Social media, let alone social media marketing did not exist until recently. If you told someone in the 1990s or early 2000s that social media marketing was going to be the next big thing in the marketing world, they would probably laugh at it or dismiss your claim. Fast forward to 2024, ad spending on social media marketing or advertising is set to cross the $220 billion mark with a global user base of over 4.5 billion users. Social media marketing has taken the advertising world by storm and how. While social media marketing has become a key part of a company or a brand’s digital marketing strategy, a new and innovative subset of social media marketing has garnered immense attention in the past four to five years; influencer marketing.

Gone are the days when brands are solely relying on global superstars and celebrities to promote them. Influencers or social media influencers with a decent social media presence have quickly become a brand’s face across different social media channels to boost engagement and reach a wider audience.

This article digs deeper into understanding influencer marketing, its types, and why more than <href=”#influencer-marketing-statistics”>65-70% of brands are considering including it in their marketing campaigns this year.

What is Influencer Marketing?

Influencer marketing is a collaboration between a brand or a business with a popular social media user, known as an influencer. When we say popular, we generally mean users with at least 10,000 followers. While the criteria for the number of followers differ from brand to brand, influencer marketing is a good way for brands to tap into a new audience and improve their engagement online.

In this relationship, influencers create content on social media to promote a brand, product, or service to their audience in exchange for monetary compensation.

Types of Social Media Influencers

Despite being in its infancy, influencer marketing or social media influencer marketing has branched out depending on different factors. One of the major factors that differentiates one social media influencer from the other is their social media following.

This section talks about some of the most common or popular types of influencers today and what they bring to the table.

  • Nano Influencers

Number of followers: less than 10,000

As the name suggests, nano influencers are social media users who do not have a very huge social media following. While they do not help brands reach a wider audience, the engagement rates are much higher than those of bigger influencers. Additionally, nano influencers create hyper-personalised and authentic content, catering to a very niche audience. Nano influencers are ideal and a cost-effective alternative for very small and out-of-home businesses that do not have a lot of initial capital to work with. Additionally, many nano influencers do not even charge any money since they are also generally just setting foot into the influencer world.

  • Micro-Influencers

Number of followers: 10,000 to 50,000

Micro-influencers are some of the best people to work with if you are looking to promote your business via social media. Similar to nano-influencers, micro-influencers create authentic content and relate to the product or the service they are promoting. As a result, audiences trust them more than mega influencers and other celebrities who have millions of followers. Trust and relatability are the primary factors that make micro-influencers so effective. While the engagement rates are usually lower than that of nano-influencers, micro-influencers have a larger following and a wider reach.

  • Macro-influencers

Number of followers: 500,000 to 1 million

Macro-influencers bring with them the vanity and the popularity brands need to reach a wider audience. They can be athletes, models, actresses, comedians, or full-time influencers who have built communities. Macro-influencers charge a lot more than micro and nano-influencers as brands leverage their huge following to gain followers and reach a wider audience. However, the engagement rates on macro-influencers content are typically lower than those of micro and nano-influencers.

  • Mega-influencers

Number of followers: 1 million and more

Mega-influencers are top-flight celebrities across different industries who have more than a million followers on a single social media channel. Their huge social media presence and massive fan following make them an attractive choice for brands who are either looking to break into a new market, connect with the mega-influencer’s audience, and maximise their visibility.

Benefits of Influencer Marketing for Businesses

The advent of social media has revolutionised the marketing and advertising world. It has paved the way for innovative, creative, and personalised marketing strategies and influencer marketing is one of them.

Most brands turn to influencer marketing or social media influencer marketing for three reasons. One, to increase engagement, two, to reach a wider audience, and three, to build a community. While these are the primary benefits of influencer marketing, let’s examine them thoroughly.

  • Enhance Brand Awareness

Influencer marketing is a good way for brands to create awareness around their products, services, and the values they stand for. It allows them to connect with a new and more targeted audience that has a certain connection with the influencer already.

  • Elevates Your Content Strategy

It is worth noting that influencer marketing comes under the content marketing umbrella. Including influencer marketing gives you an edge over your competitors who haven’t explored this avenue yet since you can create unique and relatable content to build and nurture your audience.

  • Influencer Marketing is Cost-effective

Influencer marketing is more affordable than traditional marketing channels like television, newspaper ads, and more. Additionally, even the return on investment is higher than that of conventional marketing channels.

How to Find Suitable Influencers for Your Business

Now that you have decided to include influencer marketing in your marketing strategy, you must know how to find your star influencers. We have listed down a few ways you can find influencers and collaborate with them.

  • Influencer Marketing Agency

Get in touch with a reputed influencer marketing agency that manages all types of influencers. These agencies serve as the missing link between influencers and brands, creating a win-win scenario for both parties.

  • Hashtags

Determine the trending hashtags across different social media platforms and shortlist a few influencers who have either promoted similar products and services in the past or have the potential to reach a huge audience organically. Reach out to them via email or direct message to explore the possibility of working together.

Parting Notes

We hope you have a fair idea about how influencer marketing works. As social media continues to cement its place in our lives, it is safe to assume that influencer marketing will continue to gain popularity in the upcoming years. Influencer marketing is the way to go if you are looking to build an online presence, reach a wider audience, and build a community-centric business.

Frequently Asked Questions

How to create an influencer marketing strategy?

You can create an influencer marketing strategy by defining your goals, and budget, and identifying the right influencers that can promote and market your brand.

What are the 3 R’s of influencer marketing?

Resonance, reach, and relatability are the 3 R’s of influencer marketing.

What is the difference between affiliate marketing and influencer marketing?

While influencer marketing is a direct collaboration between a brand and an influencer to promote a product or a service, affiliate marketing is a more independent marketing channel wherein marketers are only paid once they generate a genuine lead.

Is influencer marketing better than paid ads?

Influencer marketing has an edge over paid ads as it allows brands to create genuine and authentic content and leverage the influencer’s personality to drive engagement and awareness.

If you have any queries or suggestions feel free to send an email on [email protected]