Brands have been turning towards influencer marketing as a way to promote to a more niche audience. Social media platforms like Snapchat, YouTube and TikTok all have their own set of influencers with different demographics and some are often multi-platform.
Ad spend on influencer marketing is expected to be up to $15 billion by 2022, based on Mediakix data. The same survey noted that 65% of marketers plan on increasing their budgets in 2020.
Also according to Influencer Marketing Hub, Nano or Micro Influencers (less than 1,000 followers) on Instagram have higher engagement rates (7.2%) than mass influencers (more than 100,000 followers).
When brands decide to start incorporating micro influencers as a part of their marketing strategy, there are a lot of different elements they need to consider. One of the first things would be determining what they want to accomplish by teaming up with an influencer. These goals could vary from an increase in sales, followers or brand awareness.
Narrowing down your end goal will help you determine the type of influencer that will best fit your brand strategy.
As you dive deeper into the process, start searching for keywords in the ‘People’ category and hashtags that are appropriate for your brand. The influencers that appear and have the content with the most engagement have the potential to be the right fit for your marketing strategy.
Another important thing to consider is the level of influence the person has. Three of the most common ways to measure influence is through reach, engagement, and niche.
An account’s reach is the number of people who see the content posted. You can get a pretty good idea of how large of reach someone has based on their audience size (number of followers), impressions ( when people see the content posted, doesn’t necessarily mean an action has taken place).
Engagement, on the other hand, is measured by actions. These actions include likes, comments, retweets, and sharing. While having a massive following is great, if those followers are not engaging with the content posted marketing campaigns can only go so far.
Brands can leverage relevant niche influencers to more intentionally target audiences.
According to Forbes.com, “recent market research finds that social media influencers will continue to be an invaluable trust-building mechanism that can be tapped to establish brand identity. In the new decade, expect to see influencer marketing surge, with an increasing share of marketing strategy budgets allocated to this effective outreach method.”
Be on the look out for more creative ways that influencer marketing is used in 2020!
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