Everything You Need to Know About Influencer Marketing

I doubt there’s a modern figure more polarizing than the influencer. What’s funny though, is that, although they’re everywhere — literally everywhere — little is spoken about the dynamics of influencer marketing and how it works. Read on!

What is Influencer Marketing?

Influencer marketing is a social media marketing method that does away with market audiences’ distrust of traditional celebrities and hatred of digital ads. Instead, it combines the trust and confidence audiences have in their favorite influencers with the far-reaching information sharing of social networks.

In 2023, 92% of marketers believe that influencer marketing is an effective form of marketing, and in just the past 3 months, 33% of Gen Z-ers have bought a product based on an influencer’s recommendation. So it’s clear that social media influencers are in a position to expand product awareness. By researching and targeting influencers, audiences, and platforms most relevant to your product, you can raise product awareness and drive conversions and sales.

Influencer marketing isn’t a one-size-fits-all solution, though. 

Your Influencer Persona

Your influencer persona should be tied in with your marketing persona. It should share lifestyle elements and values with your target audience. Also, their attitudes and interests should align with your audience’s. Their audience will be yours, so pair your influencer with your product market’s demographics and psychographics. If you have multiple product markets, consider multiple influencer personas.

The risks match the rewards of reaching a broad, engaged audience. Careless or tasteless presentation of your product can result in a media backlash, harming your product image.

Your Platform

Find your market audience. What platforms do they use? Where do they go for product advice? Don’t waste time on platforms your audience doesn’t use. Platforms with high numbers are great, but ensure your product audience is among those numbers.

First, look for a platform with an active, engaged audience. Don’t just compare platform views within your product type. Find an audience that comments and shares. Then, check the audience’s growth rate. 

Influencer Relationship Management Tools

Effectively manage your partnerships with influencer relationship management software (IRMs). IRMs provide you with the tools for managing marketing strategies, partnership data, and social analytics. Some standard IRM software tools are: 

• JuliusWorks
• GroupHigh
• Traackr
• HYPR

Influencers are no longer just a buzzword. The marketing surrounding them is a growing industry and a tactic that businesses turn to more and more. A study by MediaKix shows 80% of marketers say influencer marketing works, and 89% say it works just as well (if not better) than other marketing channels.  

Of course, it’s an investment. But the rise of word-of-mouth marketing and the social proof has made it the best way to connect with your audience, enhance brand awareness, and boost conversions.

Start building a marketing strategy with influencers for your business. Try it! And build new and lasting relationships with your target audience. 

Contact our eCommerce growth strategy team now to find more ways to optimize your NetSuite eCommerce business!