How to Build an Influencer Marketing Strategy | Digital Marketing Institute (2024)

There’s no doubt about the fact that influencer marketing is huge these days, with more than 70% of brands using influencers as a part of their marketing strategy this past year.

The majority of these brands found success -- and indeed influencer marketing can be an effective tool for newer entrepreneurs who are scrambling to get a piece of the action or even for businesses who are already established and are looking for new ways to reach certain audiences.

Influencers have a ton of credibility and authority in a given field, and to that end, they’re excellent people to turn to if you’re thinking of marketing a product that fits the brand. But bear in mind that, the bigger a person is, the more they may expect in the way of compensation. Here’s a breakdown of some of the things you should be doing if your goal is to pursue an influencer marketing strategy.

What is Influencer Marketing?

Influencer marketing is essentially a way that companies can get people who already have a social presence talking about their product. It’s also a term for those who start their own business (often in the digital space) and continue to show leadership and authority on a personal level beyond the products they create.

Influencer marketers are people that have built a name for themselves in the digital sphere, and sometimes are just known for their social presence alone -- in other words, they may be “Instagram famous” or “YouTube sensations.”

When done well, this mode of marketing can be a powerful tool for both partners involved, allowing two different entities to potentially fuse and grow their audience.

Common Characteristics of Influencers

What does it take to “be” an influencer? Well, the truth is that they come in all shapes and sizes. When we talk about influencers in the digital marketing sphere, though, we’re usually talking big name entrepreneurs who are well-versed in some specific specialty in the digital space, such as content marketing, SEO or social media.

You may be familiar with names like Gary Vaynerchuk and Rand Fishkin already -- that’s because they’ve done a lot of work to make a name for themselves, and they continue to stay on the public speaking circuit, do a ton of writing and have fresh entrepreneurial pursuits consistently.

So what do people like this have in common? They’re typically quite prolific, multi-skilled and have an entrepreneurial aptitude. They’re not afraid to speak their mind, take charge and take risks. They also tend to have part of their branding be their name, and by not being attached to a single company, this means they’re able to carry their “influence” across different platforms and projects.

To add to this, it should be noted that all successful influencers have a specific focus on changing people’s minds -- that is, influencing their thoughts, decisions and actions. This is what makes them not only great at selling themselves, but of course selling other people’s products as well. Another key influencer strategy is that they spend a lot of time building authority and credibility in the field that they specialize in -- in other words, everyone in the business knows their name.

In a marketing context, here are a few key things that a great partnership with an influencer can bring in:

  • Engagement and reach.Influencers are naturally great at engaging audiences, sometimes through a single channel but more likely through multiple channels.
  • Authority.Influencers are well known for being the best in their field, so if they genuinely want to promote your product, it’s a good bet that people will listen.
  • They know how to close.Most influencers are really entrepreneurs and they’re great at establishing a firm hold on people at all phases of the buyer journey -- including the conversion (purchasing) phase. They’re great at convincing people, and that’s a good person to have on your side when it comes to selling products!

Tips for Building an Influencer Marketing Strategy

If you’re looking to find an influencer and trying to figure out how to use influencer marketing to market your own product.

Have a Product

Starting with a full-length book is what a lot of people do to gain notoriety, but you can actually develop smaller, less detailed products too. Choose a speciality, make sure you know it inside and out, and start selling (or even giving away) short PDFs or e-books to teach people more about why you do what you do so well.

Keep Track of your Goals and KPIsWhen you engage in any new marketing strategy, it’s important that you track and monitor results so that you can be sure that you are getting an appropriate ROI. To this end, Paul May ofBuzzStreamsuggests that:

“one of the first things you should do is make sure you not only choose the right set of key performance indicators (KPIs) to build your strategy around, but they should attract people to your platform that are actually engaged in your industry”

This means you want to pay attention to each step of the funnel and see what your followers and customers are doing as they go through various purchasing decisions.

One of the main things that you’ll pick up as you partner with influencers is referral traffic, so this will be a key thing to look for as well. Other KPIs to bear in mind include cost per engagement, which will give you an idea of how much ROI you are receiving from influencer actions, new followers, actual reach, sign-up metrics, and indicators that give a clear picture of your overall visibility.

Know Your Competitors

When you understand the contextual landscape of the other people in your field, you will need to choose the person that suits your brand the best. This also applies according to audience segmentation and targeting. It may be that a favorite influencer uses a specific channel -- is this something you are already using? Or perhaps they can help you establish a fresh new audience for your product through a different channel?

The key thing is to figure out where conversations are already being had, and whether you can fill a gap in that specific space. You’ll also want to have a solid understanding of who is naturally talking about your products or services.

Get to Know Them Before You Make Them an Offer

No “sneak attacks” and don’t bombard them with random messages that they have no reason to answer.

Follow influencers that you genuinely respect and get involved in the community by corresponding twist them in social groups and showing your own expertise as well -- but in a genuine way. You don't’ want an influencer to get to know you because you are constantly harassing them!

One way around this is to useMention influencer dashboardwhich lets you nurture influencers based on conversations and authentic engagement. Another way of following and tracking influencers is viaTwitter lists.

Remember that if you find an up-and-coming influencer that still is looking for extra exposure, you may be able to strike a deal and work in tandem without any financial compensation. But it’s more likely that people understand their value and expect payment -- so don't chase around an influencer that you won't’ be able to afford!

In Conclusion

The key to being a great influencer is that - really, you need to first and foremost not be shy about letting your natural personality be a key part of your brand.Gary Veedoes this for instance by being somewhat abrasive and harsh, at times. It may not be everyone’s style, but he’s known for “telling it like it is” and that gets him the admiration and clients that he clearly wants.

So this is a perfect example of why you have to let your natural personality shine through and not be afraid of perceived “flaws” if they are things that actually can help you differentiate yourself.

Not only that, but you must be able to provide consistent amounts of useful information as part of your engagement strategy. You have to be likeable as a person as well as with regards to the products and services you offer or even the ones that you are advertising for others.

Becoming a great influencer takes focus and honesty, and a lot of speaking and personal marketing -- it’s not something that just anyone could do. But if you can get your name known, through whatever product, channel or service, you can be sure that you’re going to be set for life.

How to Build an Influencer Marketing Strategy | Digital Marketing Institute (2024)


How do you write an influencer strategy? ›

Influencer Marketing Strategy Checklist
  1. Define your goals.
  2. Identify and define your audience.
  3. Define your budget.
  4. Choose a type of campaign.
  5. Decide on the social media platform you want to use.
  6. Create content for your campaign.
  7. Find your brand influencers.
  8. Promote your campaign.
25 Aug 2022

What is KPI in influencer marketing? ›

Tracking key performance indicators, also known as KPIs, allows influencers to gain an in-depth understanding of who they're influencing, how they're influencing them and how to reach more people and promote their brand on social media.

Is influencer marketing a marketing strategy? ›

An influencer marketing strategy leverages digital creators who strongly influence specific industries or target audiences to make purchase decisions. With a successful strategy, you can partner with these individuals to promote your brand, products, and services through curated messaging.

What is CPE influencer? ›

Engagement campaigns

Using the total cost of your campaign, you divide by the total number of engagements, which will give you your Cost Per Engagement (CPE).

How do you build an influencer campaign? ›

To set up a successful influencer marketing campaign, you need to do three things: identify your target audience, set your budget and establish Key Performance Indicators (KPIs). KPIs to consider include: Audience reach. Impressions.

Is influencer marketing 2022 effective? ›

According to data from eMarketer, there has been a steady and significant predicted growth in the percentage of marketers that use influencer marketing. 55.4% of marketers leveraged influencer marketing in 2019. That number is predicted to grow to 72.5% in 2022, for a total increase of 17.1%.

How do you track success of influencer marketing? ›

Here are nine ways to judge whether your influencer campaign was successful.
  1. Use affiliate links. Use affiliate links to measure success. ...
  2. Track impressions. ...
  3. Track engagement. ...
  4. Set goals. ...
  5. Monitor traffic before, during and after the campaign. ...
  6. Determine your KPIs. ...
  7. Create promo codes. ...
  8. Add UTM parameters.

What is the most important metrics for an influencer? ›

Return on Investment (ROI) is the basic metric to keep track of while running influencer marketing campaigns. ROI can be defined simply as the revenue or profit generated from an influencer campaign divided by the cost.

How do you set KPIs for influencers? ›

20 Key Influencer Marketing KPIs to Track
  1. Brand Awareness. “Extend brand awareness to [number] of our target audience with a reach of [number] by [deadline].” ...
  2. Conversions & Sales. ...
  3. Content Production & Quality. ...
  4. Web Traffic. ...
  5. Social Media Followers. ...
  6. Organic Reach. ...
  7. Conversion Opportunities. ...
  8. Sales Opportunities.

Who is the most successful influencer? ›

The Most Popular Influencers on Instagram 2022
  • Lele Pons. 44M followers. ...
  • nusr_et. 35.6M followers. ...
  • Dan Bilzerian. 32.4M followers. ...
  • Amanda Cerny. 24.8M followers. ...
  • Zach King. 24.3M followers. ...
  • Chiara Ferragni. 23.9M followers. ...
  • pewdiepie. 21.7M followers. ...
  • Cameron Dallas. 21.6M followers.

What is an example of influencer marketing? ›

Tom's of Maine

The company wanted to increase brand awareness among health-conscious buyers by encouraging people to try their products and talk about them on social media. Tom's focused on micro-influencers, who then encouraged their followers to publish their own posts.

What is the first step in creating a social media influencer marketing strategy? ›

Step 1: Determine budget, audience, & goals

Like most advertising initiatives, the first step to creating an influencer marketing campaign is determining the budget and establishing the target audience.

What is the difference between CPC and CPE? ›

Cost per engagement versus cost per click

As a result, the CPE will almost always be equal to or lower than the CPC because all clicks count as engagements, but all engagements do not count as clicks. For example, advertisers release an ad in the form of a video on Facebook.

What is CPL in digital marketing? ›

Definition: Cost-Per-Lead, or CPL, is a digital marketing pricing model whereby the advertiser pays a pre-established price for each lead generated. In ecommerce, CPL is often utilized by businesses who sell subscription services or high-value products.

What are the areas of influencer marketing? ›

Influencer marketing is a golden opportunity to liven up your social media posts. You can repost the influencer's content or encourage their followers to create user-generated content, as 24% of brands do. You can also use blogger's images for other marketing channels, such as targeted advertising.

How do you attract influencers to your brand? ›

Create Relationships With Influencers

Interact with your potential influencers by liking posts and hanging out in the comments. Support them by cross-promoting their user-generated content on your social media channels. Once you've established some rapport with them, begin the conversation around a paid collaboration.

What do brands look for in influencers? ›

You have to be in the business of creating content to attract brand partnerships for your Instagram, blog, YouTube, or whatever your platform is. One of the major reasons why brands hire influencers is to produce fresh, original content. Brands want to know you're able to create new content for them.

What is the future of influencer marketing? ›

The influencer marketing industry in 2022 will see a huge rise in the demand for micro influencers. Micro influencers' share in the total industry increased drastically last year due to brands favouring them owing to their higher engagement rates & affordability.

Which industry spends the most on influencer marketing? ›

With 360 million U.S. dollars, the tech industry was the industry with the highest YouTube influencer media value (IMV) (based on brands and companies that activated YouTube campaigns with sponsored content achieving at least 10,000 views) in 2020.
CharacteristicIMV in million U.S. dollars
11 more rows
10 Jun 2022

How much do brands spend on influencer marketing? ›

Brands Spend More Than $100 per Influencer-Generated content. On average, brands spend around $174 for each piece of content that an influencer generates. With influencer marketing expenditure projected to rise in the coming years, you can also expect this average spending price to grow.

How do you measure sales from influencer marketing? ›

Top influencer marketing measurement benchmarks
  1. Followers. Always keep track of followers gained during your influencer marketing campaign. ...
  2. Impressions. ...
  3. Campaign/branded hashtags. ...
  4. Trackable links. ...
  5. Discount codes and affiliate links. ...
  6. Total engagement. ...
  7. Engagement rate. ...
  8. Total content.

How do you find influencers engagement? ›

To determine an influencer's engagement rate, add all of the engagements (likes + comments etc.) across all the influencer's posts on a particular profile, divide by the total number of followers, then multiply by 100. Using this formula, you'll be able to view the total overall engagements for an influencer's profile.

How do you calculate influencer impressions? ›

If you want to take this a step further, you can calculate potential impressions for each influencer-produced post. To do this, multiply the number of social shares that the post earned by the average number of followers per user on social media. The average number of followers for each network are: Facebook: 338.

How do you analyze marketing influencers? ›

Measure your campaign performance

The analysis will give you insight into various performance metrics like engagement rate, likes, comments, shares, campaign reach, etc. This will help you understand whether your campaign is giving you the desired results.

How do you analyze influencers? ›

8 Key Influencer Marketing Metrics to Measure Performance
  1. Reach & Impressions. Two of the first metrics to look at in analyzing influencer marketing performance are the average reach and impressions of each post. ...
  2. Audience Engagement. ...
  3. Audience Growth Rate. ...
  4. Traffic from Social. ...
  5. Conversions from Social. ...
  6. Revenue from Social.
25 Mar 2021

What is KPI in SEO? ›

SEO KPIs are quantifiable values used to measure the effectiveness of a marketing team's SEO efforts and performance. Keeping an eye on your most important search metrics provides you with deeper insight into your search engine ranking and visibility, and conversions that can be attributed to organic performance.

How do you identify fake followers and engagement? ›

Head back to the influencer's account and check their engagement rate. You can do this by dividing the number of engagements by their number of followers. If the engagement rate seems way too high or way too low, they might have a significant number of bots following them. Learn more about reasonable engagement rates.

What KPIs are key evaluating performance metrics for social media influencers? ›

There are many KPIs that serve a purpose for different elements of your strategy, but when it comes to influencer marketing, the five essential ones to focus on are conversion rates, reach and awareness, referral traffic, audience growth and engagement.

Which type of influencers have 10000 to 100000 followers and are usually specialists in their fields? ›

Micro-influencers are the most commonly found type of social media influencer and have followings between 10,000 and 100,000 people. Micro-influencers typically focus on a specific niche, industry, or culture, and are regarded as subject matter experts.

What is a C list influencer? ›

C – list – micro-influencers, who declared themselves to be of good quality and a very high level of communication with their audience. According to the best marketing research, cooperation with this category of bloggers results in the most effective feedback.

What type of influencers make the most money? ›

According to Vox, a micro-influencer, defined as someone with 10,000 to 50,000 followers, can earn anywhere between $40,000 and $100,000 per year. Influencers with millions of followers, on the other hand, can earn tens of thousands of dollars per post.

Which social media platform pays influencers the most? ›

While Instagram is the obvious choice for monetizing images, Pinterest and Snapchat also pay their content creators. There are, however, other options, such as Pinterest and Snapchat, that also help creators secure their bags.
4. TikTok
  • TikTok's creator fund. ...
  • Merch. ...
  • Sponsored content.
31 Mar 2022

What brands use influencers most? ›

Many brands use influencer marketing to reach their target audience. Big brands like Motorola, Adidas, Pepsi, and Dunkin' Donuts all use influencer marketing.

Which brands are using influencers? ›

10 Best Influencer Marketing Campaigns in 2021
  • Dunkin' Donuts. Dunkin' Donuts has a large presence on TikTok with 3 million followers and 21.3 million likes, and one of its key success factors is its strategic influencer marketing. ...
  • Gymshark. ...
  • Magnum. ...
  • Chipotle. ...
  • Häagen-Dazs. ...
  • Tinder. ...
  • Benefit Cosmetics. ...
  • Levi's.
22 Oct 2021

What is the first step of the Six Step Process of a social media marketing plan? ›

The first step to a successful social media marketing plan is to establish what you want to achieve. With any good marketing plan, you need to assess your current situation and establish your goals. Make sure your goals are specific, measurable, achievable, realistic and timely.

What are the steps involved in running an influencer marketing campaign? ›

Influencer Marketing Step-by-Step Guide
  • Understanding Your Target Audience.
  • Defining Goals and Metrics.
  • Setting a Budget.
  • Choosing Social Media Platforms.
  • Finding the Right Influencers.
  • Choosing the Type of Influencer Campaign You Want to Run.
  • Tracking the Success of Your Campaign.

What is a good conversion rate for influencers? ›

What's a good influencer conversion rate? For influencer marketing campaigns of all lengths, a commonly agreed-upon good conversion rate is 3% and above, but that really depends on a few factors such as industry, your website layout and how marketing campaigns normally convert, and the average sales cycle.

How do you track impact influence? ›

Use links that can track the influencer's performance and impact on its audience. For example, using UTM links, unique coupon codes, affiliate links, personalized landing pages, etc. This way, the results are tangible and you can compare them to your KPIs and see how well the influencer is doing for your campaign.

Are Google ads CPC or CPM? ›

Google Ads is an auction-based advertising system that allows you to bid for ad placements on Google properties or publisher partner websites within the Display Network. You can bid on a cost-per-click (CPC) or cost-per-thousand impression (CPM) basis.

Is CPM better than CPC? ›

CPC offers a greater return on investment than CPM. Because you only pay for clicks, you're only spending money on consumers. Under the CPM campaigns, the ad views without engagement result in less revenue. CPC is less useful for delivering the marketing insights you need to analyze your ads' effectiveness.

How much does CPE cost? ›

These courses range in price from about $19.95 up to $125, depending on the course sponsor or school and course or package you select. Consider that most states require you to take at least 40 hours of continuing education each year. Your total annual cost for continuing education could range from $800 up to $5,000.

Is CPA better than CPC? ›

CPA is a step further from CPC because you only pay when someone takes your desired action. If a person sees and clicks your ad, but doesn't convert, you don't pay.

What is CPC and CPM in digital marketing? ›

CPC (cost per click) and CPM (cost per thousand impressions) are two common pricing models for digital marketing. CPC is the amount you pay for each click on your ad, while CPM is the amount you pay for each thousand impressions of your ad.

What is CPI model? ›

Cost per install or CPI is a pricing model used in mobile user acquisition campaigns in which app advertisers pay each time a user installs their app from their ad. CPI is a very common pricing model, and is specific for mobile apps only.

How much does an influencer strategist make? ›

As of Oct 21, 2022, the average annual pay for a Work From Home Influencer Marketing Strategist in the United States is $60,836 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.25 an hour. This is the equivalent of $1,169/week or $5,069/month.

What should an influencer brief include? ›

What should my influencer brief contain – 6 must-haves!
  1. Your company bio. The influencer needs to know who they are working with, so show who you are as a company! ...
  2. Your campaign summary. ...
  3. Details of content execution. ...
  4. Messaging points, Inspiration, Mood board. ...
  5. Goals. ...
  6. Payment terms.

What is an example of influencer marketing? ›

Tom's of Maine

The company wanted to increase brand awareness among health-conscious buyers by encouraging people to try their products and talk about them on social media. Tom's focused on micro-influencers, who then encouraged their followers to publish their own posts.

How do I write an influencer marketing campaign? ›

6 steps to create an influencer marketing campaign
  1. Step 1: Develop the concept of your influencer campaign. ...
  2. Step 2: Identify the influencers that fit your brand and goals. ...
  3. Step 3: Verify that your influencers are authentic. ...
  4. Step 4: Contact and negotiate prices. ...
  5. Step 5: Manage distribution of influencer content.
31 Aug 2021

What is the objective of influencer marketing? ›

Influencer marketing allows big brands to attract more customers and enables small businesses to scale up by getting them more visibility, which provides higher ROI than other marketing channels.

What percentage do influencer managers take? ›

How much do you pay an Influencer Manager, right? Typically most Influencer Managers are compensated 10-20% of brand deals depending on the deal size and how it was sourced.

How much do influencers pay their managers? ›

A reasonable percentage of earnings. Managers take a cut of their talent's earnings, usually between 5-20% depending on services rendered. This flat rate includes a portion of: Adsense revenue, affiliate link commissions, brand campaigns, product collaborations, and merch revenue.

How much do influencer managers get paid? ›

How much does an Influencer Manager make in California? As of Oct 25, 2022, the average annual pay for an Influencer Manager in California is $39,417 a year. Just in case you need a simple salary calculator, that works out to be approximately $18.95 an hour. This is the equivalent of $758/week or $3,284/month.

How marketing strategy development is shaped by influencers? ›

Brands positively influence customers' purchase decisions by associating with influencers and their niche audiences. They inspire the influencer's followers to take action, which can result in: Driving website traffic. Increasing leads for a specific product.

How do you approach influencers on Instagram template? ›

One of the best ways to approach influencers on Instagram for a collaboration is to discuss what you like about their content, why you think they'd be a good fit to work with your brand, and what your brand can offer them. Do this in just a few sentences, though.

Do influencers have to disclose ads? ›

Disclosure is very important to the FTC. So as you make your agreements with influencers, have disclosure guidelines. Influencers must also identify sponsored posts.

Which influencer marketing is best? ›

The top social media channels for influencer marketing are: Instagram, Youtube and Tiktok, with Instagram being the most popular one among these channels. Youtube and Youtubers are gaining more and more popularity and are projected to surpass Instagram in terms of influencer marketing budget in the next few years.

Who is the most successful influencer? ›

The Most Popular Influencers on Instagram 2022
  • Lele Pons. 44M followers. ...
  • nusr_et. 35.6M followers. ...
  • Dan Bilzerian. 32.4M followers. ...
  • Amanda Cerny. 24.8M followers. ...
  • Zach King. 24.3M followers. ...
  • Chiara Ferragni. 23.9M followers. ...
  • pewdiepie. 21.7M followers. ...
  • Cameron Dallas. 21.6M followers.

What brands use influencers most? ›

Many brands use influencer marketing to reach their target audience. Big brands like Motorola, Adidas, Pepsi, and Dunkin' Donuts all use influencer marketing.

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