Social media platforms aren't just for sharing your photos and videos with the people in your life. They're also places where certain individuals garner a lot of attention, and where people pay attention to what they say and do. For example, some of the most followed lifestyle influencers on Instagram can have millions of followers.

The key to your business's success is to capitalize on their popularity for mutual gain. But how does influencer marketing work, and how can you use it to your advantage?

Here's everything you need to know about the social media influencer and their effect on your business.

How Does Influencer Marketing Work?

In short, influencer marketing means relying on someone who has gained an online audience to promote your product or service. They may have some prior experience working in your field, but it isn't always necessary.

An influencer marketing agency can notify you of all the newest trending social media users and who has the most attention from your desired audience. These may be business influencers, lifestyle bloggers, or online comedians. Your agency can also create an influencer marketing strategy that utilizes your budget in the most effective way.

Types of Influencer Marketing

It isn't enough to find the most popular influencers, though. You'll need to decide on the type of influencer marketing you'll use based on your product and the social media sites they're active on.

One of the most common marketing techniques is to do a giveaway contest. Social media followers can tag their friends to increase their chances of winning a select item from their favorite influencer. It promotes your brand while also encouraging sharing of their social media page.

Another type of marketing is sponsored posts. These work much like paid ads in that you pay an influencer to promote your product. Alternatively, you could also provide the product for free in the hopes that they review it on their platform.

Benefits of Influencer Marketing

Influencer marketing is beneficial for both businesses and influencers.

A big part of how influencers make their money is through sponsored posts, affiliate marketing, and merchandising. Direct donations help, but they're rarely what keeps them afloat.

Meanwhile, businesses benefit from the kind of outreach influencers have. Their audiences aren't always as focused as yours, so your product can appeal to people who otherwise may never have known about it.

In addition, utilizing influencers is often much easier, quicker, and more cost-efficient than if you were to organize the ad campaigns yourself. You can give them a content idea, but it's up to them to create it.

Try Out Influencer Marketing Today

So how does influencer marketing work? If you're still unsure, you can always reach out to an agency that has years of experience in the field.

Intuition Media is one of your best options if you want to get involved in influencer marketing. We've helped brands since 2008, and we can vet and secure influencers for your next campaign. Contact us to learn more.