What is Influencer Marketing: How to Develop Your Strategy

Influencer marketing has seen aexplosive growth over the last decade. Once limited to celebrities and bloggers, influencers now permeate social media with varying, yet impactful reach. Their authentic connections foster higher trust and engagement in their communities. While this presents opportunities for brands, partnering with digital creators requires refined strategies. This guide covers developing an effective influencer marketing approach.

Understanding Influencer Marketing

Influencer marketing utilizes endorsements and product mentions from social media influencers to promote brands. Influencers are individuals who have cultivated a dedicated following and are viewed as trusted experts within their niche. The recommendations from influencers serve as social proof and peer validation for potential customers. As influencers have built exceptional trust with their audiences, they can be powerful brand advocates. The right influencer platform for brands helps brands easily discover relevant influencers manage campaigns and partnerships, track performance insights, and optimize initiatives for continued success. 

Crafting an Influencer Marketing Game Plan in 5 Steps

Despite the chosen channel, brands must implement deliberate targeting and planning for successful campaigns. The steps below offer guidance for crafting strategies to avoid common influencer marketing mistakes.

• Researching Influencers & Pay Structures

The initial step entails selecting a platform where your brand has an existing presence or plans further expansion. While multi-channel efforts can come later, focusing on one network to start is recommended. Subsequently, research influencers on that platform using targeting criteria, consider the expected campaign ROI and how you’ll gauge influencer content contributions to your goals. For example, compare possible influencer video production to your other video advertising investments. Although unpredictable at first glance, this facilitates familiar financial comparisons.

• Establishing Budgets & Management Plans

With influencer pay structures defined, develop an overall budget while factoring in planning, execution, and management time investments. Unlike automated ads, influencer content requires hands-on coordination throughout the campaign lifecycle. Monitoring will be essential as influencers balance multiple partnerships and may miss deadlines or tag brands improperly at times. Consider setting up a formal ambassador program or using an influencer marketing agency for expanded relationship management support.

• Defining Goals, Messages & Target Audiences

The two most common influencer marketing objectives are elevating awareness and driving sales. However, it’s more effective to hone in on specific brand needs instead of broad targets. For example, goals may include expanding customers among younger demographics, penetrating new user segments with product launches, or conveying brand values over trends. Influencers provide laser-focused targeting versus broader follower bases. Their conversational content grounded in personal narratives also differentiates from typical brand product features or sales pitches. 

• Researching & Contacting Relevant Influencers

With plans set around networks, goals, and influencer targeting parameters, resume research to identify and contact potential partners. Vet influencers based on factors like relevant posting histories, engagement metrics indicating authentic followings, and previous brand partnership experience. Utilize social analytics tools to surface influencer prospects across multiple platforms fitting campaign needs.

• Reviewing & Refining the Influencer Strategy

Despite ongoing efforts, brands should still set milestones to measure progress. The next section covers tracking campaign results. While not all perform successfully, takeaways should inform refinements to future initiatives. Continued optimization based on performance and learnings is key for effective long-term influencer marketing.

Influencer marketing can deliver tremendous value but requires strategic management. For brands lacking resources, leveraging an influencer marketing platform for agencies provides turnkey solutions for identifying and managing influencer partnerships and campaigns at scale.