In today’s day and age, when social media has become an integral part of our everyday lives and the global market has become more competitive than ever before, Influencer Marketing has become one of if not the most prevalent and popular form of social media marketing.
You might be new to the term ‘Influencer Marketing’ however it is extremely common, has been developing for almost a decade and has taken over social media rapidly. We come across Influencer Marketing every single day. Marketing using celebrity impact has existed for a very long time but with the Internet and as a result digital marketing taking over, the concept of influencer marketing has become extremely sought after.
As we proceed we will get a better understanding of Influencer Marketing however in simple terms, it is primarily identifying individuals who create high impact conversations with your ideal target audience on social media and you build relationships with these individuals which are often bound legally in order to use them to promote your brand’s product and services.
I personally believe that influencer marketing is one of the most effective ways of doing business. It should be an essential mode of marketing for every company as it is one of the fastest and most efficient ways of communicating with the consumers. It generates a good return on investment, gains credibility for your brand and improves your brand visibility.
EVOLUTION OF INFLUENCER MARKETING
Influencer Marketing is one of the most prominent forms of marketing in the digital world however it has evolved considerably over the years to get where it is today.
In 2005, YouTube was launched and provided an avenue for content creators to share their videos with large audiences, In 2006 Twitter launched while Facebook gained extensive popularity however the game changer which is Instagram was established in 2010 and with it came influencers.
Being in an era of declining interest to print and increase the use of ad-blocking technologies, companies have turned to influencers to effectively market their products. Prominent influencers boast hundreds of millions of followers across various social media platforms. They have the ability to drive markets and power over companies. A Google survey found that 60% of YouTube subscribers would follow the advice of what to purchase from influencers. 75% of brands use influencers to market their products.
Mediakix, an influencer-marketing agency, found that 3.7 million dollars posts were sponsored in 2018 and the number rose to 5 million in 2019. The value of this industry is set to reach 10 billion dollars in worth by 2020, 65% of influencer marketing budgets increased in 2019 and 17% of companies are spending over half of their budget on influencer marketing.
WHAT IS INFLUENCER MARKETING AND THE PROCESS BEHIND IT
A brand’s survival and success is dependent on its marketing. It’s the age of technology and social media hence its necessary to encompass them in marketing strategies to make them as successful as possible.
Influencer marketing can be defined as a form of social media marketing through endorsements and product placements from influencers.
To gain a better understanding of Influencer Marketing we can also classify it as a hybrid of old and new marketing strategies. While in the past the concept of celebrity endorsements was highly popular the limelight today has shifted to modern-day content-driven marketing campaigns between brands and influencers. During these campaigns between the brands and influencers, the brand engages the influencer to promote their product to their audience with the intention of growing awareness or in order to make more sales.
Stepping into Influencer Marketing requires, like any other marketing tactic, deliberate targeting and in-depth planning. There are a few necessary stages that when taken can make your Influencer Marketing process highly successful.
In the first stage, it is important that you set strategies, you need to define your goals and have a clear-cut idea of what you want. The second stage requires the identification of Influencers. You need to find influencers that are fitting to the product that you are trying to market. You are also required to analyze the influencers their metrics and their channels. The third stage is to set a budget and management strategy. The fourth stage requires you to approach the influencer of your choice by presenting your brand, outlining the campaign and informing them about the timeframe and negotiate the terms. The fifth stage requires you to set up the contract and briefing, certain specifications need to be pointed out in this part of the process of influencer marketing to ensure success of the campaign. The sixth stage is the execution of your campaign, ensure not to let influencers runoff, keep close contact and stay up to date on the progress of your campaign.
The last stage in the process of Influencer marketing is tracking the campaign outcome by evaluating which influencer was successful, which wasn’t and why. The last stage also requires that you retain influencers and strengthen relationships.
HOW TO IDENTIFY AN INFLUENCER
An influencer can be defined as an individual who has the ability to have a notable effect on purchase decisions due to their authority, knowledge, position or relationship with the audience. Now that we know what an influencer is it becomes easier for us to identify them however there are a few prominent aspects of an influencer that can be taken into consideration when trying to identify one.
Market-research techniques can be used to identify influencers, using predefined criteria to determine the extent and type of the influence. There are also a number of popular platforms and tools that will help you in identifying them.
There are 5 attributes that you need to look for when identifying an influencer. These are: Relevance, which determines the alignment of the influencer’s messages, posts and feed with your brand’s interest, Reach, which is a measure of social media’s most visible metric for instance followers, fans and likes, Impact, which measures the number of followers who interact with the influencer’s brand relative posts, Quality, which takes into account the standard of their social media presence and lastly Activity which tracks how often the influencers post and how active they are.
WHAT DO INFLUENCERS EARN
Influencers don’t tend to share their fees publically however naturally the money they make through influencer marketing depends highly on their social media presence i.e. how many followers they have, how popular they are, the engagements on their posts, how active they are and so on. However, on average, an Instagram influencer pricing is $10 per 1000 followers.
Most influencers tend to set their own prices unless they’re using a 3rd party platform such as TapInfluence.
WHO CAN BE AN INFLUENCER
Influencers can be anywhere and can literally be anyone, they have no traditional claim to fame; they are not necessarily actors, writers or musicians. Instead, they are famous simply for their personality and frankness. Any person that has the power to affect the purchasing decisions of others because of their relationship with the audience through social media can be termed as an influencer. From a fashion photographer on Instagram to a marketing executive on LinkedIn can all be classified as an influencer.
The three factors that play the most important role in the making of an influencer is their follower numbers, type of content and the level of influence they have. By focusing on a niche, sharing your knowledge, having an opinion, networking and engaging with your audience you can eventually become an influencer. Followers rely on influencers for relatable content and perceived authenticity.
However becoming an influencer doesn’t happen overnight, it requires a lot of hard work, consistent effort and persistence. PewDiePie with a total of 19.8 Million followers is a Swedish social media influencer and is the most followed YouTuber of all time. He earns around 12 million dollars each year through influencer marketing. Dude Perfect, which is a sports entertainment company, started by 5 friends has a total of 66.2 million followers. Liza Koshy with 39.6 million followers gained fame by being a comedian starting from the vine, which led to creating her own YouTube channel. Huda Beauty with a total of 41.2 million followers started off as a beauty influencer and eventually created her own beauty business; her makeup line became one of the fastest-growing beauty brands in the world.
iNFLUENCER MARKETING SERVICES
The influencer marketing service provided by Smai.co.uk is one of the most effective and efficient in the market. We connect your brand with influencers that drive sales and boost brand awareness. Our team consists of experts to support your brand every step of the way from defining goals and objectives to completing campaign execution.
By using our services, you would be able to achieve the utmost marketing prosperity for your brand and that to without any hassle. We ensure that through our services our client’s products become the focus of attention and reach the audience our clients want to target by employing the best influencers of that respective field. Smai guarantees a transparent methodology, direct influencer data and a quantifiable return on investment every time through our bespoke campaigns with credible and authentic influencers.