6 Tips to Start a New Online Business Using Influencer Marketing
The unspoken reality of the business industry in regards to marketing is that traditional marketing methods are on their way out. This mostly stems from the fact that traditional marketing methods simply aren't as powerful as digital marketing methods such as paid advertising and SEO. While traditional marketing methods are still used today, the qualities of digital marketing methods are slowly but surely making themselves more relevant in the marketing department of businesses.
A great example of this can be seen with the growth of social media and social media marketing. More specifically, marketing strategies such as influencer marketing within the social media category are quickly becoming the go-to strategy for most business. Given how large the population of online users is on most social media platforms, what a strategy like an influencer marketing allows a business to do is reach a far wider audience than they ever could locally.
This is done by giving businesses access to popular experts within their niche that can expose their brand to an entire fan base. Especially in the case of starting a business from scratch, this strategy is easily one of the fastest ways to grow. With this in mind, let's go over six tips to start an online business from scratch using influencer marketing.
1. Stick to a Familiar Niche
When you're starting a business from scratch, influencer marketing has proven to be one of the best ways to promote your business. However, if you work outside of a familiar niche, even this strategy can do more harm than good.
For the most part, stick to working in a niche that is familiar to you and build from there, as opposed to working in an unfamiliar one only because it might be more profitable. Apart from this, you should also keep an eagle eye view of the popular trends in your niche. By doing adequate research, you can learn different tricks to understand and excel in your selected niche.
2. Identify Your Influencer's Goals
Just like any other marketing plan, you should start by highlighting your goals. In regards to the influencer specifically, your business needs to make sure that you know precisely what you want an influencer to work on besides gaining attention.
This could include areas such as working on gaining clients outside your market, increasing social engagement, or any other similar goal for your influencer to work on. Defining your goals in the beginning will help an influencer to shape and devise a consistent strategy and also set out the metrics needed to track the success at the end of a campaign.
3. Research More Than One Influencer at a Time
During the research phases of looking for an influencer, one tip that seems to go overlooked is researching more than one influencer at a time. While most businesses make sure to research more than one influencer, researching two or more simultaneously serves the purpose of speeding up the research process.
Your business is your most prized possession, and you should make sure that you leave it in the hands of someone who cares about it as much as you do.
4. Ask an Influencer if They Include Other Promotional Strategies and/or Collaborations
Another important component of the research phase when starting a business from scratch is asking an influencer if they include other services. This is important as many influencers simply focus on posting and spreading awareness.
In most cases, finding an influencer who brings other strategies such as marketing and branding might be more beneficial to your business.
5. Factor in Cost of Use Versus Other Business Costs
When starting a business from scratch, one of the main things to have in place is a budget. A budget will allow you to allocate your money efficiently and most cost-effectively.
As far as influencer marketing is concerned, having a budget will also allow you to factor in the cost of other business expenses versus that of using an influencer. Overall, it can help your business save money on paying for an influencer. It doesn’t matter how big your budget it.
Most businesses collapse because they can’t distribute the funds effectively. So, make sure that you choose the right pricing model and understand what the influencer will bring to the table before spending copious amounts of money.
6. Make Sure You Measure Performance
Last but not least, another important tip to keep in mind when looking for an influencer is his effectiveness and the effectiveness of his team. Finding an influencer that measures performance creates accountability with both parties involved and gives a clear understanding as to what your business is paying for.
Furthermore, influencers themselves aren’t exempt from accountability. Since you’re spending your valuable time, money and resources on an influencer, you should make sure that it is working. There are three ways by which you can measure an influencer’s performance.
- Affiliate Links: Assigning different influencers specific and different affiliate links allow you to keep track of the sales through their posts and media channels.
- Promo Codes: After the initial launch of your business, you can use promo codes to measure how successful his campaign turned out to be. Promo codes help customers make up their mind about a product and compel them towards your service. By comparing the difference in sales before and after the use of promo codes, you can judge what an influencer is bringing to the table.
- Google Analytics: Google helps businesses determine how many customers visited your landing page through an influencer. By setting up an ‘Event’ goal, you can easily measure your influencer’s performance.
Starting a Business Using Influencer Marketing
Apart from influencer marketing, many other strategies can be used to start your business from scratch. However, the question with other strategies is finding out if they offer more impactful immediate results than influencer marketing does.
In most cases, this is not the case. That said, make sure to eventually bring in other digital marketing strategies along with influencer marketing to create a well-rounded boost to your new business.