Summer is just around the corner and things are starting to heat up, especially for the influencer marketing industry — which will be worth $24 billion by the end of 2024. From the search for summer travel destinations, recipes for a backyard barbeque or the season’s latest trends and products, influencer relations will play a major role in the decision-making process for consumers across the globe.
While influencer campaigns can be a powerful marketing tool to bring brands in on the conversation, it’s important to carefully assess these strategies in conjunction with business objectives and industry focus before activation. A few key steps can help business leaders and marketing teams determine whether influencer marketing is the right fit and how to proceed forward with a campaign:
1. Consider the audience:
When companies begin to build an influencer marketing strategy, they should collect and analyze data regarding key target audience segments and demographics – including factors such as age range, location specifics, interests and hobbies, etc. This process will help to ensure that influencers chosen for a program effectively reflect these dynamics. The knowledge will also help teams develop targeted brand narratives – ensuring that the right messages reach the right people.
2. Understand your differentiation:
Businesses should not overlook the importance of establishing or evaluating their brand identity when planning an influencer marketing strategy to ensure strategic alignment. According to a recent Capital One research report on branding, 65% of U.S. consumers feel emotionally connected to at least one brand or business. Maintaining a stable brand identity can help companies forge a strong relationship with their customers while fostering ongoing brand loyalty.
3. Understand the landscape:
While companies can sometimes be blinded by bigger accounts on social media, research will help to identify a variety of influencer targets to consider as part of their program. Digging deeper into industry-related hashtags, tagged posts or mentions, and conducting a competitor analysis can be helpful in the process. With millions of influencers worldwide, including a half a million active on Instagram alone, companies should due their diligence in identifying influencers who can positively reflect or reinforce their brand identity and fit within their overall budget framework.
4. Know your budget:
From nano-influencers to mega-influencers, brands should keep in mind how much audience size does weigh into the equation with budgets. Typically, the larger the following the higher the cost. Thus, for brands new to influencer marketing, it may be beneficial to start with a smaller scope targeting nano- or micro-influencers who accept product or experience exchanges in place of monetary compensation. Costs and exchanges can vary depending on the industry, so brands should work with influencers to establish clear expectations upfront to avoid confusion.
Amplify your brand
Businesses can reap benefits from incorporating an influencer relations strategy into their communications mix – with social marketers reporting that these programs have had a significant impact on their brand’s marketing efforts including customer loyalty (87%), awareness (89%) and reputation (87%). Companies that are careful in the planning process stand to maximize results. By ensuring alignment on audience and brand delivery, companies and their marketing teams can be confident that they will make their mark when it’s time to activate.
