Social media marketing has changed the approach of branding and marketing. It is a method of marketing products and services online by implementing effective strategies and tactics. One of the surefire ways to extend your brand on social media is influencer marketing, also referred to as branded content or working with creators. Influencer marketing needs a customized strategy because a one-size-fits-all approach never works with these tactics. It requires research, deep analysis, crisp solutions, and the best practices. Let’s understand the concept and relevance of influencer marketing strategy.
What is An Influencer Marketing Strategy?
As per the report by Deloitte, customers are influenced by social media purchases four times more than regular purchases. Influencer marketing is the approach of marketing on social media through collaboration with influencers. Influencers wield their influence on social media to promote your product or services and add value to your brand.
In the strategy, you collaborate with influencers to promote products or services through their account or channels on social media platforms. Marketing through influencers helps to create trust and authenticity among users and boosts the reach of the product.
Types of Influencers–
Influencer marketing is not only confined to collaborating with influencers. It requires a well-planned strategy to reach your goal and create brand awareness. Maybe partnering with an influencer with millions of followers doesn’t best fit your brand and solve your motive. Choosing the right influencer for your product and brand is the key to successful influencer marketing. On a broad spectrum, there are four types of influencers-
- Mega Influencers – 1M+ followers
- Macro-influencers – 100k-1M followers
- MicroInfluencers – 10k -100k followers
- Nano – Influencers -10k followers
Mega Influencers or Celebrity Influencers include actors- actresses, public figures, musicians, or sportsmen. They have massive followers of over 1 million. They allure diverse audiences and help you to create a large-scale brand awareness campaign. Partnering with mega influencers can be expensive, especially if you are establishing a start-up. Simultaneously, the diverse audiences may have a different target audience than your product suits and have a lower engagement rate.
Mega influencers are ideal for businesses if
- You have a surplus budget and resources.
- You are targeting a large spectrum of audiences.
- If your product meets the definition of luxury or high-end and wants to create a sense of exclusivity.
Macro-influencers are established personalities with their respective niches having followings between 100k to 1M. The influencers have a long list of followers earned through their consistent efforts in creating content and engagement in their niche. Collaboration with macro-influencers provides a more targeted approach and a sustainable reach than Megha-influencers because their followers share common interests. However, the approach may not be cost-effective according to your allocated budget.
Macro-influencers are ideal for businesses if
- Startups have an adequate marketing budget.
- Businesses seeking rapid growth and exposure.
- Companies looking to raise awareness and funds.
- Companies target specific but large audiences.
Micro-influencers have followers ranging between 10,000 to 100,000 but are more connected and engaged. These influencers are preferred and considered rising stars of influencer marketing. They have a strong presence on their social media platforms.
Micro-influencers are more affordable than macro-influencers and more effective because they have a niche, passionate audience earned through genuine interaction, creative content, and relatable recommendations. They best fit to the business if-
- Startups looking for a specific audience on a relatively low budget.
- Businesses aimed for more conversions rather than creating only awareness.
- Businesses looking for more conversions on a low marketing budget.
Nano-influencers may have fewer than 10,000 followers but have strong connections with their audience. Their content is more customized and thus has authentic engagement. Nano-influencers can dedicate more time and personal attention to your branding campaign.
Nano-influencers are good to choose if –
- To target specific communities, regions, and demographics.
- To run cost-effective marketing campaigns
- To reach a niche audience.
Why Use Influencer Marketing?
Influencer marketing is the most effective form of marketing than the traditional form of marketing. It can be a more powerful tool for your brand if you choose the right influencer that suits your product or services. Simultaneously, put your time into deep research, set a budget and goal, look for the influencer that matches your business goal, and review and revise. With the help of influencer marketing, you can achieve your goals and if you need any financial assistance, you can opt for RBF (Revenue Based Financing). For assistance, click here.