Archives for October 2022

4 Best Strategies for Building Influencer Partnerships and Growing Your Brand

Influencer marketing has grown from a small niche into an industry with a projected value of $17,440 Million by 2028 (from a little over $6,501 in 2021). But what exactly is influencer marketing, and how can your brand leverage it to grow your business? In this blog post, we’ll explore the ins and outs of influencer partnerships.

There are many ways to partner with influencers, but we’ll review the strategies that are the most effective for growing your brand. Keep reading to learn more!

Key Takeaway:

Influencer marketing has been one of the fastest-growing marketing trends of the past few years, and it can now be considered a key advertising strategy. According to a study by Influencer Marketing Hub, more than 90% of companies today have used influencer programs or brand partnerships for their marketing campaigns.

Influencers are individuals who have built their brand and audience on social platforms. They have authority within their niche, and often have thousands or even millions of followers on their social media channels.

These micro-celebrities can help you grow your brand by partnering with them directly or through an intermediary company that specializes in finding the best influencers for brands.

What is Influencer Marketing?

Influencer marketing is a strategy or marketing tactics to engage customers through promotional marketing strategies using social media influencers. The idea is to find relevant, credible people who post regularly on social platforms (and have sizable followings) and encourage them to promote your product or service via social media posts, blog articles, videos, and other online content creation.

Marketers create campaigns by partnering with social media stars who have large followings. These social media stars may receive cash, services, or products from brands in exchange for their posts about them.

The goal is to have social media stars reach out to their audiences and turn them into new customers for your website or product.

Why Build Influencer Partnerships?

Influencer marketing has proven benefits for businesses. The ROI for influencer marketing is significantly higher than for other forms of marketing (like email marketing or SEO). Influencer marketing has the highest click-through rate, conversion rate, and average order value of any marketing channel (including paid ads).

It’s also an extremely cost-effective way to generate leads and sales with minimal investment. Depending on the type of influencer partnership you choose, you could spend as little as $100 to attract thousands of new customers to your brand.

4 Best Strategies for Building Influencer Partnerships and Growing Your Brand

How to Find Influencers for Partnering and Sponsoring

First, you’ll want to create a list of potential influencers who would be a good fit for your brand. There are many ways to find influencers, including:

  • Analyzing your own top-performing social media accounts
  • Finding potential influencers through social listening
  • Running a contest to find influencers
  • Using an influencer marketing platform

Once you’ve identified a few potential influencers, there are a few ways to approach them to discuss partnering:

1. Send an email to the target influencer

Once you’ve identified one or two influencers you’d like to work with, reach out to them directly. Be personal, and don’t be afraid to reach out to multiple influencers.

2. Ask an influencer to partner

If you’re unsure whether a specific influencer would be a good fit for your brand, it’s worth just asking them if they would be interested in partnering.

3. Ask an influencer to sponsor you

If you’re interested in working with an influencer but they don’t seem to be interested in working with your brand, you can still ask them to sponsor one of your social media posts.

5 Steps to Establish Influencer Partnerships

1. Clearly Define your Goals and KPIs

Before you start reaching out to potential influencers, you’ll want to consider your goals and KPIs carefully. What do you hope to accomplish with influencer marketing? What KPIs do you want to hit? As always, you want to ensure your goals align with your brand values.

You’ll be setting yourself up for success if you can direct your efforts toward one clear goal at a time. If you try too many things at once, you’ll be less likely to see results.

For example, if your main goal is to increase revenue, you may want to consider collaborative revenue-based campaigns rather than giveaways or sponsored posts. And if one of your goals is to increase conversions on your website, you might want to work with influencers who can help drive visitors to your site. Another goal might be to increase brand awareness.

Once you’ve identified your goals and KPIs, you can easily identify the right influencers to target.

2. Reach out to influencers

Make a list of the top five influencers you’d like to work with and then reach out to them. Make sure your outreach is personalized and thoughtful. You don’t want to come across as spammy or desperate.

3. Collaborate with influencers

If an influencer accepts your offer, start collaborating! You might want to consider setting up a private Slack channel or Discord server to help organize your campaigns.

4. Track KPIs and results

It’s important to track your results throughout the campaign to ensure you’re getting the most out of your investment.

5. Close your partnerships

After the campaign, make sure to thank your influencers for their work and give them a heads-up about when you’ll send them their compensation.

Top 4 Strategies for Building Influencer Partnerships

1.    Exclusive Co-Marketing Opportunities

Many brands are reluctant to give away too much while partnering with influencers. The terms should be clear if you’re offering an exclusive co-marketing partnership.

Co-marketing partnerships can mutually benefit both parties, but you don’t want to give away all your profits. If you offer to split profits, make sure the split is fair. Co-marketing is a great way to boost your campaign’s reach and results.

2.    Paid Sponsorships

Sponsorships are a straightforward way for influencers to monetize their posts. This also allows brands to collaborate with influencers without giving away any profit.

When you offer to pay an influencer to post about your brand, you should negotiate how much you’re willing to pay. You may want to pay a different amount for each influencer.

For example, you may want to offer $500 to a popular Instagram celebrity while only offering $100 to a lesser-known influencer with a smaller but equally valuable audience.

3.    Free Giveaways

One of the best ways to partner with influencers is to host a giveaway. A giveaway is a contest in which one or more prizes are given away to attract attention. You can choose almost anything as a giveaway, but for influencer marketing, you may want to consider a prize that promotes your brand.

For example, you could offer a free printable planner with your logo. You could also offer a free one-year subscription to a service that benefits your brand.

4.    Organizational Collaborations

If you want to partner with an organization but don’t have any specific campaigns in mind, consider hosting a collaboration with an organization.

Organizational collaborations are best when you work with multiple brands with similar audiences. For instance, if you work in the hair care industry, you may want to partner with makeup and beauty brands that are popular among your customers.

Bottom Line:

Influencer marketing is an excellent way to promote your brand and engage new customers. By partnering with influencers and leveraging their audiences you can expect to see a significant increase in engagement, leads, and sales!

To make the most of your influencer partnerships, you’ll want to clearly define your goals, reach out to targeted influencers, collaborate with them, and track your results. Finally, you’ll want to ensure you’re investing your time and money in the right partners.

Once you’ve found the right influencer partnerships for your brand, you can expect to see significant ROI from your investment.

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The Rise of the Influencer Brands – What You Need to Know

There’s a plethora of brands today that are taking advantage of social media to grow. These so-called ‘influencer brands’ have built their businesses on the backs of influential personalities by using social media platforms like Instagram and Snapchat to reach consumers directly and drive sales with pre-purchase product placements.

This phenomenon is particularly prevalent among fashion and beauty brands, but it’s not something exclusive to those markets. In fact, any company that can find an influencer to promote its goods has the potential to see a positive ROI from its influencer marketing efforts.

Read on for details on how and why this strategy works, and how you can get started with your own Influencer Brands program.

Key Takeaway

Influencer marketing is growing rapidly and is no longer a passing fad; it’s become a key pillar of digital marketing for brands. According to research, the global influencer marketing platform market is expected to grow at a compound annual growth rate of 33.4% from 2022 to 2030 to reach USD 143.10 Billion by 2030.

This article teaches everything you need to know about the rise of the influencer brand and how it’s transforming the world of social media marketing.

What are Influencer Brands?

Influencer brands are companies that have partnered with one or more social media influencers to co-create and co-market a range of products; the influencer’s fanbase is then encouraged to buy these products. For the influencer, this can be a great way to monetize their social media presence. For the brand, this offers a direct line of communication with a highly engaged audience.

There is no set formula for what makes an influencer brand, and the term is still relatively new. However, it’s clear to see why brands are starting to adopt this strategy – influencers have always been able to drive direct sales for products. Still, this approach gives them a more official role as creative partners in the development process.

The Rise of the Influencer Brands

As we noted earlier, influencer marketing is a relatively new marketing tactic. But research shows that brands are already shifting away from traditional advertising and towards marketing strategies that rely on influencers.

According to the State of Influencer Marketing Report, 93% of marketers say they’ve implemented influencer marketing in their strategies. But less than half of them are satisfied with the results. However, almost 40% of Twitter users say they’ve made a direct purchase on the platform. And this suggests that marketers are still experimenting with the best ways to use influencers in their campaigns.

Once marketers settle on the best ways to use influencers, they may end up cutting back on traditional forms of advertising. Nearly 70% of marketers say they plan to increase the amount of money they spend on influencer marketing in the coming year.

With more resources moving toward influencer marketing and away from more traditional forms of advertising, the influence of influencer brands is likely to grow.

Gen Z consumers are also driving the rise of influencer marketing as they begin to enter their 30s. Meaning that marketers are increasingly focusing on the next generation of consumers. According to the report, 82% of Gen Z consumers say they trust brands that use “real humans” to advertise more than other forms of advertising.

How Influencer Marketing Works

The first step in setting up an influencer marketing campaign is finding and vetting potential influencers or a micro influencer. This can be done in many ways, including searching for hashtags on Instagram and Snapchat. You can also pay for data from sites like Traackr.

Once you’ve chosen your influencers, you’ll want to create an influencer agreement. Outline terms like the type of compensation they’ll receive, and the product they’ll be granted access to and the types of posts they’ll create.

Now, you need to decide where you’d like your influencers to post. Some of the most popular platforms for influencer marketing include TikTok, Instagram, YouTube, Facebook, and Snapchat.

Why are Brands Turning to Influencer Marketing?

The rise of influencer marketing can be attributed to different factors. First, the rise of social media has created a platform for consumers to engage directly with their favorite brands, personalities, and products. This has led to the creation of many influential social media stars.’ These stars hold huge sway over the buying decisions of their followers.

These influencers can drive direct sales for products by posting links in their bios and tagging brands’ products in their images. The emergence of ‘social shopping’ – where consumers research products and engage with brands directly via social media has created a new, important revenue stream for brands.

Influencer marketing is one way for brands to tap into this revenue stream. It also allows brands to interact with their customers directly through the preferred communication channels of Gen Z and Millennials – social media.

Influencer Brands

Why brands love Influencer Marketing

1.    Reach

As more and more marketers realize, the best way to reach Gen Z and Millennials is through their social media feeds. People spend up to two hours per day in their feeds. This makes social platforms an incredibly effective way to reach an audience.

Furthermore, while the average person sees thousands of advertisements every year, they are much more likely to recall seeing an influencer’s post.

2.    Cost

While hiring big-name celebrities to shill your product can be expensive, it’s much cheaper to partner with influencers. You can drive significant brand awareness and sales by working with smaller, more niche influencers.

3.    Authenticity

When you partner with an influencer, you have the opportunity to forge a genuine relationship with your audience. Rather than paying for a flashy ad that feels inauthentic, working with an influencer gives you a chance to get to know your potential customers and genuinely connect with them.

4.    ROI

Because influencer marketing is such an easily measurable marketing tactic, there’s less chance of producing a wasteful campaign. By comparing the ROI of different influencers, you can put your money toward the most likely successful campaigns.

3 Tactics to Grow Your Influencer Brand Strategy

1.    Find your influencers

You can’t just start working with any influencer. Finding the right people to partner with is important, but it can take a significant amount of time. Investing upfront in finding the right influencers to work with will significantly increase your chances of a successful campaign.

2.    Build a relationship

Once you’ve found your influencers, you’ll want to build a relationship with them. This means giving them access to your product. You’ll also support them in their social media endeavors and generally get to know them as people. Once you’ve established this relationship, you’ll be well-positioned to ask them for help.

3.    Be transparent about your goals

When starting out, trying to work with as many influencers as possible can be tempting. While this may seem like a good idea, it will end up hurting your brand in the long run. By being selective about who you work with you’ll increase your chances of positive campaigns and ensure that your brand is represented in the best way possible.

Final Words

Influencer marketing is a proven method for generating brand awareness, and it’s only growing in popularity. That said, it’s not a strategy that works for every brand or product.

To be successful, you need to be selective about the influencers you work with and the products you attempt to promote. To create an influencer brand, you’ll need first to find and vet the right influencers to work with, build a relationship with them, and make goals as clear as possible to achieve the desired result.

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