Did you know that Influencer marketing is expected to be a $13.8 billion industry in 2021? The statistics show that business influencer marketing is estimated to grow from $9.7 billion in 2020 to $13.8 billion in 2021. Since the already huge market is expected to develop further, you might want to share the percentage.
Understanding influencer marketing
The corporate world is binding forces with the social media world to cover every need or demand of the consumer, especially the Millenials. This is the reason every business is working on its influencer marketing strategies to establish itself on several platforms.
Influencer marketing is not a set-ready-go kind of strategy. The strategy involves innovative and effective methods of getting the right influencers to market your products and services and thereby boost your brand awareness and increase sales.
Here is how you can build your influencer marketing strategy that will boost your social visibility and online conversion rate.
Conduct a ‘How to-What to’ research
Social media is filled with micro-influencers as well as big-buck celebrities and film stars. So how can you choose the right influencer for your campaign? The key here isdetailed and extensive research. Try to answer the following questions when zeroing in on an influencer:
- What is the type of influencer your campaign needs?
- What type of content is the influencer posting?
- Has the influencer worked with similar brands?
- Is the influencer working independently or through an agency?
- What is your expected ROI from the social influencer marketing campaign?
These answers will help you in developing an effective influencer marketing strategy from scratch.
Craft a suitable budget
75% of the major corporate industries have a standalone budget dedicated to influencer marketing. That’s how huge and important this platform is!
Devise a strong budget that will fund your campaign without breaking your bank account. Craft a flexible budget in a manner that will allow you to refine the influencer program if the results aren’t satisfactory.
Consider your campaign goal
Keep in mind your campaign objective before carving out an influencer marketing strategy. Devise a strategy that will cater to that very objective.
Instead of setting out with unclear broad targets, narrow down your campaign goal to one objective and stick to it. Keep in mind the objective and develop a strategy that will help you reach a specific targeted audience while ensuring adherence to the campaign goal.
Connect with influencers
The next step is to finally connect with your chosen influencers. This is where research will help you again. Find out the right way to approach your influencers and connect with them to push forward your influencer marketing plan and get them interested.
Review, refine, and redefine strategies
Influencer marketing is not a one-time process. It requires consistency and dedication to provide long-term results. For that, you must keep reviewing your strategy and come up with even better ideas to establish a top position in the marketing game.
Once your strategy is set in the practical world, perform regular analysis and monitor campaign progress. Look for holes that might be slowing down your campaign. Review your strategy once again, refine the techniques that aren’t churning results and redefine your strategy by employing newer and more effective techniques. Now that you have all the information on how to develop an effective influencer marketing strategy, you can get going to creating your own. Keep the key points in mind, and you’ll witness amazing marketing results. Create your own influencer marketing strategy and become a part of the leading businesses with Digistreet’s influencer marketing services. With a customized approach, Digistreet offers different influencer categories to suit your business model and voice.