Influencer marketing is a growing part of social media strategy with 64% of marketers using influencer marketing. This is expected to grow to 86% by 2025. Influencer marketing focuses on leveraging key leaders to advocate on behalf of a brand to reach the larger market.
Influencers can be people with a large social following in specific areas of interest or industries or they can be celebrities such as sports stars, musicians, or Hollywood actors. Influencer marketing has grown beyond experimentation and is now a significant part of social media strategies. Planing for the right influencer marketing strategy is more important than ever.
Photo by Marvin Meyer on Unsplash
Why and How Brands are Investing in Influencers.
Edelman’s Trust Barometer reveals that 63% of consumers trust what influencers say about brands more than they trust the brands themselves. Nearly 35% of social media users ages 16-34 say they’re very or extremely likely to purchase something because their favorite influencer and another 46% are somewhat likely to do so. The leading goals of influencer marketing include sales (38%), brand awareness (29%), and brand Engagement(24%).
Influencer marketing is big yet you don’t a big celebrity to succeed. Only 18% of people say they’re attracted to influencers for their larger following. Relatability is nearly twice as important as popularity as a quality that attracts people to influencers. Micro influencer marketing is when brands partner with people who have smaller followings on social media to promote products in an authentic way versus sponsored ads. Micro-influencers have fewer followers, but they have highly engaged audiences.
To put together an effective influencer marketing program:
- Identify your objective. Are you trying to increase sales, awareness, or engagement?
- Identify your target audience or audiences, as that will determine your influencers.
- List the social platforms on which your target audiences are most active.
- List the message you want to convey or the interest area you want to influence.
- Identify influencers active on those social platforms discussing those interest areas.
- Decide the type from a brand-run program, influencer network, or influencer agency.
To create an influencer marketing campaign, leverage existing sponsorship deals with influencers, find influencers and negotiate a campaign, or use an influencer marketing network or agency. Influencer marketing tools can be used to find influencers and brand advocates.
The way you plan and purchase influencer marketing is different than other social media advertising. Use the social media influencer planning template below to select, schedule, and track your influencer strategy.
(Click on the template image to download a PDF)
Consider the Type of Influencer and Type of Program.
Are you looking for a celebrity (famous in traditional media), a social media star (known for or because of social media), or a thought leader (known for industry knowledge)? Celebrities have a lot of advantages, including their mass reach and appeal. Yet film, music, or sports celebrities can be expensive, and people may question the authenticity of their endorsements.
Social media stars may have fewer followers, but those followers could be more engaged, and endorsements could be seen as more believable. Thought leaders are a good choice for certain product or service categories in B2B. A mention or recommendation by an industry leader can carry a lot of weight.
Influencers are categorized by follower numbers into three categories of mega, macro, and micro. Also consider the type of influencer program that is right for the brand, budget, and resources. Some brands choose to build and manage their own influencer program. Some use an Influencer network that streamlines finding and paying influencers for fees. Others hire an influencer agency to provide full-service management of their influencer marketing. Types of influencers and types of influencer programs are summarized below.
Different Strategies and Budgets Require Different Types of Influencers.
| Types of Influencers | Types of Influencer Programs | ||
| Mega-Influencers | More than 1 million followers | Brand Influencer Program | Company managed program |
| Macro-Influencers | 100K-1M followers | Influencer Network | A platform that streamlines the process |
| Micro-Influencers | 1K to 1M followers | Influencer Agency | Full service managed |
It may be tempting to only go for the mega or macro-influencers because of their massive reach, but micro-influencers are often more effective. Adweek reports micro-influencer engagement can be 60% higher, their buys are 6.7 times more efficient, and they can drive 22 times more conversions. More than half of the Association of National Advertisers’ brands use mid-level (66%) or micro influencers (59%) while less than half are using macro influencers (44%).
Influencer Content Type and Strategy.
Once you have your influencers, decide how content will be created and spread. You may think it is best to have the most control, but content created by the brand and merely shared could come across as not genuine. Certain influencers or influencer networks may also have their own standards for what they will or will not do.
Consider the pros and cons of influencer-shared brand content, influencer-created brand content, or product and service reviews and mentions. Get creative with influencer brand account takeovers, brand guest content contributions, or collaboration on content, or a giveaway.
There are four main influencer marketing strategies:
- Affiliate marketing is an advertising model that pays third-party publishers, including influencers, to generate traffic and sales via a commission.
- Giveaways are promotions to give away free products to drive awareness and engagement, often with influencers.
- Social media takeover is when a brand lets someone, typically an influencer, temporarily post content on its social media accounts.
- Branded content is content created by an influencer featuring a business partner.
The average price per influencer marketing post is between $2,200 and $3,000—lower for micro-influencers and higher for macro influencers. This may seem like a lot, but according to the State of Influencer Marketing report, firms average an earned media value of $5.20 per dollar spent on influencer marketing.
- More than 500,000 followers: $2,085 per post
- 30,000 to 500,000 followers: $507 per post
- 5,000 to 30,000 followers: $172 per post
- 500 to 5,000 followers: $100 per post.
No matter which influencer campaign a brand runs, the law requires influencers to disclose their financial relationship with the brand. The Federal Trade Commission summarizes the requirements in its Social Media Influencer Guide. What type of influencer strategy is best for your business or organization?
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