Table of Contents
Introduction
In today’s social media-dominated world, old-school marketing strategies are being replaced by more personalized approaches. The rise of social media marketing has given birth to influencer marketing, which takes personalization to a whole new level. Influencers, who have amassed a large and loyal following on social media, play a crucial role in promoting products and services. They prioritize promoting high-quality and trustworthy brands to maintain the trust of their followers. This mutually beneficial relationship between influencers and brands can greatly improve a brand’s visibility and credibility among its target audience.
In this article, we will explore the benefits of building quality relationships in influencer marketing arrangements and provide tips for improving both new and existing relationships.
What is Influencer Marketing?
Influencer marketing refers to the marketing activities carried out by social media stars and the brands they represent. Influencers have gained significant popularity and trust among their followers, making them influential voices in their respective niches. In influencer marketing arrangements, brands pay influencers to endorse and mention their offerings in social media posts. The clout of influencers largely depends on the size of their audience. They can be categorized as:
Mega-influencers
Mega-influencers have 1 million or more followers and are often celebrities like Kim Kardashian and Taylor Swift. They are usually associated with huge corporations, brands targeting a broad audience, or luxury brands.
Macro-influencers
Macro-influencers have between 100,000 and 1 million followers. They appeal to startups seeking rapid business growth and awareness, nonprofit organizations, and travel companies targeting specific travel categories.
Micro-influencers
Micro-influencers have between 10,000 and 100,000 followers. They cater to midsize companies and quickly growing small businesses within specific niches.
Nano-influencers
Nano-influencers have between 1,000 and 10,000 followers and typically have niche audiences. They are more affordable for small businesses.
It’s important to note that while follower counts matter, an engaged social media audience is crucial. A micro-influencer with a highly engaged following may yield better results than a macro-influencer with a less engaged audience.
How much does it cost to work with an influencer?
The cost of influencer marketing varies greatly. Influencers can charge anywhere between $2 and $1 million per post, depending on their audience size, social platforms, industry, niche, follower engagement, and other criteria. According to a report by Influencer Marketing Hub, 43 percent of brands spend less than $10,000 annually on influencer marketing, while 22 percent spend between $10,000 and $50,000. However, not all influencers are paid in monetary terms. Nearly 30 percent are compensated with free products, 18 percent receive product discounts, and 11 percent receive a giveaway entry.
The Benefits of Building Influencer Marketing Relationships
Building relationships is a crucial aspect of influencer marketing. When you establish a strong relationship with an influencer, you also strengthen your relationship with your target audience. Prioritizing influencer relationships can have a significant impact on your bottom line. Here are some ways in which influencers can help businesses grow when brand relationships are strong.
1. Reach a Highly Qualified Audience
Marketing to a general audience is vastly different from targeting your brand’s specific audience. By partnering with the right influencer, you can reach individuals who closely align with your target market. Influencers can help you build an audience that is receptive to your product or offer, increasing the likelihood of conversions. When you have a strong relationship with an influencer, they become a genuine fan of your brand, conveying their enthusiasm to their followers who trust them. This can significantly boost your sales.
2. Expand Your Reach
Strong influencer relationships can help increase brand awareness and build brand authority. Every time an influencer engages with your brand or shares a post, they expose you to a much larger audience than you would have reached on your own. As your relationship with the influencer grows, they may review your products or produce sponsored content, introducing their followers to your brand and its offerings. Influencers are highly valuable for promoting new products, with 28 percent of consumers discovering new products and brands through influencers.
3. Create Trust with Your Audience
According to a report by Oracle, 37 percent of consumers trust social media influencers over brands. Gen Z and millennials are twice as likely as boomers to trust influencers. When you establish a strong influencer marketing relationship, the influencer’s authenticity shines through when they promote or endorse your brand. Their audience picks up on this authenticity, and your brand can benefit from the influencer’s high trust levels. By aligning your brand with trusted influencers, you can change public perceptions and gain more customers.
4. Make New Influencer Connections
Strong influencer relationships can open doors to connections with other relevant influencers. These connections can lead to more sales leads and introductions to other businesses and influencers in your industry. By establishing bonds with influencers, you can gain new and valuable connections that greatly benefit your business. For example, marketing software company Traackr helped Travelocity establish more authentic connections with its audience by collaborating with influencers and hosting value-driven events. This resulted in a significant surge in brand impressions and mentions.
5. Improve Customer Retention
Building relationships with influencers is not enough; you must also prioritize relationships with the audience members who become your customers. By providing excellent customer service and delivering high-quality products, you can win over your customers. If you solely rely on the influencer to promote your product, your customers may abandon your brand if the influencer stops endorsing it. By focusing on building relationships with both influencers and customers, you can improve customer retention and ensure repeat business.
Conclusion
Influencer marketing has become an integral part of social media marketing strategies. By building strong relationships with influencers, brands can reach a highly qualified audience, expand their reach, create trust with their target audience, make new connections, and improve customer retention. Micro-influencers, with their niche audiences and affordable rates, can be particularly effective in engaging with targeted audiences. When selecting an influencer, it is crucial to ensure their trustworthiness and alignment with your brand and target audience. By leveraging the power of influencer marketing relationships, brands can drive growth and establish a strong presence in the digital world.
Keywords: Micro-influencers for targeted audience engagement
