Whether you are a new startup or an established business, increasing your customer base is one of the biggest challenges you face. Influencer marketing may help you solve this problem.
With a wide variety of marketing strategies available in the market, it can be difficult for you to pick the right strategy at the right time.
This blog will help you understand just that.
What is Influencer Marketing?
A trending phenomenon on social media is using an influencer to acquire new customers. Here, businesses can either approach a micro-influencer (less than 10,000 followers) or a macro-influencer (100,000+) followers, to help endorse their brand.
When these influencers talk about their experiences with your brand, it helps potential customers to sign up for what you have to offer them. A common myth that most businesses have is that these influencers are often inaccessible and sometimes overly priced as well. But, this isn’t always the case.
Here are some insights into how to access, and use the influencer marketing strategy to gain new customers and increase your engagement.
How to create an effective influencer marketing strategy:
Defined brand image:
The most common mistakes most businesses make is to approach an influencer, without a defined sense of their brand. It is essential for a business to have a clear brand strategy that they wish to showcase to their customers.
Additionally, defining your Unique Selling Proposition (USP) and target audience before approaching an influencer is crucial. Knowing what sets you apart from your competition and how you wish to portray yourself, is the first step to acing your influencer marketing strategy.
Micro vs. Macro influencers
The best practice to picking an influencer is to first understand your budget allocation, stage of growth, and customer base you want to reach out to.
While macro-influencers come with a large customer base, they may be too expensive for an early-stage business to acquire. Hence, in such cases, businesses can engage with micro-influencers at smaller costs and better engagement through them.
Identify potential influencers:
It is highly important for you, as a business to pick the “right influencer” for your business. The biggest mistake you can make here is by simply following other companies blindly.
Before you pick the influencers you wish to persuade to join, make sure you ask yourself the following questions:
- Are they in a similar industry as my business?
- Do they share the same passions and interests as my business?
- Does their audience match my target audience?
- Do they have constant engagement on their handles?
Once you have answered these questions, you can go ahead and shortlist the influencers, you wish to engage with.
Finding the right influencer can be a challenge. It also comes with an associated cost. Hence, it is essential you make the right pick for your business.
While acquiring new customers to interact and shop with you, it’s important to remember these customers are also open to a wide range of other companies with similar ideas and products. This is where retention marketing comes into play.
To acquire and retain happy customers, it is crucial you ensure them the best user experience. While your products were maybe great, it is essential you provide them with overall seamless experience.
This would start with a user-friendly website and end with secure and quick payment transactions.
With Instamojo, you can do more than just collecting payments.
You can use a host of our other offerings to help your online business grow. Some of our free services are a free online store, invoice generator, SMS alerts, sales tracking, and more.