewer
  2. Micro-influencers have 10,000 to 100,000 followers
  3. Macro-influencers have 100,000 to 1 million followers
  4. Mega-influencers have more than 1 million followers

The calculation of rates for influencer campaigns also varies. Most often, it’s Engagement rate per post + extras (for the type of post and the number of posts) + extra factors = total rate. You also need to consider the number of followers the influencer has. The unspoken industry standard is $XXX per 10,000 followers. Bottom line, it’s really important that there is a clear understanding of rates and payments with your partner influencer and that you are guided by industry standards so it works out for both parties.

How to develop an effective influencer marketing strategy to increase your chances of success 

  1. Be clear with your goals. Before you determine which social media platform to sponsor influencers, first define your goals. Just like any strategy, goal-setting is also crucial for influencer marketing. The most common goals are to reach new target customers, establish your brand and drive sales. Take note that reaching new target customers doesn’t always translate to making a sale. Be specific and realistic with your goals so you know what to track. Do you want quantity or quality with your campaigns? Consider how your influencer marketing plan fits into your broader social media marketing strategy.
  2. Be organised. Put together a social media strategy as well as a content strategy. Plan your campaigns and content, budget and spend time on research.
  3. Decide on your approach to finding influencers. You can find them organically, subscribe to a platform, or work through a digital marketing agency or a marketing consultant who can do all the work for you.
  4. Be mindful of how you talk to a prospect influencer. This is especially important if you are dealing with a nano influencer who is less experienced than the others when it comes to dealing with brands.
  5. Don’t forget to test. It is essential to test and evaluate results, regardless of the strategy employed. It’s best to sign short contracts with your chosen influencer on platforms you are testing and monitor your results frequently. Know what is your cost per view and cost per acquisition. Check if your landing pages are converting. Then, only renew contracts that are performing, and let ones that are not, gracefully end. Keeping tabs on your campaigns and your influencers is key to success.

As you can see, there are many things to consider with an influencer marketing strategy. No wonder some are intimidated by it, as the options are seemingly endless.

If you feel influencer marketing will grow your business but don’t know where to start, get a marketing agency that will do the heavy lifting. An expert marketing consultant knows the proper steps and strategies to set your brand up for sustained success. They can help you set your campaign goals, identify your target audience, manage the budget that you have set, narrow down which social media platform you should sponsor influencers on, do the research for which influencer fits your strategy and create the right content strategy to bring results.

Let us help you determine if influencer marketing is right for your business. Get in touch with us and get started with your influencer marketing.

Also read: Setting up your podcast from start to finish

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