Influencer Marketing 101: Strategies for Collaborating with Influencers

Traditional advertising methods have taken a backseat as influencer marketing has continued to rise to the forefront of effective marketing strategies. Collaborating with influencers has become the new way for businesses to connect with their target audience, so let's dive into the top things to consider when collaborating with influencers.

ESTABLISHING GOALS + KPIS

First, before launching an influencer marketing campaign, brands should establish clear goals pertaining to what they hope to achieve through their efforts. Defining goals allows brands to align their influencer strategies with broader marketing objectives. Objectives can include:

• Increasing brand awareness

• Fostering community

• Promoting product sales

• Enhancing brand credibility

• And more

These goals can be measured through key performance indicators (KPIs) like reach, engagement rate, follower growth, website visits, and discount code usage, among others. Brands can evaluate the impact of influencer collaborations by analyzing and tracking these KPIs. This can allow them to identify areas of improvement and optimize future campaigns, ultimately creating a more targeted and effective marketing approach going forward. 

ESTABLISHING A BUDGET

Once goals and KPIs have been identified, it’s time to establish a budget. With budget in mind, brands will need to decide if it's more realistic for them to partner with micro-influencers, macro-influencers, or a mix of both.

A micro-influencer typically has a smaller but highly engaged follower base, comprised of a more niche audience. With a smaller following, it’s easier for these influencers to come across as authentic. As a result, they tend to have a closer relationship with their followers, allowing them to build trust within their community.

On the other hand, macro-influencers possess a larger audience and reach, which creates more exposure for brands. With an established reputation and extensive follower base, macro-influencers generally mandate higher rates. 

There are benefits and limitations to both micro- and macro-influencers. It’s important for brands to understand these differences so that they can partner with influencers that simultaneously align with both their goals and budget.  Influencer rates can vary based on several components such as:

• Audience size and reach

• Engagement rate

• Content format (ie IG story vs. IG Reel)

• Niche expertise

• Partnership duration

• Whether or not content usage rights and/or whitelisting is requested

• Monetary value of product or service gifted

• Alignment/overall interest in the brand

We created a recent Instagram post (displayed here and above) sharing the standard rates brands can expect for influencer collaborations. These numbers can help brands realistically understand how many collaborations they could afford to secure and how many users they would likely reach through those partnerships as well.

IDENTIFYING THE RIGHT INFLUENCERS FOR YOUR BRAND

Once your goals, budget, and KPIs are established, there are several key factors that go into picking the right influencer for your brand. The end goal is to ensure a strong brand-influencer alignment. You’ll want to analyze details like:

RELEVANCE

The first step is to find relevance. A brand should be collaborating with influencers whose target audience, content, and values align closely with their brand. The goal is to find influencers with a similar audience to ensure that the content resonates with users. For example, if you are a skincare brand, you are likely to find influencers who are passionate about healthy skin and skin care products. Brands want to look for influencers that are compatible with their company's niche!

ENGAGEMENT

Secondly, brands need to evaluate influencers' engagement rates and authenticity. By analyzing engagement rates, marketers can gain insights into the effectiveness of an influencer’s content, the strength of their connection with their followers, and the potential reach of their brand’s collaboration. Factors to examine include comments, likes, saves, and shares, as these metrics provide a comprehensive picture of the influencer’s overall engagement.

MISSION + VISION ALIGNMENT

Lastly, dig deep into an influencer's core values, and how that’s been reflected in their social life, past collaborations, and partnerships. This will protect the image and professionalism of your brand. Finding influencers that align with your brand mission and vision is key to securing successful brand advocates and energetically fulfilling your marketing values. 

Overall, influencer marketing has greatly shaped consumer behavior and purchase decisions. Identifying the right influencers with your goals and budget in mind can maximize your brand's effectiveness in a meaningful and impactful way. For more marketing tips, be sure to follow us on Instagram and subscribe to our digital marketing newsletter. Chat soon!

xx,

The Homies