Influencer marketing combines both traditional and modern marketing strategies. It transforms the concept of celebrity endorsement into a content-driven marketing campaign for the modern era. The main characteristic of influencer marketing is that brands and influencers work together to produce a campaign. Influencer Marketing Hub defines an influencer as: “someone who has the power to affect the purchasing decisions of others because of his or her authority, knowledge, position, or relationship with his or her audience“. Even though businesses seek out influencers for this power, they usually prefer to be referred to as content creators instead of influencers.

Anyone has the opportunity to become an ‘influencer’. A significant online presence and social media following is what gives an individual influence. There are influential people in every field; you just need to identify them. Numerous people will have hundreds of thousands or even millions of followers. However, many will appear more common with fewer than 10,000 followers. Nevertheless, they will have earned a reputation as the experts in their industry.

Influencer marketing does not focus on immediate results. It’s the same kind of slow-and-steady strategy used in Social Media and Content Marketing, where the goal of your campaign isn’t to promote your products directly. Instead, it’s about showcasing your industry’s thought leadership, authority, and credibility.

Every business needs to be aware of some shocking statistics about influencer marketing. They are included in the Benchmark Report 2022: The State of Influencer Marketing:

• By 2022, influencer marketing is expected to reach roughly $16.4 billion.
• 54% of the companies that collaborate with influencers manage eCommerce stores.
• Nearly 80% of the brands that invest in influencer marketing using Instagram.
• Although Instagram influencer fraud has decreased in recent years, it still affected 49% of Instagram influencer accounts in 2021.

The three Rs of influence

• Relevance: a relevant influencer shares content pertinent to your company and sector. Their audience must be compatible with your target demographic.
• Reach: the number of individuals you may reach by using an influencer’s audience.
• Resonance: the possible level of engagement the influencer can develop with a target market that is appropriate for your business. Even if an influencer has many followers (reach), there may not be enough engagement (resonance) for it to be worthwhile.

Types of social media influencers

• Nano-influencers: 10,000 followers or fewer
• Micro-influencers: 10,000 to 100,000 followers
• Macro-influencers: 100,000 to 1 million followers
• Mega-influencers: 1 million+ followers

Process

1. Determine your goals. For example, it is reaching new target customers. Also, it is essential to establish measurable goals the brand can measure and report on and consider how the influencer marketing campaign will integrate into the company’s more extensive social media marketing plan.
2. Know who you’re trying to influence. Creating audience personas helps to identify who you’re attempting to target. The goal could be to connect the brand’s current audience or a new one. Once the company has chosen, it is time to develop a set of influencer personas that corresponds. This process gives the brand a better understanding of the traits they want in their influencers.
3. Before getting started with influencer marketing, it’s critical to comprehend the guidelines. The Federal Trade Commission issues these regulations in the United States. The most important aspect is that influencers need to disclose sponsored content.
4. Create a relationship with the influencer. Any outcomes without the element of trust will be temporary.