Influencers… we can all name at least one in this day in age. Jake Paul for example has set out and created a great business for himself through YouTube and now in the boxing arena. Although, let’s be honest the guy can’t box. They just feed him poor old men who were once previously good Mixed Martial Arts fighters. Big difference from real boxers. Nonetheless, he’s made millions through his marketing strategy as an influencer. But how can brands harness the power of these influencers and what are the reasons they would even want to? Influencer marketing has been shown to produce great return on investment (ROI). It delivers 11x’s that of paid media (Sprout Social). As the digital world continues to expand, it becomes more difficult for brands to reach their target audiences and influencer marketing can close that gap through locating influencers in their market (FORBES).
The first step in this process would be to conduct research to find what type of influencer best suits the needs of the brand and which platform you should be using. If you’re a vitamin supplement company you’re probably not going to reach out to a fashion model for influencer marketing. It’s also important to know which social media channel your brand’s area of expertise is dominated on: YouTube, Instagram, etc. Fashion and beauty tend to be more YouTube centric whereas other industries may be dominant elsewhere. Once you do this, you will also need to decide on a budget that can determine whether or not you go with a microinfluencer (less than 2K followers), someone between 5-10K or higher. The more followers the influencer has the costlier it becomes, naturally. Once you have decided on the budget you will need to know what the goals are for the brand through the influencer marketing. Is the reason for breaking into the Gen Z audience that your brand hasn’t yet? Are you trying to increase brand to consumer trust? Are you looking for more credibility in your industry? Deciding on this early on is crucial. Finally, it’s time to reach out and start making relationships with influencers.
