Today’s digital marketing landscape is more competitive than ever. Not only are consumers inundated with information, ads and offers, at virtually every touchpoint imaginable, but they’ve also become more savvy, informed and aware of exactly when they’re being marketed to.
Chief Marketing Officer’s must continue to uncover lucrative, forward-thinking strategies to engage their existing customers and reach prospective ones. Brands that fail to innovate and implement new approaches will not cut through the noise and will be left behind.
One such innovative and emerging strategy is influencer marketing, and, I’m sure you’ve heard the phrase thrown around at least once or twice. Whether you read about it, spotted a competitor campaign or have even kicked off the discussion with your team internally, it’s no secret that influencer marketing has set the marketing world abuzz… and for good reason.
Celebrity Endorsement Or Influencer Marketing?
While similar in theory to the goals of traditional celebrity endorsements via TV spots and magazine ads – think Michael Jordan and Fruit of the Loom, Jennifer Aniston and Smartwater – social media influencer marketing utilizes a new age type of celebrity; one that has amassed a hyper-engaged and hyper-targeted following on social media, and, this following is where the true value of an influencer lies to your brand.
In short, influencer marketing uses influential individuals to bring your brand’s message to your target market or audience. With influencer marketing you’re able to reach current and prospective customers in a very personal and thoughtful way.
By following a given influencer, consumers have shown their initial interest and concern for staying up-to-date on the influencer’s day-to-day life, unlocking a personalized and potentially lucrative communication channel for marketers to tap into.
But what does this all mean for your business in the long run? How should you properly approach a strategic influencer marketing campaign that will move the needle and support your sales initiatives? This post will serve as your introductory crash course to all things influencer marketing and equip you with the necessary information to kickstart your brand’s influencer marketing efforts.
Must-Know Influencer Marketing Lingo
Since social media influencer marketing is relatively new, here are a few terms to bring you up to speed when looking to add influencer relations to your digital marketing repertoire:
3 R’s of Influence
Keep the 3 R’s in mind when determining if a social media influencer is the right fit for your brand. They are: Reach, Relevance and Resonance.
- Reach: Look at how many followers a given influencer has – this number can be the sum of multiple social media platforms or of a single platform. This number is the amount of people your brand and key messaging has the potential to reach.
- Relevance: Take a look at the type of content the influencer is creating and sharing with their followers. The tone, style and general aesthetic of the content they create should match the audience and market segment your brand is looking to target.
- Resonance: Take likes, comments and shares into consideration, resonance is the potential engagement rate an influencer can create with their brand-relevant audience.
Influencers that have between 10,000 and 50,000 followers depending on the industry or vertical they’re relevant to. Micro-Influencers have high levels of trust and engagement from their followers – more so than a traditional celebrities – making them the ideal target for your influencer marketing campaign.
The level at which an influencer’s followers are interacting with their content. This interaction includes: likes, comments and shares. Ideally, an influencer’s engagement rate should be 10 percent of their total followers or higher.
Meaning, total up the number of likes, comments and shares they receive on average per post, then compare this number to their total number of followers or potential reach.