Are you still on the fence about Influencer Marketing? Or are you confused as your research on the market concludes that it will work for your business. In this blog we will talk about how to set objectives for influencer marketing within your budget and it is worth your money. But before that let’s start with the basics and understand what exactly is Influencer Marketing:
What is it?
Influencer marketing has been one of the most favourite trends in the past few years. It is difficult for influencer marketing to exist without content marketing. If you are not sure how to choose the right influencer, we are going to break it down for you. At its core, Influencer marketing is a mix of past and present tools. Known public figures and celebrities are advertising in this content driven market. This joint venture between brands and influencers is a successful marketing mantra. The celebrities can campaign for a product with either a series of videos or posts, millions of their followers provide immediate exposure and engagement that brands desire.
Type of Influencers:
There are three types of identified influencers; Mega-influencers(with 1M+ followers), Macro-influencers(10000-1M followers), and Micro-influencers (500-10000 followers). The market study suggests that micro influencers have been proven to be the best option. They are economic and they motivate the brand with high engagement from the audience.
What is your budget and how can you make it work?
If you have a company that sets aside its budget in the beginning of the year for advertising, you can surely choose influencer marketing. It has been proven through market research that big brands are still interested in influencer marketing, but their objective is only brand awareness. They are not looking for ROI (Return On Investment) and budget is not a constraint for them. But, if you are a startup who has to analyze every step and ration the budget to quantify your growth then it will be too soon for you to dive in influencer marketing. To simplify, we can say that there are two main objectives behind influencer marketing; to create or enhance brand awareness and to generate leads.
The current scenario:
The smaller companies want leads and traffic or product promotion through influencers. For them micro influencers is the best option, because their investment in the big influencers will not be fruitful. As for the fortune 500 companies, they are burning resources to be omnipresent across all platforms to solidify the brand value amongst their competitors.
Approach is key:
Your approach will define your success with influencer marketing, and make sure that you don’t believe the wide web and the information available there. The studies and the percentage is very high and tempting but the data is mostly derived from brands and their faith in influencers. The only question you need to ask is what do you need from the campaign and what is your goal? If it is to generate revenue and increase business then you can stay clear of influencer marketing. You can definitely wait and increase your business scale. Once it has grown exponentially you can make the most of influencer marketing.
Influencer marketing is growing rapidly. There is no question of it being as a market favourite in the future. Studies suggest that influencer marketing will boom upto $5-10 billion in the coming years. If you are looking forward to choosing influencer marketing for promoting your business, make sure it is tailor made as per your requirements to get maximum results. At the end it is about creating a market value for our brand and maintaining a brand presence. Keep in mind the basics and always target the right audience.
Influencer marketing is not going anywhere for awhile. Stating the facts, you should not be persuaded by the trend as it is still in fashion and dive in blind. Be careful with your choices, and your objective. It should be of value to the money you invest. We at Taglr have strategize our Influencer marketing for both the objectives. The key objective of Taglr is brand awareness but generating leads and creating engagement will also be targeted. The good thing about marketing strategies is that you don’t have to confine your needs to the trending standards. You can tailor make it for your organizational needs. So next time you want to hire an influencer for you company’s promotion make sure that you are hiring the right person and you have set a goal. ')}