- At a fundamental level, influencer marketing is a type of social media marketing that uses endorsements and product mentions from influencers–individuals who have a dedicated social following and are viewed as experts within their niche. Influencer marketing works because of the high amount of trust that social influencers have built up with their following and recommendations from them serve as a form of social proof to your brand’s potential customers.
While Instagram influencer marketing is a well-known strategy, there are many other networks that are growing for influencers. According to Adweek, the industry is set to reach $10 billion in worth by 2020. Other networks like Snapchat, YouTube and TikTok have their own set of influencers with different demographics.
Like any marketing tactic, an influencer program takes deliberate targeting and planning. You won’t find strategic success just by sending free things out to everyone who asks or to your existing friends and acquaintances
Now that you have some idea of what to pay influencers, you need to create your budget. Be sure to also factor in time for planning, executing and reviewing your influencer program. Running a successful influencer marketing campaign is not a set-it-and-go type of strategy. It’ll involve careful monitoring and follow up.