How To Successfully Enter A New Market With Influencer Marketing
Chief Growth Officer (CGO) at HypeFactory, a global AI-powered influencer marketing agency.
In recent years, businesses have increasingly adopted influencer marketing, a form of advertising that leverages people with media followings, to promote their products and services. This strategy aims to strike the right balance in targeting specific demographics based on age, gender and product life cycle stage to maximize sales potential. As firms see the impact of influencer marketing, more are considering incorporating it into their marketing efforts.
A study by Influence Marketing Hub indicates that the influencer marketing sector can become a $24 billion industry by 2024. There are some staggering figures surrounding this idea: 82% of marketers think about investing in influencer marketing; while another 67% are thinking of this option.
Influencer marketing allows businesses to connect with consumers on a more personal level and capture their attention by partnering with influential individuals who have dedicated followings in specific niches or interest areas. Companies can successfully break into new markets with influencer marketing by taking the following steps.
1. Conduct Market Research
Establishing who you want to reach in the new market should be your first order of business when crafting a marketing strategy for it. The best way to figure out what makes you unique is to watch what your competitors are doing. Marketers' knowledge of the local area is crucial to the success of influencer marketing efforts. Before beginning a campaign, most people do their homework. Among the things they look into are:
• Language Specifics: Understanding the nuances of language, such as dialects, slang and idiomatic expressions, is essential for effective and culturally sensitive communication.
• Common Formats for Content: Common media formats for consuming information include articles, videos, infographics and podcasts. The popularity of short-form video content on platforms like TikTok and Instagram Reels has skyrocketed in the last couple of years.
• Biases and Cultural Taboos: Cultural norms and sensitivities must be considered to avoid offending or alienating target populations. Things that are considered taboo in one culture might not be in another. The discussion of religion or politics, for instance, can be considered taboo in certain communities.
• State rules and regulations: It is essential for any marketing endeavor to be in compliance with the laws and regulations set in place by different regulatory organizations. Businesses should pay especially attention to regulations pertaining to data protection and advertising standards.
2. Be Selective With Influencers
When expanding into fresh markets, it is extremely important for modern marketers to choose the right influencers. These influencers excel at delivering authentic and locally relevant messages because of their deep knowledge of their home regions. Using this information to their advantage, businesses can boost their credibility and trustworthiness by advertising to specific communities.
It is wise to investigate the influencer marketing tactics of your rivals in a new area before diving headfirst. Investigate their social media profiles, the people they collaborate with and the content they share.
3. Evaluate Social Media Platforms
The fact is, individuals from various nations have diverse preferences when it comes to social media. According to research, 62.3% of the global population uses social media on a regular basis. People typically utilize the device for 2 hours and 23 minutes per day.
The first step is identifying the appropriate social media platforms for your campaign. The second is selecting influencers to feature sponsored content. When making these choices, key considerations include your target audience, the dynamics and user base of each platform, your specific business objectives and your allocated marketing budget.
Additionally, understanding the nuances of how a social media platform is used in a given region can help identify when and how your intended audience is most likely to engage with influencer content. After gathering data on platforms and audiences, the next phase is aligning your influencer selections with your company's goals. Whether the goal is to increase brand awareness, enhance sales, or promote specific products or services, it's crucial to collaborate with influencers whose content and audience align with those goals.
4. Work Together And Use UGC's Popularity
Everywhere you go in the world of digital media, there is brand after brand competing for the attention of consumers. People nowadays are pickier than ever before about the brands they engage with and the products they buy. The reliability of user-generated content (UGC), often called genuine customer-generated content, is second to none. Surprisingly, 86% of consumers are more inclined to trust a brand that shares user-generated content, whereas only 12% are willing to buy an item recommended by influencers.
5. Build Lasting Connections
Being authentic and expanding your audience are two keys to success in influencer marketing. Authentic influencers engage their followers in challenges and use popular hashtags to grow their following. It is not enough to just say you are interested; you have to take real, actionable steps to back it up. Producing content that resonates with the interests and values of one's followers is a certain way to build trust and rapport with an influencer's audience. People will come together around it and be motivated to give it their all.
Brands can reap multiple benefits from being genuine and open. In a world where people are looking for real relationships and transparency, brands may establish credibility and trust through true influencer collaborations. By being transparent about sponsored content and adhering to all relevant laws and regulations, brands may prevent unfavorable reactions and establish enduring partnerships with influencers and their audiences. Being authentic is crucial for influencer marketing to succeed in the long run.
Bottom Line
The rundown is as follows: maintain plan agility, undertake accurate market research, identify suitable partners, build trustworthy relationships, launch remarkable efforts, monitor results and adjust as necessary. In this way, the companies may attract new customers and maintain their rapid expansion. Also, remember that the influencer is constantly changing and evolving.