Did you know that 56% of young Americans have purchased a product after seeing a post from someone they follow? Influencer marketing is an aspect of social media marketing using product mentions from influencers who have a dedicated social following.
Influencer marketing can be an incredibly powerful marketing tool for your brand. According to Influencer Marketing Hub, the industry reached $16.4 billion in 2022. This figure is expected to grow to $21.1 billion in 2023.
Here is a breakdown of the types of influencers and some tips for setting up your campaign.
Types of Influencers
Not all influencers are the same, with some having large audiences spanning across several demographics and others with smaller but more targeted and engaged audiences. The types of influencers are typically divided into four categories, and knowing the engagement each can offer is key for deciding how to implement your influencer marketing campaign.
Mega Influencers
Mega influencers have a following of over 1 million, typically consisting of famous actors, musicians, athletes, and public figures. These celebrities have a giant and diverse audience.
Pros: Unparalleled brand exposure.
Cons: Expensive to partner with and a broad audience brings less engagement.
Working with a mega influencer is most likely not ideal for your bookstore. Businesses that often benefit from mega influencer campaigns are large enterprises or luxury brands with large budgets.
Macro Influencers
Macro influencers have a following of 100K-1million and are an established personality within their niche.
Pros: A more targeted reach than mega influencers.
Cons: Still costly.
Brands working with macro influencers are looking for a specific but still large audience.
Micro Influencers
Micro influencers have 10K-100K followers and usually have a strong presence on Instagram, TikTok, and YouTube. Although their following is smaller than Macro or Mega influencers, studies have actually shown that micro-influencers have a 60% higher engagement rate than macro influencers, and can drive 20% more conversions.
Pros: Reach a niche and captivated audience who are more likely to engage.
Working with a micro influencer may be a good option for larger bookstores.
Nano Influencers
Although nano influencers have smaller followings of less than 10K, they usually have a stronger connection to their audience and have the highest rate of engagement. Their content is seen as more personable, relatable, and authentic.
A nano influencer is most likely the best option for the majority of college bookstores looking to implement influencer marking. They have more tailored content and can devote more time to individual partnerships. Plus, they are much more affordable!
Tips for starting an influencer marketing campaign.
Once you have chosen the right type of influencer for your store who is within your niche (check out this resource), here are some steps to consider when setting up the marketing campaign:
- Understand the payment structure of the influencer (check out this rate map).
- Decide your campaign goals and messaging.
- Create a budget and a plan to execute the campaign.
- Decide who will handle following up and reviewing the influencer marketing.
Influencer marketing is here to stay but is also constantly changing. It’s okay to ease your way into creating a campaign. Try dipping your toe in the water by working with a nano influencer or setting up an ambassador program with students at your university!
Sources:
https://sproutsocial.com/insights/influencer-marketing/
https://morningconsult.com/influencer-report-engaging-gen-z-and-millennials/
https://emplifi.io/resources/blog/micro-influencers-vs-macro-influencers
https://influencermarketinghub.com/influencer-marketing-benchmark-report/
https://sproutsocial.com/insights/how-to-find-the-right-influencers/
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