24 Dec Everything you need to know about influencer marketing
What is influencer marketing?
We have seen a tremendous growth in influencer marketing following the pandemic. It has become a widely used strategy among brands and is an effective digital marketing tool. So, what exactly is influencer marketing? It is the act of using social media creators to endorse your products, with the objective of increasing brand awareness and sales. In 2021, according to HubSpot Blog Research, about 58% of the marketers believe that influencer marketing was the most effective marketing tool, ahead of SEO, experiential marketing, and short-form video content. Techjury even states that 90% of the markets will allocate more money on influencer marketing, further highlighting the importance of influencer marketing.
Channels that influencers use include social media, blogs, columns, digital, and print ads. Influencer marketing is built on credibility and works like word-of-mouth marketing and social proof as the consumers see the influencers as friends, hence making their recommendations appear more trust-worthy. With more direct and personal interaction with the influencers, consumers feel more intimate with them compared to just seeing them on traditional advertising platforms such as TV and billboards.
4 types of influencers
1. Mega influencers
Mega influencers are usually celebrities with more than 1 million followers or subscribers on their social media platforms. Most of the time, they are A list celebrities that are known worldwide, and gain their fame through professionals like modelling, singing, acting, or playing sports in the big league. Examples of such influencers are Kendall Jenner, Scarlett Johanssan, David Beckham, and Beyonce. However, engaging these influences can be a feat and the price to hire them will be very steep. Furthermore, even though their outreach is very wide, because they have such a diverse audience, it may be unproductive if your target group is just a small portion of their following. However, if you are looking to get your brand to be known worldwide, they are definitely the ones you should look for.
2. Macro influencers
Although they are not actual A listers, macro influencers can be considered to be the A listers amongst influencers. Their follower count is usually between 50,000 to 1 million, making them the ideal candidates for brand endorsement or collaboration. They grew their fame organically through social media, which is vastly different from mega influencers who usually gain their following as they were already famous singers or actors. However, despite being cheaper than mega influencers, they are still pretty costly and difficult to secure. Unless you are a big firm with vast resources, you may not be able to engage in them. The audience pool is usually highly targeted as their posts are more focused. For example, beauty and wellness influencers mostly post content that is related to that, hence if you are a makeup company, engaging with that influencer will most likely give you good conversions.
3. Micro influencers
Micro influencers usually have about 10,000 to 50,000 followers. These influencers are known for very specific areas of focus and have a very high engagement rate from their audience. Examples of micro influencers in Singapore are Chloe Chong (@chloehhh_x) and Shina Tan (@shinamissstothea) with 35.7k and 39.7k followers, respectively. Compared to macro influencers, although they might have lower reach, their engagement rate is usually much higher. This could result in much higher lead generation. They are more affordable than macro influencers and usually only agree to collaborate if the brand is fit for their target audience. Currently, it is rumored that using micro influencers is the next big marketing trend in digital marketing. Therefore, it will be worthwhile to take note of the current micro influencers or even the up and coming nano influencers on social media.
4. Nano influencers
Nano influencers are your “everyday” kind of influencers. Their followers count typically falls from 3000 to 10,000 followers. While they have significantly less followers than the rest of the other three types, their engagement rate is usually higher as with a smaller community, they are better able to interact with most of their followers. By engaging with nano influencers, it can make your brand appear more authentic and down-to-earth. The reviews given by these influencers are also seen as more reliable as with the close-knit community, the followers see the influencer more like a friend.
With less followers, you can also expect your brand to reach a smaller audience. However, this could be combated if you are planning to engage in a mix of different types of influencers, or multiple nano influencers, which will be more feasible since the cost to engage in them is relatively low.
Choosing the right influencer
Step 1: Identify your target audience
By identifying your target audience, it helps you sieve out the pool of your influencers and ensure that whoever you are working with is a good fit for your brand. This also helps you find the best platform of choice, be it Instagram, Facebook, or Tiktok.
Step 2: Choose the type of influencer
Assess the needs of your company to see which type of influencer will be the best fit for your brand. When selecting the influencer, make sure you already have a budget in mind so that you will not splurge excessively and better evaluate your company’s needs.
Step 3: Create a list and do in-depth research on the chosen influencers
Make a list of influencers that you can choose and then conduct more in-depth research from then on. The criteria that you should keep in mind are: their engagement rate, content quality, audience quality, values, and frequency of post. By curating a list with comprehensive research, it will be easier for you to locate the suitable influencers for your future projects as well.
In the age of social media where digital marketing is the new norm, companies should pay attention to the area of influencer marketing as it will only get even more popular in the future. Knowing the concept of influencer marketing, the styles and the steps to take when selecting influencers for your brand will assist you in kick starting your influencer marketing plan. Your businesses should be ready to embrace the change and leverage it to build brand awareness, enrich your content strategy and gain quality leads.