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Tips on how to pick a niche for your influencer marketing platform.
Influencer marketing platforms serve as a meeting place for business owners ready to invest in advertising their products and content creators who know how to reach the audience properly.
Since more and more investments are being made in giving a brand some personality, influencer marketing seems to have a flourishing future.
If you haven’t still created your website, feel free to check out our tutorial on launching an influencer marketing platform.
When considering building an influencer marketing platform, you should first realize that it’s not a hassle-free process. The competition is high and will only grow over time. Yet, if you’re ready to take the challenge, we’ll be happy to guide you through the initial and most crucial stage – choosing a niche.
Pay attention, as it can either doom your website to failure or become your lucky ticket.
In this article, we’ll explore how to choose a niche for an influencer platform.
So let’s dive in!
As trite as it sounds, following your passions can not only be your source of joy and inspiration when creating a website but will also help you to figure out the pain points of the people who are enthusiastic about the same things that interest you.
Remember that you’ll be responsible for placing content, market research, and coverage of the actual news, to name a few, to attract users looking for a solution to their problems. Therefore the chosen sphere must fascinate you personally.
For example, if you’re a big fan of fashion, know all about textures and color combinations, and are aware of all current trends, it’d be a good idea to launch a platform related to this niche. Knowledge of the subject will allow you to develop creative solutions and find a common language with influencers with whom you share the same passions.
Moreover, dedicating time to work in a niche you are most interested in will keep you from emotional burnout and ultimately ensure a long life for your website.
So, the first tip when choosing a niche is
Go with your heart
So, you’ve chosen a field that interests you and are ready to move on to the next step:
Focus on a specific area or a social media platform
When building an influencer marketing website, always do your best to be as specific as possible since it’s one of the keys to the success of your project. There are two proven ways to do so, namely:
Let’s quickly go through the pros and cons of these two strategies.
Suppose you opt for a certain area of interest. For example, let’s take the following case.
It’s been estimated that more than half of the world’s population are pet owners. If you also have a four-legged friend, be it a dog, a horse, or a lizard, you know how many care products they may need. Due to the increasing popularity, more and more companies selling personal hygiene and grooming aids are emerging on the market. At the same time, there’s a vast audience of pet owners on the Internet who are eager to buy these products.
Thus, launching an influencer marketing platform focused on uniting customers and influencers specializing in the care of animals can be a profitable business idea.
Dedicating your website to a particular sphere may give you the following advantages over non-specialized platforms:
The most significant disadvantage of a field-specific website is the necessity to research various social platforms’ metrics.
Since you’ll deal with influencers from different social networking, you, as a website owner, will have to know:
Understanding these decisive factors will allow you to develop a fully-featured influencer marketing platform that’ll be able to satisfy your customers’ needs.
If you strongly believe that 15-second video advertising will soon substitute product placement in full-length movies, you may go for a specific social media platform (e.g., only TikTok and not Youtube) and work exclusively with its influencers. As in the previous example, this strategy has positive and negative sides.
The advantages of running a website of this type include:
Among the common drawbacks we can mention:
It’s worth mentioning that such division is conditional, and you can always choose to combine the two approaches. Sometimes, this can be the best solution. Take your time, research, and test before coming up with the final idea.
To understand your clients’ needs, you must know who they are.
Remember that influencer marketing platforms are a place where two worlds meet – businesses aiming at advertising their products or services and content creators able to influence their target audience’s tastes. Accordingly, you’ll have to address both groups and, thus, focus on their diverse needs.
For example, business owners want to be able to customize search filters to select the most suitable content creators. For this reason, they’d highly appreciate the history of previous fulfilled orders and statistics on the work of influencers.
At that time, content creators require the tools to illustrate their skills in the best possible way, so you’ll have to add custom fields and success rates from all social media represented on your platform. In addition, influencers may be happy to use the opportunity to promote their profiles in search and increase their visibility.
With this in mind, you have to pay close attention to your customer’s necessities and aim to upgrade the user experience (moreover, it can also be a great way to monetize your platform, we’ll talk more about it later on).
To sum up, before building an influencer marketing website, you’ll have to get to know and assess your future audience to learn how to resolve their pain points. It should be noted that working with customers and content creators, you’ll have to develop two different marketing strategies. Your efforts will pay off in the form of productive and long-lasting relationships.
The one thing that is important for both customers and influencers is for you to – be an expert in your field.
Let’s talk about it in the next chapter.
Despite numerous studies showing that people trust other people better than plain brands devoid of any personal story, many companies still stand aside from influencer marketing. The two main reasons are the underestimation of the impact of content creators and the difficulty of finding and establishing contacts with the right influencers.
In order to convince companies to invest in influencer marketing, you should
Learn all the nuances of influencer marketing campaigns
To develop a great platform, you’ll first need to research the selected social media trends and identify the metrics that measure content creators’ performance.
Suppose you’ve decided to launch an influencer marketing website to help baby care product manufacturers connect with family lifestyle bloggers. You’ve checked the statistics and found out that some of the most popular TikTok hashtags in 2022 reflect the interest of this social media platform users in the content addressed to young mothers. As a platform owner, you should know these details to ensure successful cooperation between businesses and content creators.
A lot of in-depth research is the key to the successful functioning of your website.
In addition to studying your customers, you should also analyze your competitors’ strategies.
Do your research to be able to answer the following questions:
Make sure there’s room for competition in a selected field
Don’t neglect the analysis of your competitors, as it’ll bring you essential information when building your own website.
Having researched your competitors, get ready to dig deep into the study of your niche. Before developing an influencer marketing platform, make sure it’s worth the effort.
Let’s imagine you’re thinking of launching an influencer marketing platform specialized in cryptocurrency. Before building a website, roughly estimate the number of existing influencers who work with this subject. Check if they already cooperate with any brands. Try to find out on which platforms they find their customers. These steps will help you to get a clear picture of the actual situation in your field of interest and the possibilities to occupy the niche.
Only after a detailed assessment of the niche can you proceed to create a website. Moreover, don’t forget about the ways of monetizing your platform. Let’s move on and talk about it in the next section.
Evaluating available monetization methods in advance might help you to better understand what functionality you’ll need to build your platform.
We can suggest the following ways to make money on an influencer marketing website:
These are the main, but not the only, methods of monetizing an influencer marketing platform. Be creative, and the sky is the limit for you!
Influencer marketing platforms have a prosperous future. Detailed market research will allow you to understand in which direction to move to choose a niche that has the greatest chance of success.
We hope that now you have a better idea of how to choose a niche for an influencer platform, and wish you the best of luck! 🍀Also, we recommend checking ExpertHive, a fully-featured service marketplace theme for WordPress that allows you to create an influencer marketing platform without any coding skills.
However, if you are still thinking about launching your own influencer platform with WordPress, then feel free to check our quick video on how to build it hassle-free.
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