Influencer marketing is not a new concept to brand marketing strategies however influencers have become an integral part of social media strategies and many brands aren’t utilizing them to their fullest potential. Marketing Hub reports that the Influencer Marketing Industry is set to grow to around $24 Billion by the end of 2024. Don’t miss out on a huge way to connect with your brand’s audiences, influencers do a lot more for a brand than just promote the product.
What is Influencer Marketing?
Influencer marketing involves endorsements and product placements from people who have a dedicated and engaged following on social media platforms, this could be TikTok, YouTube, Instagram, LinkedIn, and many more. These influencers can sway the purchasing decisions of their audience due to their perceived authority, knowledge, and relationship with their followers.
Are There Different Types of Influencers?
There are many different types of influencers, they can be categorized by the level of followers and the type of content created. A very popular category is the lifestyle influencer who typically posts content about their daily life including fashion, beauty, workouts, daily routines, and more. This type of influencer can connect with their followers in a very community-oriented way, usually, the people who follow this type of influencer enjoy an aspect of this person’s lifestyle whether it’s the way they dress or what they do in a day.
For almost every niche community, someone is influencing that space. The key is the find the influencer with the right audience that fits your brand. From lifestyle, travel, comedy, health, and wellness, there are so many different social media communities that people belong to.
The amount of followers an influencer has can also affect how engaged the audience is, how many people will be seeing the sponsored post, and affect how much a brand partnership will cost.
Here is a breakdown of the different levels of influencers according to follower count:
Nano-Influencers: Creators with around 1,000 to 10,000 followers. This type of influencer has a highly engaged niche audience.
Micro-Influencers: Typically creators with 10,000 to 100,000 followers. Known for their expertise in specific areas, they maintain high engagement rates.
Macro-Influencers: Individuals with 100,000 to 1 million followers. They have a broader reach but may have slightly lower engagement rates compared to micro-influencers.
Mega-Influencers: Individuals with over 1 million followers, often celebrities or well-known public figures. They offer massive reach but typically come with high costs and lower engagement rates compared to smaller influencers (however some influencers can have a high amount of followers and keep high engagement).
Building Partnerships With The Right Influencers
Relatability is a huge factor in what type of content creators get followed and what type of products they can promote. For example: an influencer who has built her brand on being a college student would be a misfit with a luxury handbag brand since most people who follow her are average college students who wouldn’t be able to afford luxury products. Similarly, someone who has built their platform on wellness and fitness wouldn’t be a great influencer to sponsor a fast food chain, this would feel unauthentic to their brand and your brand. Being able to find the right influencer for your brand is a superpower, the sponsored content should feel authentic, and organic and cater to the community of the influencer you’re partnering with.
What Are The Benefits of Influencer Marketing?
Influencer marketing has many benefits for both the brand and the content creator, the brand gets more visibility and the content creator can trade their posts for money or another benefit.
User generated content also enhances the brands credibility and trust, Gen Zers and millennials say they trust social media influencers at a rate of 61% in 2023. If someones favorite influencer swears by a product and recommends it, then they’re more likely to purchase it even if they aren’t familiar with the brand or the product because they have built a relationship and trust the influencer.
Influencers typically have a lot of engagement data and know how many of their followers actually engage with their content, this great because the product (or service) is being directly served to the right community that this influencer has already built. It’s a targeted reach with the perfect audience.
Influencer marketing has undeniably transformed the landscape of digital marketing, offering brands a unique and effective way to reach and engage with their target audiences. By leveraging the trust and authenticity that influencers have built with their followers, brands can enhance their credibility, drive engagement, and achieve their marketing goals. Whether you’re a small business or a large corporation, understanding and implementing influencer marketing strategies can provide significant benefits.