Influencer marketing is a form of social media marketing whereby a brand entrusts an influencer to promote their products/services.

According to a study, the influencer marketing industry in India was valued at over 12 billion Indian rupees. It was projected to grow at a compound annual growth rate of 25 percent over the next five years. The industry’s market value was estimated to amount to 28 billion Indian rupees by 2026

Influencer marketing involves strategy building to make a brand achieve its objectives and targeted results. These strategies can be well implemented with proper planning and allocation of the brand’s resources.

In contrast to affiliate marketing, influencer marketing campaigns highly evolve around the influencer behind the campaign. In today’s digital environment, influencer marketing works because of the robust relationships these influencers build with their followers. The trust these influencers have built with their followers depicts them as reliable sources of information and thus enables them to be a reference for product/service recommendations.

On that note, Business Transformation Expert Hirav Shah outlines tips to correctly use influencer marketing on social media, for business.

Tips to correctly use influencer marketing on social media

1.Brand has to recognize goals

A brand must first identify their goal(s) (i.e., what they aim to achieve from working with an influencer). Common goals include building brand awareness, strengthening brand image, increasing engagement, improving conversions, increasing sales, etc. This step also entails setting a budget for the campaign and determining the timeline for the influencer marketing campaign.

2. Research for results

Next, the brand must research an influencer that aligns with its purpose, values, and ambitions. The ideal influencer is genuine, authentic, and has a high engagement rate. When examining potential influencers to work with, note that a high following count isn’t synonymous with a high engagement rate.

3. Reach out and establish contact

Upon identifying the ideal influencer, the brand needs to reach out and establish contact with the influencer to introduce the brand, discuss its vision and goals, determine the required promotional efforts and the expected results, and discuss financials. Of course, this stage may take more than one meeting to break down all the details and expectations.

4. Track Progress

Upon agreement from the influencer to participate in the marketing campaign, the brand needs to establish metrics to track progress and determine what campaign factors are or aren’t working. As the influencer marketing campaign carries out and the brand begins to obtain metrics, it’s essential to review and refine the marketing strategy.

5. Have realistic deadlines

A great deal of the company’s working relationships with influencers decides the success of their influencer social media marketing campaign. One issue that the influencers face while working with brands is, they expect too much too soon.

Brands must understand that influencers have other commitments too apart from their work. It’s important to create deadlines together and be honest about it. The brand must make sure that the influencer understands their expectations and demands. Also once everything works out well it’s also important to compensate the influencers well.

Final Thoughts

Influencers are here to stay, but how the world of influencer marketing looks and operates has changed a great deal in a short time, and in three years may be drastically different from today. Business Enhancement Expert and Prolific Business Strategist Hirav Shah’s guide will immensely help you get started with building your social media strategy.