Social media marketing now has a presence in almost every company’s marketing budget. Firms have come to realize the potential of marketing on platforms such as Facebook, Instagram, and Snapchat. With billions of registered users and billions of log ins every day, these platforms offer marketers the ability to reach targeted consumers all over the world, globalizing their reach and improving conversion.
Many marketers are ahead of the pack and already utilize the advertising tools on these platforms to create effective marketing campaigns. However, a relatively new concept that has evolved in the social space is influencer marketing.
What is Influencer Marketing?
Social media has given rise to an entirely new form of celebrity. These celebrities have hundreds of thousands, or even millions of followers watching what they post and talk about online. Influencer marketing strategies involve reaching out to these social media celebrities and engaging in a mutually beneficial marketing relationship with them.
5 Steps to Influencer Success
Influencer marketing strategies can yield tremendous results, expand your reach and engage your brand with millions of new followers and potential customers. Here are five steps that you need to take to capitalize on the power of influencer marketing.
#1 What is Your Niche Talking About Online?
The first step in forming your social media influencer strategy is to research your niche and find out what they are talking about through their social accounts. What brands, products, and people do they mention? What gets retweeted, reposted, and shared? Social media marketing is about engaging with your audience so what do they have to say and how can you fit into the conversation?
#2 Identify Your Influencers
The next phase of your research will include identifying the key influencer accounts across your niche that are most followed by a broad audience. You can classify these influencers into three different categories, high-value, mid-value, and entry-value.
High-value influencers will have millions of followers, reach a broad audience and be socially active across a multitude of platforms. However, getting these influencers on board with your campaign may be a challenge and require a significant financial incentive.
Mid-level influencers will have decent followings in the tens or hundreds of thousands and be active across one or more platforms. Mid-level influencers often better value than high-value influencers and be more open to lower incentive offers.
Entry-level influencers will have followings in the tens of thousands or less and be somewhat active across platforms. They will be easy to incentivize, so if you have a limited budget, try setting up deals with a network of five entry-level influencers that will all actively work on a combined strategy for you.
#3 Create an Incentive
The incentive you offer the influencer should reflect their influencer status. The best way to open negotiations with a potential influencer is to reach out to them through the social platform and ask them if they accept influencer sponsorship deals. Take the negotiations from there and see what your company can offer them in return for their social endorsement.
#4 Reaching Out to Influencers
Reaching out to influencers requires developing a strategy that you can consistently execute and scale. It’s a time-consuming manual process that requires resources. However, there are software programs available to help you identify influencers and form a campaign to reach out to them. These programs will still require time and effort to achieve results, and they come with a relatively hefty price-tag.
#5 Adjust and Repeat
Once you have done the research and set up your software platform to execute your strategy, monitor your analytics and change your plan depending on the results you receive. Your outreach success will depend on your ability to keep an eye on the engagement rate and adjust the strategy as you progress with it.
Executing an effective influencer marketing strategy takes resources. Money, time, and tools are all required to get the ball rolling and then steering the strategy while monitoring the analytics takes expertise and patience. If you think that you don’t have the time or the hours to dedicate to an influencer campaign, why not outsource it to a professional firm that can do it for you.
Social media experts such as gold pr have the experience you need to run your influencer campaign for you and achieve the results you desire. Contact the team and arrange for a consultation to find out what the power of social media influencer marketing can do for your business.