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How to Create Influencer Marketing Trends for Small Businesses?

Influencer Marketing Trends

Influencer endorsements offer powerful social proof that small businesses can leverage to raise awareness about their brand and reach a larger pool of potential customers. In fact, 25% of small businesses are already leveraging the power of influencer marketing through social media to promote their brand and expand their customer base.

Influencer marketing provides small businesses with immediate access to thousands of potential customers. It helps small businesses boost their brand image and build a sense of trust and credibility among customers. So, how do you leverage influencer marketing to grow your small business?

This article will help you create a foolproof influencer marketing strategy for your small business.

6 Key Steps to Building a Foolproof Influencer Marketing Strategy

#1. Define Campaign Goals

campaings goals

Source: Pexels

The first step to planning a successful campaign is to have a clear idea about what you wish to achieve with your campaign effort. Have a solid understanding of your goals and KPIs to measure the campaign’s success. This ensures that the strategy remains consistent throughout the campaign duration.

A clearly defined goal also helps businesses target the best influencers and choose the right mediums to maximize the ROI. Here are a few examples of goals you might want to consider for influencer campaigns.

  • Increase the follower count on social media
  • Boost engagement (likes, comments, and shares) on your content
  • Maximize customer purchases during sales
  • Build a loyal community
  • Grow brand awareness

Once you have defined your goals and KPIs, you can plan the campaign to achieve those objectives.

#2. Set a Budget

budget

Source: Pexels

The next important step is finalizing the budget for the campaign. The budget for the campaign is determined by influencer compensation, administrative or legal costs, software subscriptions, and paid media advertising fees. Besides, you must consider the amount of time and resources you have invested in planning and executing the influencer marketing campaign.

Before diving into budget planning, decide on the best compensation model to pay the influencers for their effort. Here are the different ways brands are compensating their influencers.

  • Sponsored content – This type of collaboration offers influencers monetary compensation usually on a per post basis. Here, brands have more control over influencers’ content creation process. As you are directly paying them for the effort, they will ensure the right message is shared with their audience. 
  • Affiliate program – This type of compensation program offers influencers a certain percentage of profits for every sale they generate. You can leverage affiliate marketing software, such as Refersion, LeadDyno, or Tapfiliate to manage the affiliate program.
  • Gifting – This compensation model offers free products or subscriptions to the influencers in exchange for a review on social media. 

Choose the compensation model that works best for your influencer marketing campaign. Always start with a small budget to figure out how the campaign performs. In this way, you will identify what is working and what is not and tweak your strategy accordingly. 

#3. Connect with Niche Influencers

influencer

Souce: Pexels

Once you have defined your goals and the budget, it is time to connect with the influencers of your industry. 

Look for the right influencers

Finding the right influencers can be challenging for small business owners considering the budget constraints. Hence, partnering with micro-influencers is ideal to garner visibility for your brand.

Micro-influencers are those influencers who have a following of 10000 to 50000 followers. These influencers are usually connected with their followers on a more personal level which makes them the perfect fit for marketing your small business. Partnering with micro-influencers ensures your brand reaches a specific target audience with a possibility of higher engagement. 

Now, let us understand the things to consider when shortlisting an influencer.

  • Who is their target audience? Does it match yours?
  • Which social media platforms do they use? Are you looking for the same?
  • What is their follower count? What kind of engagement do they receive on the posts?
  • Have they collaborated with brands before? Do they have a demonstrable portfolio?

influencer

Source: Images

Keep these criteria in mind while researching the influencers. Here are various ways you can utilize to find the best influencers for your campaign. 

  • Monitor the comments on your posts to find influencers who are actively following and engaging with your brand. You can also check the posts or stories you’re tagged in to find relevant influencers.
  • Search the relevant hashtags to identify influencers in your niche. For example, if you have a branded hashtag on Instagram, following it every day will certainly help you find Instagram influencers for your campaign.

Influencers also use category-specific hashtags while sharing the content. You can look up those hashtags and connect with them. For instance, a small business manufacturing c