Effective Influencer marketing strategy for start-ups 2023
January 4, 2023
5 min read
Startups need quick market exposure to generate business and make the most of potential fundraising opportunities. So what is the most reliable strategy to expand the company’s reach, cement a positive reputation in the market, and gain a massive competitive edge? You need a strategy that brings you closer to your target audience and makes the connection more personal. That’s precisely why we recommend doubling down on influencer marketing. In this post, we will learn how startups can leverage influencer marketing and share tips to create a successful influencer marketing strategy for startups. Let’s cut to the chase and dive right into the content, shall we?
What is influencer marketing?
Every niche has experts and key leaders that we usually refer to as trendsetters. These are essentially the people customers trust when it comes to making informed purchasing decisions. Why do they trust them? It’s because these experts and leaders have developed a strong connection with the audience over a long period.
What if startups leverage this special bond? What if they collaborate with niche-specific experts and connect with their target audience? Influencer marketing is a marketing strategy that focuses on leveraging the connection key leaders or influencers have with a target audience in order to drive a promotional message or marketing campaign.
Startups can partner with individuals with a high degree of social influence (influencers) and make the most of the trust your target audience has in them. As a startup, you can collaborate with different types of influencers such as celebrities, industry experts, social media influencers, micro-influencers, and more. Let’s move ahead and discuss the benefits involved.
How can startups benefit from influencer marketing?
Startups can derive several advantages from a well-designed and executed influencer marketing campaign. Here are some of the most lucrative benefits of creating an influencer marketing strategy for startups-
1. Helps achieve market exposure
Startup companies are hungry for exposure and rightfully so. They need to bring in more and more customers and partner with influential people in the industry to prove their worth. With influencer marketing, startups gain a massive opportunity to engage a large audience, regardless of the niche. However, this is only possible if you find the right influencers for your brand. The idea is to team up with influencers that have a similar target audience or one that aligns with your brand values and morals. Influencer marketing campaigns, when executed to perfection, guarantee instant growth in exposure for startups.
2. Builds new audience and trust
Small business owners often hit a roadblock when it comes to finding a new target audience. The roadblock will keep your startup from scaling at an optimum pace. Influencer marketing helps solve the problem as it helps reach newer audiences and develop trust with potential customers. The marketing strategy involves content creation that can help engage potential buyers. Influencers are exceptionally good at developing content that appeals to their target audience. The content has excellent informational and entertainment value, which easily hooks users and influences their purchasing decisions. What if they created content for your brand? This will significantly increase your chances of finding new audiences, building trust, and generating more business.
3. Creates new partnerships in the industry
Regardless of the industry you are in, it is important that you build connections and network through them to establish a strong foundation. More importantly, you should try to connect with influential people in the industry as it can help learn more about the market. As influencers learn that you are open to partnering with them, they will be more than willing to partner up with you and help your startup make more sales. This will often lead to co-marketing initiatives, collaborations, and partnerships — helping your business create more opportunities for growth and development.
4. Saves startups a lot of money
Influencer marketing, if done properly, can help your startup save a lot of marketing money. You should always be willing to find cost-effective ways to market your startup. And fortunately, investing in influencers will pay massive dividends, especially if you partner up with reputable and credible influencers in your industry. You will only be paying the influencers when they generate business for your company. Another way of paying for influencer marketing is by coupling the marketing strategy with affiliate marketing. Make the influencers your affiliates and pay them a commission whenever they bring in a customer or help make a sale.
5. Generates new business
Attracting potential customers in any industry is not child’s play. Indeed, content marketing is an excellent tool that helps generate leads. But, you need people that really understand your target audience and can create informative and compelling content. The idea is to make potential customers interested in your products and services. Influencers will prove to be a massive addition to your lead-generation strategy. Why? They can drive attention by implementing trending influencer marketing tactics and pushing your offers and discounts — a solid lead-generation strategy that will improve your overall marketing ROI.
Best influencer marketing tactics to generate top results
Now that you know the ins and outs of influencer marketing and the ways it can benefit startups, we suggest you implement some of the most influential influencer marketing strategies for startups. Here are the ones we highly recommend —
1. Work with the right influencers
Influencer marketing can backfire if you end up with the wrong influencers. Remember, your startup’s visibility, engagement, and overall growth are at stake. So make sure you choose influencers that are ideal for your startup and industry. The best thing is that there are several paid and free tools available on the internet that will help you find them. We suggest you use them to shortlist the influencers. Make sure the influencers reach the right audience on their social media profiles.
2. Creativity drives authenticity
How creative and authentic are your shortlisted influencers? As a startup, you need to develop content that can create a strong first impression on the customer. It is crucial that your influencer marketing team works on developing a scroll-stopping content strategy that focuses on your marketing objectives and goals. The process can begin from determining the campaign objective to identifying the target audience to the actual content ideation and publication. Make sure you have a campaign brief ready that covers the types of posts you want, branding assets, and other critical elements of a marketing campaign.
3. Take baby steps
As a startup, you wouldn’t want to put all your eggs in one basket. In other words, you don’t want to commit all your resources and marketing budget to one influencer marketing campaign. Start small and hire nano and micro-influencers instead of investing all your marketing money in hiring big celebrities. Look for influencers that have 1000-10000 followers (nano) and 10000-100000 followers (micro). Stay true to your niche and always prioritize engagement.
4. Freebies are the way to go
If your startup cannot afford influencer marketing, you don’t need to sweat it. There are several cost-effective ways to include influencer marketing in your marketing strategy. Influencer marketing doesn’t necessarily run on monetary compensation. You can also hire influencers that will accept freebies or free products and in return create content for your startup. The content, however, will solely depend on them. The influencers will mostly create review-oriented content that will focus on the influencer’s experience using your product or service.
5. Execute social media takeovers
Let the influencers take over your social media account! It is a trending influencer marketing tactic that brands use to give their accounts a fresh feel. This influencer marketing strategy is quite simple — you hand over the account to the creators and they will post on the behalf of the brand. Influencers know exactly what they need to do to consolidate more followers and engagement.
6. Run contests and offer giveaways
Attract potential customers by running lucrative contests and giveaways. Hiring content creators and making them promote your giveaways will certainly work if your focus is on generating awareness, followers, engagement, and network. Make the influencers post about the contest or giveaway. But before that, we suggest you declare the ground rules for entering the contest. Make the entrants follow you and the content creator while engaging with the post. Not just that, you can also make them tag a certain number of people in the comments to generate more engagement!
7. Measure results to improve strategy
Influencer marketing strategies have a more creative bend. However, that shouldn’t stop you from assessing the campaigns’ performance quantitatively. You don’t want to keep feeding in the money without gaining any benefit, do you? So make sure you shortlist the campaigns’ KPIs to measure the overall success of the influencer marketing campaign. Keep a close eye on how certain posts and campaigns perform and what happens when you make changes. The idea here is to adopt a data-oriented and growth-oriented approach to influencer marketing.
Should you invest in influencer marketing? Is influencer marketing an effective marketing strategy for startups? Well, you can never go wrong with influencer marketing. In a market that can’t get over consuming more and more content, hiring influencers and making them create content that helps startups reach the target audience will always generate massive value. However, you should stick to the fundamentals of influencer marketing and create a plan that makes it easier for influencers to collaborate, understand, and execute the marketing campaigns successfully. Did you find this post helpful? Let us know in the comments. Also, don’t forget to check out other informative posts on the blog!
CEO, Benco Services
I am the COO of Benco Services and the Founder of NFTZoomer. I have been passionate about building successful community-based projects for the past 4 years. I've been in the web3 space for the last 2 years and have a great passion for shaping the future of Web3.