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What Digital Entrepreneurs Need to Know About Influencer Marketing

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Entrepreneurship has reached new heights with the help of technology. With the numerous tools available on the internet, the possibilities are endless.

If you want to start a business online and don’t know where to begin, there are plenty of profitable business ideas you can choose from, whether you decide to focus on fashion, food, or technology (among other niches).

Running an online business, however, requires that you employ tried and tested marketing methods that can get you better returns — influencer marketing is one such method.

If you’re looking to use influencer marketing to grow your online business, then continue to read on.

Overview

Influencer Marketing is the “IT” these days.

Brands collaborate with people with a significant number of followers by asking them to advertise their products or services — for something in return (which is usually monetary).

Influencers promote these brands by posting about the product all over their social media accounts, helping the brand get more online visibility.

Influencer Marketing is a great way to boost sales. Having someone considered “Facebook/Instagram famous” can make your conversion rates skyrocket.

Here’s what you need to know about influencer marketing, and how it can help you grow your business.

1.Branding

Before choosing an influencer to represent your product, you need to formulate a marketing campaign on how you want your brand to be represented.

Establishing this first will help you in choosing the best influencer that fits your goal.

The process of choosing an influencer can be tedious if you just rely on related content keyword searches.

Make your decision based on data-based analytic tools like SimilarWeb.com to give you an idea of an influencer’s reach and regular website traffic.

Influencer marketing

As seen in the screenshot above, it shows an overview of web traffic from a sample social media influencer website.

The information reveals whether the influencer has a good enough number of monthly visitors. If you’re looking for more brand visibility, then look for influencers with websites that have truckloads of online traffic AND followers.

Influencer marketing

The screenshot above shows data on which parts of the world brings the most traffic for the website.

The information you’ll get from Similarweb will show you — to some extent — the reach of an influencer.

Influencer marketing
Influencer marketing
Influencer marketing

The data from the screenshot above gives you (in percentage) details of your website traffic source. In the example above, it shows that the bulk of the traffic from the sample site is coming from the search engines.

It also shows you that almost all of the influencer’s social network traffic is coming from Youtube.

2. Establish Partnership

Now that you have an idea of which influencer to work with, you’ll need to reach out to the influencer and discuss the mechanics of your collaboration (like how they will be compensated). Remember the principle of give-and-take when dealing with influencers!

You and the influencer can agree on the mechanics of your compensation package. You can either give the influencer a flat fee, or a percentage of your sales, etc.

3. Product

An influencer can attract a significant amount of followers that you can translate into potential buyers. Your brand can easily reach thousands — even millions — with the right strategy.

For your product to be marketable, it has to have excellent packaging and presentation. To do that, you will need a platform like a blog or a website where you can do customer interaction.

If you’re new to digital marketing or if you need a bit of help with starting a blog, then don’t worry, there are templates and tools available on the internet that are easy to use to help you with creating websites.

A way to boost your product visibility is by using promotional methods, like promo codes, discounts, website links, and hashtags that influencers can share with their followers.

4. Evaluate

The last step is to track how your influencer marketing strategy is progressing. You can use SimilarWeb again to see how your website is doing.

Keep in mind that there are several other ways to check if your influencer marketing strategy is working.

One indicator of success would be an increase in website traffic sourced from the platforms used by the influencer.    

Evaluate the key areas you need to improve to boost sales and adjust content that will attract more customers.

Look at what works and what doesn’t work for you.

Success

A lot of people spend a big part of their time on social media platforms, giving you the opportunity to increase your brand visibility and reach more potential customers.  

Through influencer marketing, you can have easy access to an influencer’s established following.

Remember that consumers also put a lot of value on the latest and most popular trends.

Who better to represent your brand/product and relate them to these trends than someone who has the potential to influence a significant number of followers?

What’s next?

Choosing the right marketing strategy that best fits you and your product can get overwhelming.

If you want an already proven successful method that even prominent brands utilize, influencer marketing can be your road to a successful online business.

Ready to take on e-commerce with influencer marketing? Let us know what you think!

Share your feedback and suggestions on our comment section below.

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