What to know about Influencer Marketing

Every successful brand looks for new ways to grow every year. One of the biggest marketing trends arising for these brands is influencer marketing. This week’s newsletter is all about what influencer marketing is, how it is used, and strategies to source and implement influencers into your marketing routines.

What is Influencer Marketing?

An influencer is someone who has persuasive power in a particular and is backed by a large following of people. Influencer marketing involves collaborating with those influencers to utilize their persuasive power to market a product or service or increase brand the business’s recognition. But, this is far from a new concept.

Types of Influencers

1. Mega influencers (1M or more followers)
2. Macro-influencers (100K-1M followers)
3. Micro-influencers (10k-100K followers)
4. Nano-influencers (less than 10K followers)

How Different Industries Use Influencer Marketing

Influencer marketing can be used for all areas of business, including journalism, E-commerce, tech, and more.

Journalism

Teaming up with influencers who are well respected in their specific fields can assist news organizations with broadening their audience and strengthening their credibility. Consider collaborating with influencers for guest spots on podcasts, co-hosted webinars, or interviews led by influencers to connect with fresh audiences and reinforce online authority.

E-Commerce

For online businesses, influencer marketing provides a special chance to present products to a very interested audience. Find influencers whose values match your brand and whose followers fit your target demographic. You can work together on sponsored content, product reviews, or influencer-led campaigns to boost traffic and sales on your online platform. This can be used to connect with your audience and encourage purchase decisions.

Tech

In the tech industry, teaming up with tech-savvy influencers can generate excitement and awareness for new innovations. Collaborate on product launches, unboxings, or sponsored content to showcase your latest offerings and connect with passionate consumers. Leverage influencers' expertise to position your brand as a leader in the tech space.

Other Industries

Influencer marketing isn't limited to journalism, e-commerce, and tech – it can also benefit industries like fashion, beauty, and travel. Partner with influencers who share your brand values to create authentic content that engages audiences and influences consumer decisions. Whether it's showcasing the latest trends or promoting exciting destinations, influencers have the power to inspire action and drive results.

What Makes Influencer Marketing a Good Strategy

Recent Storyclash data shows companies earn an average of $5.20 for every $1.00 spent. The top 13% of businesses are earning $20 or more for every dollar invested. Beyond financial gains, influencer marketing can also improve a brand's image, build trust, and create lasting connections with your audience. This sets you up for long-term success.

Strategies for Finding Influencers

Before seeking out influencers, you will first have to determine what would work for your target audience the most. To get the most beneficial outcomes, look for influencers that align with your brand and that your audience may relate to.

To discover these influencers, there are various methods you can explore:

• Influencer Marketing Platforms: These platforms simplify influencer marketing by providing search tools to help you find the ideal influencer match. They can assist with analyzing social data to pinpoint creators who align with your brand values.
• Watching Trends: Keep an eye out for trending social media posts and hashtags as they are excellent indicators of potential influencers. Look for engaging content or comments, particularly on platforms like LinkedIn where professionals often share their own valuable insights.
• Hashtag Searches: Utilize social media search functions to locate influencers who are creating relevant content. Try searching for keywords or hashtags that are related to your products or services.
• Analyzing the Competition: Take a look at whether your competitors are collaborating with influencers. Explore the audience and engagement of their influencers to identify similar creators.
• Looking at Who’s Already Interacting: Monitor social media mentions of your brand to find influencers who are already interacting with your business.
• Search Engines: Use search engines to find influencers on social media platforms by searching for keywords such as "health influencer in Massachusetts."
• Networking: Reach out to colleagues, friends, and industry contacts for recommendations on influencers. You can also leverage social media posts to ask for suggestions from your network.
• Industry Events and Conferences: Attend events for creators to network with influencers face-to-face or explore conferences within your industry to discover speakers with large audiences.

The Facts Behind Influencer Marketing

According to the Influencer Marketing Benchmark Report 2024, the industry is projected to reach $24 billion by 2024. Small influencers, including nano- and micro-influencers, are in high demand, making up 70% of the preference.

Macro-influencers and celebrities are less preferred, accounting for only 17% and 13% respectively. Additional data shows, 75% of B2B marketers are investing in influencer marketing, and 92% of brands plan to increase their investment this year.

Why to Partner with an Agency

Partnering with agencies for influencer marketing allows businesses to leverage their expertise, connections, and resources. This streamlines the process of running campaigns and collaborating with various influencers. There is a lot to know when it comes to influencer marketing and a lot of benefits to reap for doing so correctly. By partnering with an agency like Adriana Lacy Consulting, you can have that process simplified for you and start connecting with the ideal influencers for your brand.

Have you dabbled with influencer marketing before? Reply to this email and share your experience!