In recent years influencers have gained a prominent position in society. They are trusted among their large supporters. Hence, there is no surprise that marketing via influencers has considerably changed in current years.
Influencer marketing has also risen to significance due to important role social media plays in our lives. Most start ups and also well established businesses endorse and promote their products through influencers. These influencers have a loyal social media following and are perceived to be experts in their niche.
Social networking is the most popular activity in the digital world. The penetration of social media is increasing over the world with the increase in the usage of electronic devices. i.e. mobile phones, laptops and tabs
This is the reason that a lot of makeup brands send PR packages to famous makeup artists on social media. It’s a way to promote their product to the correct demographic with the highest potential buyers. This is just one example out of the many instances that we see today.
Path to achieve better results
Word of mouth and social proof are some tactics that influencer marketers use. These tactics are also credible for the success of influencer marketing because they are important elements of any marketing strategy.
People trust their friends, family and peers and through social media they develop a one way symbiosis with influencers. The word of these individuals is seen as the ultimate truth for any product. It is also one of the few marketing strategies that flourished during the pandemic. Let us take a look at some of the elements which influencer marketing agencies like Confluencr.com looks in order to utilise influencer marketing to its full potential.
Engagement is more important than scale
A lot of the focus is on the influencer scale than their engagement. Many influencers have large numbers of followers but not nearly as large an engagement.
On the contrary there are influencers with a smaller follower count but larger engagement count. Most brands focus on the former aspect for influencers. The focus should be on engagement.
The focus should be on the actual reach of the influencer than a numerical one. This is also cost effective as an influencer with a larger following would be much more expensive to hire.
Use the right software
The work put into social media campaigns is excessive. One has to monitor the posts, comments and the correct engagement as well. It is imperative to use the right software to gain all of this knowledge.
A lot of strategists also use software to find out the actual reach and engagement of influencers. This is immensely helpful in terms of choosing the right influencer to partner with. Technology is also essential to determine the right demographic for an organisation’s products. This is helpful to determine the demand for various products as well. Software’s are also impactful to determine visual insights into social media influencers.
Develop mutual benefits
In order to succeed in this form of marketing it is imperative to have a relationship with influencers. A relationship is only formed when there are benefits for both parties. One sided benefits would not allow for such a relationship to form.
Businesses should provide benefits to these individuals in order for this relationship to bloom. Many influencers prefer cash as payment and compensation. If your business has the means then this is the one of the best methods. Free products can also be a form of compensation.
Many organisations opt for this or even for discounts at the initial stages. Over time and with the growth of a relationship the form of payment can change. Brands also sometimes provide commission which is a two way aid. Influencers also often ask for creative freedom during the promotion. Allowing the influencers to be creative with their promotional activities makes the endorsement more authentic and believable for their audience.
Set a Budget
This is the most basic yet the most important approach to any marketing strategy. It is necessary to set a budget for your marketing campaign. Setting a budget enables brands to narrow their influencer targets and set their arrow to the right direction that is in accommodation with their brand and budget. Not setting the right financial boundaries could lead to disastrous results for an overexcited organisation.
With these approaches a marketing strategy can be developed that is stable and financially comfortable for any company. Along with these companies should also be in tune with recent trends.
Some say AI is the future of social media and if it happens in the future then it will be a task for companies to keep a knowledge of it as well. It is important to know the most used social media platforms along with the demographic of such platforms. Making informed and well researched decisions is the key to success for any organisation.
Allina Gupta is an aspiring journalist who is currently working as a content writer at Confluencr. She has been writing for influencer marketing and has imperatively grown & learned about all the important advantages of marketing. When not working, she can be found in her favourite coffee shop, reading books, cooking and travelling the world.