Influencer Marketing Strategy in 2024: doola’s Step-by-Step Guide for Founders

The influencer industry is not a fringe phenomenon anymore. It’s taking the world of marketing by storm. 

In today’s digital landscape, influencer marketing has evolved from a buzzword to a powerful strategy used by brands of all sizes.

According to Goldman Sachs, the creator economy could reach $480 billion by 2027.

If you’re ready to tap into this thriving industry but aren’t sure where to begin, this step-by-step guide will walk you through setting up an influencer marketing strategy from the ground up. 

We’ll also explore how doola’s offerings can support both influencers and brands in building and scaling their businesses.

But first, a quick refresher.

What Is Influencer Marketing?

Influencer marketing is a type of marketing strategy where brands collaborate with individuals who have a significant online presence, often known as influencers, to promote their products or services.

These influencers have a dedicated and engaged audience on platforms like Instagram, YouTube, TikTok, or blogs, and their endorsements can impact the purchasing decisions of their followers.

By leveraging the trust and credibility influencers have built with their audience, brands can reach new customers, build awareness, and drive sales in an authentic and relatable way.

Is Influencer Marketing the Same as Creator Marketing?

Often used interchangeably, influencer and creator marketing are not always the same.

Influencer Marketing focuses on collaborating with individuals (influencers) who have built a following and “influence” over a specific audience.

The goal is to leverage their influence to promote a brand, product, or service.

Influencers may or may not be known for creating original content; their value lies in their ability to impact the opinions and (purchase) actions of their audience.

Creator Marketing focuses on partnering with individuals (creators) who are primarily known for creating unique, high-quality content, such as videos, blogs, photos, or other media.

These creators may or may not have a massive following but are valued for their content creation skills.

The spotlight is on the quality of content rather than the reach of the individual.

In essence, all influencers are creators, but not all creators are influencers.

Influencer and creator marketing strategies may often overlap based on the goals of your campaign.

doola’s 9-Step Influencer Marketing Framework

As brands increasingly pivot towards influencer collaborations, they seek holistic marketing solutions that offer more than just reach.

Influencers provide access to engaged audiences rooted in trust and authenticity—two elements that are often hard to achieve through traditional marketing.

To navigate these shifts effectively, agencies must adapt to the new demands of influencer marketing.

Which is why doola has developed a comprehensive 9-step framework to guide the process.

Step 1: Define Your Goals

The foundation of any successful marketing strategy is clear goals, and influencer marketing is no exception.

Start by identifying what you hope to achieve through influencer partnerships. 

Common goals include (but are not limited to):

• Brand Awareness: Boost your brand’s visibility and make a lasting impression with your target audience.

• Lead Generation: Attract potential customers and direct them to your website or landing page for deeper engagement.

• Sales: Turn prospects into paying customers and drive more conversions for your business.

• Engagement: Spark meaningful interactions with your audience across social media platforms.

• Content Creation: Unlock a stream of original, authentic content that can be repurposed across your marketing channels.

Having well-defined goals helps to shape your entire strategy, from choosing influencers to measuring success.

Step 2: Understand Your Audience

To effectively reach your audience through influencer marketing, start by defining key characteristics such as:

• Demographics (age, gender, location)

• Psychographics (interests, values)

• Behaviors (online habits, purchasing preferences)

These insights help you identify the influencers who will resonate most with them and choose the right platforms to engage them better.

For example, if you’re targeting Gen Z, influencers on TikTok or Instagram may be your best bet.

However, if your audience consists of B2B decision-makers, LinkedIn influencers could be more aligned with your goals.

Step 3: Identify the Right Influencers

This is where a lot of brands go wrong.

Follower count is not everything. Relevance and authenticity matter more.

Not every influencer is the right fit for your business. Look for someone who vibes with your brand and whose audience is your dream customer.

Focus more on:

• Brand Alignment: Your influencer should share your brand values and resonate with your target audience.

• Authenticity: People follow influencers they trust. Look for genuine connections and transparent communication. Such endorsements are more impactful.

• Engagement: High engagement levels indicate a strong connection between the influencer and their audience, which can lead to better results for your brand.

• Niche Expertise: Consider micro-influencers (10k-50k followers) who are highly active in a specific niche. Their smaller, yet highly engaged audiences often deliver better returns than macro-influencers with broader, less focused followings.

Step 4: Brainstorm Your Campaign Concept

With your influencers lined up and your goals in place, it’s time to get creative with your campaign.

The key is to seamlessly blend your brand message into the influencer’s content in a way that feels authentic and captivating.

Here are some campaign styles to consider:

• Sponsored Posts: Pay influencers to showcase your product or service through engaging content that feel authentic to their followers.

• Product Reviews: Send your products to influencers for honest reviews that resonate with their audience and build trust.

• Giveaways: Partner with influencers to host exciting contests or giveaways that create a buzz and attract attention to your brand.

• Affiliate Marketing: Provide influencers with a unique discount code or affiliate link to share with their audience, boosting both engagement and sales.

• Brand Ambassadors: Build lasting relationships with influencers who embody your brand, maintaining visibility over time.

Step 5: Set Your Budget

Your budget will determine which influencers you can work with and the scale of your campaign.

Influencer rates vary greatly depending on their follower count, engagement rate, and the type of content you’re asking them to create.

Micro-influencers tend to be more affordable, while celebrities and macro-influencers often demand higher fees.

When setting your budget, be sure to account for additional costs like product samples, giveaways, and paid ads to boost visibility.

Step 6: Connect with Influencers

With your goals, audience, campaign concept, and budget in place, it’s time to start reaching out to influencers.

Craft a personalized pitch that highlights why they’re a perfect fit for your brand. Be clear, concise, and respectful of their time.

Follow up if needed – persistence pays off.

While you’re at it, here are some outreach tips:

• Personalize: Influencers get flooded with requests, so stand out by referencing their specific content or explaining why you think they’re a perfect fit for your brand.

• Be Clear and Concise: Keep your pitch focused. Clearly state what you’re offering and what you’d like from them in return.

• Follow Up: If you don’t hear back after a week or so, don’t hesitate to follow up—a gentle nudge works wonders.

Step 7: Contracts and Agreements

Once you’ve identified the influencers you’ll be working with, lock it down with clear contracts and operating agreements.

Outline expectations, deliverables, timelines, usage rights, and compensation.

This ensures both parties are aligned, protects your interests, and holds everyone accountable to the terms of the partnership, preventing any misunderstandings down the road.

Step 8: Launch and Monitor Your Campaign

Time to set your campaign in motion!

As your influencers start rolling out their content, monitor the performance. Track essential metrics such as engagement rates, website traffic, sales, and ROI in real-time.

Stay agile and ready to adapt if things aren’t going as planned.

Sometimes, making small tweaks to your messaging or pivoting to different influencers can turn the campaign around and boost your results.

Step 9: Analyze and Improve

After your campaign runs its course, it’s time to assess its impact.

Compare your actual results against the goals you set at the start. Did you hit your targets for brand awareness, engagement, lead generation, or sales?

Take a close look at what worked and what didn’t and why.

This analysis will provide valuable insights for refining and optimizing your future influencer marketing campaigns.

Power Duo: Your Influencer Marketing and doola’s Strategic Guidance

Whether you’re an influencer looking to partner with brands or a small business owner aiming to harness the power of influencer marketing, doola can support your growth every step of the way.

Business Formation and Legal Essentials

With doola, influencers and business owners can easily form an LLC, obtain an EIN, and handle other essential legal documentation.

This protects your personal assets and sets you up as a legitimate business entity.

Remember, brands seek influencers with a strong “business identity”.

And savvy influencers partner with brands having a stamp of credibility and a robust business structure.

Always a two-way street!

Financial Management

As you scale your influencer campaigns, managing finances can get complex.

doola offers a host of financial management tools to help you stay on top of income, expenses, and taxes.

You can automate bookkeeping, generate financial reports, and even consult with tax experts to ensure you’re maximizing deductions and staying compliant with IRS regulations.

Continuous Support for Growth

doola’s platform is designed to adapt as your business evolves.

Whether you need assistance navigating US regulations, fine-tuning influencer contracts, or scaling your brand, our team of experts is here to support you.

Let’s Put You on the Map – Ready to doola it?

Influencer marketing can be a game-changer for brand building and audience expansion, but it requires strategic planning and execution.

With doola’s expert support, both influencers and small business owners can unlock their full potential and achieve remarkable success.

Whether you’re just starting out or aiming to scale, doola provides the tools and expertise you need to thrive in the US market.

From streamlining operations, securing an EIN, and managing finances to setting the stage for long-term success, we’ve got you covered.

Partner with doola today and enjoy the confidence that comes with having your business in expert hands.

Ready to scale new heights? Let’s doola it!