Is social media marketing dead?
They say social media users are getting too smart for marketing. Indeed, the proliferation of new technologies as well as devices that support these technologies, especially smartphones; customers are becoming resourceful.
Traditional advertising strategies such as advertising, public relations, personal selling, and so on no longer influence purchasing decisions the way they used to. People are not simply buying into these campaigns. They are taking things in their own hands and do their own research regarding a particular product/service.
This explains why Hubspot data found out that 71% of people (particularly young people) are more likely to make a purchase online if the product or service comes recommended by others. This may be driven by millennials inherent distrust of brands and traditional advertising. They simply tend to believe what their peers say, seek their opinions and often validation.
So how do modern marketers tackle this situation?
Embrace influencer marketing. A recent McKinsey study found out that marketing efforts by a small number of influencers are accountable for the lion’s share of referrals brands receive via social media.
In particular, 5% of influencers promoting product recommendations for fashion products such as shoes and clothing drove 45% of social influence. This is because these influencers have earned the trust of their followers as a result of establishing expertise or other influence in a very specific niche.
So What Is Influencer Marketing?
Well, this is a type of marketing where you do not communicate directly to your audience, but instead, you pinpoint key leaders of a community such as celebrities, athletes, etc, and drive your messages through them.
These key leaders have already owned the trust of your audience. They serve as information brokers who share their knowledge and thoughts simply to help others. In the process of doing so, these influencers they help build a foundation of trust with the audience.
The success of influencer marketing is demonstrated between the partnership of rap superstar Kanye West and footwear giant, Adidas for a reported $10 million deal. The deal saw Kanye West promote the Yeezy brand and this resulted in Yeezy Blush 500 and the Yeezy Boost 700 being the most wanted styles among sneakers enthusiasts.
Finding The Right Influencer
The value you generate from influencer marketing is way more than what you pay. When identifying the right influencer, consider these 3Rs of influence:
- Relevance: Identifying the influencer who has an audience that is relevant to your business.
- Reach: The number of people you could potentially reach through the influencer’s follower base will bring value to your business.
- Resonance: This is ascertaining the probability of engagement nfluencer can create with an audience that’s relevant to your brand. Influencers with great followers are necessary smaller follower count can be very powerful if it’s a niche area and the potential influencer has a dedicated and engaged following.Tapinfluence found that engagement rates are often higher for “micro-influencers”—those with 5,000 to 25,000 followers.
Approaching A Potential Influencer
After identifying the ideal influencer, its time to reach out. Some strategies of approaching the appropriate influencer include:
Demonstrate you’ve done research
Influencers that are in high demand get a lot of offers. For this reason, winning over these influencers requires you to demonstrate that you understand what their channels are about, who their audience is, and how the partnership could benefit both parties.
Have A Compensation Plan
Influencers with extensive reach rightly expect to be paid for their work. Free product might get you some reviews from those who are just starting out, but a serious influencer campaign requires a budget.
Influencer marketing tools
Clarify your goals and determine what types of influencers you should reach out to based on those objectives.
This tool from Moz allows you to search for relevant influencers on Twitter based on keywords and location. It’s a great first tool to use when building your list of potential influencers to engage and partner with.
Hootsuite search streams can also help you discover influencers by monitoring conversations relevant to your industry across multiple channels: Twitter, Facebook Pages, Google Plus, and Instagram.
Once you have an initial set of influencers in mind, add them to a stream to track what they share and who they engage with. This will help you understand their relevance to your audience while also highlight other potential influencers to work with.
Once you’ve built your list of potential influencers, use the data from Demographics Pro to check for a demographic match with your brand.
The app shows you the demographics of any Twitter user’s followers, including gender, average age and income level. You can even find out which cities most of those followers live in. This allows you to make sure the influencers you choose speak to the exact audience you’re trying to reach.
This app helps you find trending photos, videos, and influencers on Instagram using relevant hashtags and topics . Then, you can research the creators of that top content to find out whether they’re a good fit for your brand and your particular campaign goals.
It also integrates with Hootsuite.
This app can search out top content shared by influencers based on topic and location. Use to identify thought leaders and discover potential influencer partnerships based on the quality of the content they share.
This Google-owned platform connects brands with YouTube influencers. Tell it what kind of content you’re looking for, the kind of sponsorship you’ll provide, and your budget, and content creators will send you proposals to review.