Influencer partnership is a key phrase that’s seen in almost all digital marketing strategies, especially product companies. It has become an essential strategy for brands looking to expand their reach and engage with their target audience on social media platforms.
? Read Creating a Marketing Strategy that Works: Benefits, Steps, Tools
While TikTok has dominated the influencer marketing landscape in recent years, it’s important to recognize that influencer partnerships can be leveraged across all social media platforms. Whether you’re working with influencers on Instagram, YouTube, Twitter, or any other platform, here are five ways to get the most out of your influencer partnerships.
Define Your Audience and Goals
Before diving into influencer marketing, it’s crucial to have a clear understanding of your target audience and goals. It’s important to define your audience’s preferences, engaging brands, and influencers they follow. Conduct market research, analyze social listening data, and build buyer personas to gain insights into your audience’s interests, pain points, and challenges. This knowledge will guide you in selecting influencers whose content aligns with your brand and values.
Additionally, define your goals for the influencer partnership. Whether building brand awareness, launching a new product, boosting sales, or repositioning your brand, having specific and recognizable campaign objectives will help you identify the right influencers and tailor your influencer marketing strategies accordingly.
Pro tip: Don’t just pick the influencer with the largest audience size if your PR goal is to increase brand awareness.
Micro-influencers and mid-tier creators are your best bet for awareness campaigns because you don’t just need visibility in your campaign. You need that visibility to lead to social proof.
Content creators are typically categorized as:
Mega: >1 MILLION FOLLOWERS.
Think celebrities. These influencers have high reach, are incredibly expensive to book, and if they have more than 10M followers, their engagement is as low as 1.6%.
Macro: 500K TO 1 MILLION FOLLOWERS
Think public personalities, thought leaders. Their content is typically more professional-looking than what brands find with micro- or nano-influencers
Mid: 50K TO 500K FOLLOWERS
Likely spent years climbing the ranks from nano- to mid-tier. They are experienced in creating content and are more connected to their audience.
Micro: 10K TO 50K FOLLOWERS
Much more effective in terms of engagement and trust. 82% of people are more likely to buy a product a micro-influencer recommends.
Nano: 1K TO 10K FOLLOWERS
Highest engagement rate of any influencer type, at 8.8%. More cost-effective than their higher-ups, so brands with limited resources may want to start at this level.
Research and Choose the Right Influencers
The success of an influencer partnership depends on selecting the right influencers for your brand. In order for the collaboration to be successful, consider the influencer-audience alignment, their consistent high engagement, and thought leadership in the industry. Look for influencers whose content resonates with your target audience and whose values align with your brand. Consider their reach, engagement rates, and relevance to your niche. As mentioned, collaborating with influencers with smaller but highly engaged followings (nano and micro-influencers) can be more effective than targeting mega influencers, as they often generate more authentic and niche-specific content.
Social listening tools like Determ are used to scout influencers based on keywords, competitors, and similar interests. These tools provide valuable insights into influencer sentiment, audience conversations, and content performance, helping you make informed decisions about potential influencers to partner with.
Here are some extra pro tips to keep in mind while “shopping” for relevant influencers for your business:
- The influencer’s audience and content should align with your brand and values.
- Your target audience should already engage with and trust the influencer.
- Their content should get high engagement consistently.
- Their content should directly or indirectly correlate with your business or niche.
- The influencer should be a thought leader in your industry (or in a closely related industry).
- Being active on more platforms can be a good sign.
Negotiate Fair Partnerships
Once you’ve identified potential influencers, you can negotiate partnerships that benefit both parties. Different partnership types and compensation models exist, including organic, gifted, affiliate, and paid collaborations. Each type has its advantages and considerations, depending on your budget, campaign goals, and desired level of influencer involvement.
Factors that affect influencer prices will include:
- Their reach
- Their engagement rate
- Your goals and expectations
- How much effort do you require of them
- Ad placement
- Agency fees (if applicable, US market most prone to have agencies)
- The number and type of posts
When negotiating with influencers, consider their reach, engagement rate, and the effort required from them. Be clear about the number and type of posts, ad placements, and any additional expectations. Budget accordingly, accounting for influencer fees, agency fees (if applicable), and potential costs associated with sponsored content creation.
Read 5 Ways Influencer Marketing Can Improve Your PR Campaigns
Leverage Multiple Social Media Platforms
While TikTok has gained immense popularity, it’s important to diversify your influencer partnership across multiple social media platforms. Instagram remains a visual platform that is evolving to incorporate TikTok-like features. By collaborating with influencers on platforms like Instagram, YouTube, Twitter, or LinkedIn, you can reach different demographics and expand your brand’s presence.
Consider the strengths and unique features of each platform. Instagram’s polished and edited content attracts millennials, while TikTok’s raw and authentic content appeals to younger audiences. By strategically leveraging the strengths of each platform, you can amplify your brand message and connect with a wider range of potential customers.
Track and Optimize Performance
Tracking and optimizing performance is crucial to ensure you are getting the most out of your influencer partnerships. Establish key performance indicators (KPIs) aligned with your campaign goals and regularly measure the impact of your influencer collaborations. Ensure you track: engagement rates, reach, click-through rates, and conversions.
Read Campaign Monitoring: Definition, Metrics, Tools
Use social media analytics tools provided by platforms like Facebook Business Manager, Instagram Insights, and YouTube Analytics to gather data on content performance and audience engagement. Third-party tools such as Determ, Hootsuite, or Sprout Social can provide comprehensive analytics across multiple platforms. Analyze this data to identify successful campaigns, top-performing influencers, and content formats that resonate with your audience. This insight will guide your next influencer partnership and allow you to continuously optimize your strategies for maximum results.
Conclusion
Influencer partnerships on social media present a powerful opportunity to expand your brand’s reach, engage with your target audience, and drive conversions. By understanding your audience and goals, choosing the right influencers, negotiating fair partnerships, leveraging multiple platforms, and tracking performance, you can maximize the impact of your influencer marketing efforts. Remember to adapt your strategies to the evolving social media landscape and stay updated on the latest trends and platforms to remain ahead of the competition.
