Influencer Marketing Engagement – Social media users are increasing rapidly and so are social media influencers. According to reports social media users accounts for over 4.59 billion in the year 2022, which are likely to increase to six billion in the year 2027. With the increasing number of social media users social media marketing should not be out looked. As users are increasing, we can see a magnificent growth in number of influencers. These influencers can play a crucial role in shaping mind of thousand people who follow them from their fashion, workout routines, diet plans, teachings, travelling and many more. Businesses should identify the potential of influencer marketing and use them efficiently in their digital marketing strategy.
What is Influencer Marketing?
Influencer marketing is a social media marketing technique in which business collaborates with influencers to market their products or services. These followers are dedicated to their respective niche.
Payment to these influencers is based on mutual understanding between companies and influencers. They can be paid either a fixed pre determined amount, fixed percent of commission on products or services sold using their links or combination of both.
Types of Influencers
There are four types of influencers on the basis of their following
- Mega influencers- These influencers have more than one million following on their social media accounts. They can be celebrity, famous artists, sports person or politicians. Collaborating with these influencers cost high. Only big companies which are full of resources can collaborate with them. Also their niche is not specific and they have low engagement rate on their posts as compared to micro influencers.
- Macro influencers- These influencers have 100,000 to 1 million followers on their accounts. They have worked hard to post content on regular basis to gain followers in their particular niche. They may also cost little high but will help you to target your specific niche.
- Micro influencers-These influencers have followers from 10,000 to 100,000. They are rising influencers. These influencers are preferred by businesses because they have high engagement rate and are cost effective.
- Nano influencers- these influencers have less than 10,000 followers. These types of influencers will be dedicated towards your brand building and are relatively cost effective. They are best for local businesses who want to target audiences from specific demographics without breaking bank balance.
Steps for Influencer Marketing
By following these steps you can easily fulfil your aims using influencer marketing.
- Setting a goal- To set a goal is a primary step for every marketing strategy. By setting a goal, it will help you to formulate plans in the same direction to achieve goals effectively and efficiently.
- Determine your target audience- This is another important step to make your influencer marketing strategy a hit. Always segment your audience according to your target. Not having proper target audience can hamper your growth and will lead to wastage of resources.
- Set a budget- After selecting your aim and target audience, set budget according to these parameters. Setting specific budget will save your time and resources.
- Find the best influencer- After setting a budget, you can select best influencer in accordance to your budget and niche. Choose right type of influencer for your product or services. For example- if you provide digital marketing services, then you can choose influencers who are in this same digital marketer influencer or a company who provide these services.
- Track metrics and optimize your campaign- Keep a track of your KPIs (Key Point Indicators). Whether your set goals are accomplishing or not. What steps or measures you should take in order to optimize your campaigns. This is determined on the performance of your campaigns.
Advantages of Influencer marketing
There are many advantages while adopting influencer marketing. Few of them are listed below.
Building trust and creditability
Influencers have really strong followers base. Their followers trust them blindly. This easily helps a brand to build trust among their target audiences. People never question about the authority and creditability of the products and services marketed by these influencers.
Using influencer marketing, you can reach your target audience within short span of time. As engagement on influencer’s content is high, companies can easily approach their targeted audience in just one or two days. Influencer marketing engagement always gives a good growth
Reaching relevant audience
By selecting right influencer, you can target relevant audience. If right audience is targeted, half of your job is done. Your leads are more likely to convert into sales.
Disadvantages of influencer marketing
Basically these can be termed as disadvantages or precautions one should take into consideration while implementing influencer marketing strategy.
Choosing wrong influencer
If selecting right influencer can impact your business positively, then on the other hand choosing wrong influencer can hamper your growth and can impact influencer marketing engagement. Make sure that selected influencer belongs to the same niche.
If your target is to reach large target audience, then you have to partner with mega or macro influencers. This may result in use of large resources especially large budget. Even if you manage your resources, maybe you will not succeed in increasing the number of sales because they have diverse followers on their account.
With growing number of influencers, influencer marketing can help you to achieve your goals effectively and efficiently. Use this powerful tool to its unlimited potential to see positive results in your marketing strategies.