Is there a future in influencer marketing? Is it something you should add to your business marketing strategy to try and increase your bottom line? Consider these facts.
According to the State of Influencer Marketing Benchmark Report 2024:
- Influencer marketing is set to grow by $24 billion in 2024
- More than 85 percent of respondents intend to include influencer marketing in their 2024 budget
If you have a brand with potential on sites like Instagram or TikTok, you can no longer ignore the impact influencer marketing can bring to the market. Where do you start?
In this growing, ever-changing industry, it’s about who you know.
Build Your Influencer Network Carefully
When many think of the term “influencer,” they consider the biggest names in the business. Think pro-athletes or musicians. Dwayne Johnson (The Rock) also tops the list of best-paid influencers, commanding a cool $2.3 million per post.
If you’re a small business (even a medium or large enterprise), it’s easy to be intimidated by these numbers. Can you really release that kind of money on one post?
Luckily, there’s a lot more to influencer marketing, and it can be affordable to even small start-ups.
Today’s influencer marketing strategies can be built around nano- and micro-influencers, where accounts with just a few thousand followers can give you great results.
The rise of the influencer industry has allowed millions of accounts to be built around not just specialty content but authenticity and relatability. These audiences can be perfect for reaching out to people perfectly matched to your brand or product.
You’ll typically find influencers categorized by size:
- Nano: 0 to 10,000 followers
- Micro: 10,000 to 100,000 followers
- Mid: 100,000 to 500,000 followers
- Macro: 500,000 to 1,000,000 followers
- Mega-macro: 1,000,000 million followers and above
Why choose a smaller influencer to talk about you? Because their accounts are typically more accessible and affordable to you. Especially when you’re first starting out.
But that doesn’t mean there’s less potential. Quite the opposite, in fact. When a small influencer builds up their following, the people they bring in are a dedicated and supportive community. They love who the influencer is, and they are interested in what interests them and what the influencer posts. Influencers with smaller followings tend to have a higher engagement rate, meaning more of their followers are engaging in their content. This means brands that partner with the influencer can connect more authentically with their target audience through the influencer’s connection to their community. Pick the right influencer, and you can have long-lasting results.
Don’t Be Afraid to Play on Multiple Platforms
Instagram is one of the top social media platforms where influencers house their content. Many influencers build up a following and stick with their accounts because they are familiar to their followers and they have grown their following on the platform from the start.
Yet savvy influencers know that if they achieve results on one platform, there’s a chance they can convert that success over to another forum as well. Influencers are growing by expanding their presence on multiple platforms, which can be a huge opportunity for you.
According to the Global Web Index, the average millennial or Gen Zer has on average 7.5 accounts on social media. While many cross over, and use several social media accounts to check in each day, most people have a favorite, the one platform where they spend the most time. Influencers know that by filling up several platforms with content, they’re more likely to reach their audience on their preferred account and increase their overall ROI.
Influencers and brands love Instagram; it has been and will continue to be a fan favorite. But influencers are also experimenting with other platforms. Influencers are expanding their reach and creativity to other platforms and experimenting with longer-form content on YouTube and TikTok.
This comes down to influencers knowing how best to communicate with their audiences. And you, as a marketer, understand how your brand or products will do on each of those platforms.
Creating Long-Term Partnerships for Long-Term Results
This isn’t about “one and done” marketing. In fact, that won’t bring in results. When you’re building a business, the first rule of marketing is all about continuity for continual results. If you want influencer marketing to work, you have to be ready to build long-term relationships with the influencers you partner with.
Use Progressive Insurance as an example. When you think of a Progressive commercial, your mind automatically moves to the fictional character they use named Flo. Flo has been a part of their brand since 2008 and continues to be the face of the brand.
That’s because association works. Businesses know this. Influencers know this. And as a marketer, if you choose wisely, you can build a long-term relationship that helps both of your businesses grow. Seeing an influencer repeatedly talk about a product or brand that they actually use and believe in shows sincerity. It builds credibility and is more likely to sway a follower toward wanting to try it for themselves.
If you want to use influencer marketing, your goal is to connect with influencers who are aligned with your business’s values and want to share about your products, services, and ideas with everyone in their network.
Build up your content to give them the ability to do so, and you’ll be building a recognizable branding solution. It will help you target a specific audience and demographic that is most likely to love what you do. It also allows you to become more focused with the content you produce.
The best partnerships between brands and influencers are the ones that allow room for the influencer’s creativity and the signature content style that their followers have come to know and connect with. This is a fantastic opportunity to connect with them and get their thoughts and ideas on how to make your content even better.
The Future of Influencer Marketing Is Here
While influencer and social media marketing may still be an emerging market, there’s no doubt it will continue to grow. That’s what makes now the perfect time to get involved. Find your partnerships. Build your strategy. And start growing your brand.
What questions do you have about influencer marketing? We’d be happy to help.
