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Jan 19, 2021   |   by Aishna Pathak

We follow a lot of people on social media who provide content on various things that could include fashion, lifestyle, social cause, environment, etc. We follow them because we find their content interesting. They often feature some products or tell about some business, service or ideas through their posts and stories and we check those things out, here, the aim of that business, as well as the influencer, is almost achieved. Our buying choices are often influenced by the people we follow and the product they trust in and that is exactly how influencer marketing works. Businesses find various methods to grab and bring your focus towards them on digital platforms and Influencer marketing is one of those methods. 

What is Influencer marketing?
Various people on social media can help you in marketing your product or service to people based on the trust they have built-in their audience or followers. Mouth publicity or word-of-mouth marketing is still the most effective way of gaining the trust of the audience in your brand. Influencers are some famous personalities or celebrities who have a large number of followers, they promote your products or services on their social channels to make their followers aware of your brand. Instagram is by far the most effective platform for influencer marketing. In short, Influencer marketing is the way to gain the trust of the followers of influencers who trust them, in your brand so that you can reduce your efforts of reaching out. 

The growing trend has shown businesses the importance of influencer marketing and how partnering with the influencers with the high-engaged following can be a cost-effective and easy way to gain the trust of people and increase your reach. There are two kinds of influencers on social media, Micro/ Nano Influencers - ones with followers up to 100K and Mega influencers - ones with more than five million followers. Most of the influencers or the influencers that are active in promoting brands are mostly Micro or Nano influencers as they have realistic profiles that people could follow, unlike Mega influencers who are mostly celebrities with their profiles displaying a dreamy-lifestyle. 

Why do businesses need influencer marketing? 

  1. Large audience
    You need to present your product or idea to people but for that, you must first make them your followers or visitors to be able to explain everything better. Promoting your brand through an influencer will build your viewers and reach. 
     
  2. Trust
    Building the audience's trust in your brand is the most important thing for your business to grow and ensure customer loyalty but it takes a lot of time for that. Followers of influencers have trust in them and by marketing your business through influencers will gain their audience’s trust in your brand. 

How to find the right influencers for your business? 

  • Budget
    The influencers that you will be partnering with will be based on the budget that you have planned for it. Influencers have different rates depending upon how popular they are or how influential. There is no such fixed rate list for influencers but you could consult advertising agencies to get a better idea about it. 
     
  • Number of followers
    A significant number of followers is, without doubt, the thing to consider first. As we discussed earlier, there are mega influencers with followers above 5 million followers and there are the ones with up to 100K followers called Nano/ Micro-influencers. To check if the influencer is ideal for your brand, keep in mind your budget and reach requirements.
     
  • Quality of followers
    Influencers have the thing that matters to you, the audience. But, you need to understand that followers should include your target audience. Various influencers are posting about different things and people who follow them have the same interests. For example, if you are trying to promote baby products, you will have to look for the influencers who put posts about maternity, babies, or families. The followers or people who would react to their posts will give you the idea if that influencer is the ideal for business.
     
  • Instagram Engagement 
    A high engagement rate means more and more followers of the influencers are taking various actions on their posts. Checking out their engagement rate will let you know who is the ideal influencer who could be approached. Dividing the average number of likes on the posts by influencer’s followers and multiplying it by hundred will give you the percentage of their engagement rate. 
     
  • Check the posts they put up
    The quality of posts influencers post should be carefully analyzed. It will give you insight into how those posts are influencing your target audience. Only aesthetic posts are not what matters to make a partnership with influencers. Check out their posts and captions as well to understand whether the engagement that you are seeking is provided by the influencer through overall posts. 

How to analyze the ROI on Influencer Marketing? 
You won’t invest in anything if it doesn’t provide the required or satisfactory return on investment. Marketing through your profile or website will easily let you know the analytics to measure your success but when it comes to influencer marketing you might have to ask the influencers for the data. The basic information can be taken from the people’s engagement in the promotional posts that are put up by influencers. 

Conclusion 
Influencer marketing is being opted by more and more businesses by seeing how effective it is in marketing the products while gaining the trust of your target audience easily. It is a cost-effective way for all businesses as various kinds of influencers will suit your budget and serve your purpose.