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What is Influencer Marketing? How can you make an Impactful Marketing Strategy for it?

A decade ago, if you asked the question- who are influencers? and what is influencer Marketing? It would have involved celebrities and some famous names of the blogging industry. But not anymore. It’s nearly impossible to scroll through your social feed without coming across at least 10-20 influencers that are promoting clothes, snacks, plants, candles, anything and everything. It’s a closely packed, saturated industry with competition higher than mountains. 

Who are influencers

Influencers are those people who have a steady following in a distinct niche and are actively engaged with them. Influencers affect the purchasing decision of their audience.

People trust and follow what these influencers have to say, and hence their endorsements are considered essential. One thing to note here is influencers are not only a marketing tool but are collaborating with, and they are the social relationship asset for a company. 

Today, more than 50% of the world’s population is online on social media. Naturally, they like and follow people there because they enjoy their content since it’s beautiful, funny, relatable, or informational. They look up to these people, and hence influencers affect a huge chunk of the online population.

Anyone can be an influencer with a following of even less than 1000 people(macro-influencers) or a following at least greater than 1 million ( mega- influencer); what matters is their engagement and connection with their audience.

What is influencer marketing? How Does it work?

It is now one of the mainstream online marketing forms. You must have come across this word many times and would have thought, “what is influencer marketing?” 

Influencer marketing is a collaboration between online influencers and brands. According to Wikipedia, influencer marketing is a form of , social media marketing where influencers carry out endorsements and product placement for firms and brands. Objectives for this form of marketing don’t necessarily increase sales, and brands sometimes collaborate with influencers to improve brand recognition and relationships.

We can estimate the effect of influencer marketing by holding the stats that says- it grew to a whopping $13.8 billion industry in 2021.

How to develop an effective influencer marketing strategy-

As already said- influencer marketing is a vast industry that is increasing. That means the competition to get an influencer to work with you is getting higher.

Even if you have a network and some influencer marketing strategy on board to promote your brand, how long could you keep them amidst this cut-throat competition?

The key is proper planning, research and healthy and beneficial relationship management. Here, we present some of the essential steps that worked for us and must be followed in order to develop an effective influencer marketing strategy.

1. Clear goals and KPIs( key performance indicators)-

Whatever your product and services are, there must be a motive behind them. Moreover, it should include what you want from the collaboration with the influencer, and it will give you clear metrics to check for your campaign. 

Suppose you will focus on ‘WHAT’; the way to find ‘HOW’ will become clear and straightforward. What do you want from your campaign? Is it brand awareness? Is it nurturing your relationship with people out there? Is it promoting a sales or discount or product update? It could be anything that can provide clear metrics along with your goals.

2. The influencer that belongs to your niche-

Finding relevant people is one of the most critical steps in developing an effective strategy. Influencers are everywhere, on every platform, in every niche.

The influencer you choose must complement your brand values, and this will save you any problem further in the campaign while making sure that your campaign achieves its goals successfully.

3. Decide influencer strategy-

Deciding the content strategy- from goals, KPIs to content for your influencer marketing plan will save your time and resources without creating any clutter of segments. Every platform is unique and has a different way of connecting to the audience and presenting the content, creating a content strategy that suits your chosen platform.

4. Focus on strengthening and nurturing your relationship-

Why should an influencer promote your service or product? What’s in it for them? Make it a beneficial deal for both sides, even before they ask for it. No one will work and spend their time with a partner who can’t give an equally important advantage to them.

Influencer marketing is about creating a marketing strategy that connects with your target audience. With the right influence and content, you can win the world. Moreover, the number of followers doesn’t matter much if the influencer in question resembles your niche, aligns with your values and has a great connection with their audience. Take help from this blog and create a winning influencer marketing strategy.

Check Out – Product & Brand Management

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