Are things feeling a little stale with your brand? Are you churning the “rock tumbler” looking for a gem? It may just be the perfect time to think about an influencer to sprinkle some magic. Influencer marketing is a brand practice of engaging with influential people on social media to promote a brand. The key is finding the right person that consumers will associate with to develop a relationship.
This year, the Influencer Marketing trends survey suggests that industry is on target to reach approximately $9.7 Billion. Influencer marketing isn’t just B2C, business-to-business firms are utilizing influencers. Micro-influencers have seen an increase of 300% since 2016 and have a 41.7% higher engagement rate than macro-influencers. The statistics support this practice with 65% of firms measuring return on investment from their Influencer campaigns.
There Is More Than One Type of Influencer
The term influencer can mean many things to different people. There are four different types, mega, macro, micro, and nano-influencers. Mega-influencers are what comes to mind for most people when they think of influencers, so keep that in mind if you are presenting to your executive team. It’s important to clarify that you aren’t trying to hire Michael Jordan or Kylie Jenner. Mega-influencers typically have well over 1 million followers. Macro-influencers typically have 100k to 1mm followers and many times more. Micro-influencers typically have anywhere from 1,000 to 100,000 followers, are more affordable, have a more engaged audience and create more meaningful relationships. Their higher engagement rates offer brands the ability to connect into specifically targeted micro-communities. The last type of influencer is the Nano-influencers, typically 1,000 followers or less. If you are looking to add influencer marketing to your marketing mix but are limited with your budget. Nano-influencers offer a great opportunity to test the waters. Nano-influencers are affordable, have high engagement and work hard to build their audience base.
Consumers make purchasing decisions based on how they see themselves with that product, service and ultimately the brand. Influencers who have similar values to your brand are likely to have a fan base that matches those value attributes. When incorporating influencers into your marketing strategy, do your due diligence to ensure your influencer (at whatever level) will match your brand image, values, and send out the right messages to the right audience.
Have a Plan.
Lastly, when deciding on an influencer marketing campaign, make sure you evaluate what channels, the influencer type, your audience (personas), the stage of the customer journey in order to build SMART goals for the campaign. Think about the timing, measurement, and resources of the influencer. What can the influencer do to help your brand? When determining your SMART goals, think about your budget, the goal of your campaign, your time, resource and scalability to run a campaign, how many influencers match your brand value and aesthetic and your ability to promote the influencer content with supporting targeted advertisements.
There is no “official” magic formula, but as W.B. Yeats said, “The world is full of magic things, patiently waiting for our senses to grow sharper.” The right influencers can awaken their audience’s senses. Like Lucky Charms, influencers can make your brand “magically delicious” by expanding your product or service to a larger audience that align with your brand. Be SMART, do your research and find the right formula to make the magic happen.