If you’re on social media at all, you’ve undoubtedly run across content from “influencers.” You know: the fitness buff whose feed is videos of workouts interspersed with plugs for protein shakes. Or the vegan foodie sharing plant-based recipes alongside personalized promo codes for a meal delivery service. Regardless of which social platform you scroll, content creators like these serve up what we call influencer marketing.
How does influencer marketing work?
This phenomenon of influencer marketing is a powerful and growing avenue through which brands partner with social media content creators to promote businesses to followers in their own unique ways.
Whether you’re just now hearing about the influencer marketing trend, or you’ve been eyeing it for quite a while, let’s take a look at some important considerations to determine whether investing in influencer marketing may be worth it for your brand…
The rise of influencer marketing
Statistics show that influencer marketing is already a powerful, effective tool for brands and will likely only grow in importance. Since 2020, for example, the amount of money spent on influencer marketing has tripled globally, leading to an estimated market size of about $33 billion this year. This major investment comes with strong returns, with some reports showing an average ROI of $6.50 for every $1 spent.
Factors to consider before influencer marketing…
Influencers can be a powerful tool, and that’s not set to change anytime soon. So, how do you decide when (or if) your brand should go for it?
Our recommendation: Take the time to assess whether investing in influencer marketing aligns with your audience, budget, and current goals (which we can help with, by the way!).
We’ll start by having your team consider these major factors:
1. Budget
Influencer marketing is changing rapidly, and with that so does pricing. In general, the cost varies based on factors like the number of followers, the social platform, and the type of posts (i.e., video vs. photo). Rates are often determined per post.
Influencers can either work independently and set their own prices (which can vary greatly) or seek management through platforms like Upfluence or Collabstr (two of many). Using a platform allows influencers to create profiles with customized public pricing, which brands using the platform can view while searching for a good fit.
To help you decide whether expanding into influencer marketing aligns with your current budget, you or your marketing partner may want to do some initial research on one of these platforms to get a ball-park estimate of cost for the type of influencers and posts you’re considering.
2. Timeline
A campaign cycle could be anywhere from a few weeks to a few months, depending on the number of posts. Even for short-term campaigns, expect to spend several weeks prepping for launch. You’ll need time for planning and outreach, defining goals, and more (all of which your marketing partner can help you with).
During and after the campaign, your marketing partner should also spend time tracking and analyzing results. As far as when to launch, consider strategically aligning your influencer marketing campaigns with seasonal promotions, product launches, or other marketing efforts for the best results.
3. Audience Alignment
While it can be helpful to look for influencers with expertise in your industry, it’s even more important to make sure your brand’s target audience is following and engaging with them. For example, if your brand is a farm-to-table restaurant in the heart of the city, you don’t need a local chef — you need a local foodie who’s already connecting with other foodies.
4. Campaign Goals & Results
Before launching, set clear objectives. When working with our clients on influencer campaigns, for example, we’ll ask: is the goal for your brand to get more engagement, generate awareness, or convert leads into sales (or something else)? Whatever the client’s aim, we then communicate it with the influencer(s) clearly and upfront, ensuring their messaging and calls-to-action (CTAs) are in alignment.
Next, in light of your main goal, how will you track the results? And ultimately, what metrics will you use to measure success? You or your marketing partner should know these things before a campaign begins so that you’re prepared to understand its impact and hopefully get the most out of the experience.
Helping you navigate social media marketing for brands
At Asen, we stay ahead of the curve with social media trends and influencer marketing for brands, so your internal team gets time back, knowing your brand is in good hands. As a full-service agency, we leverage the latest social media management strategies and decades of firsthand digital marketing knowledge to help clients thrive in an online marketplace.
If you’re looking for a strong social media strategy, including social media marketing partnerships like influencer marketing and other digital efforts to complement your social presence, we’d love to help!
Follow us on social media (@thrivewithasen) to learn more about what we do or reach out today to chat about your brand.