Marketing in general has overtime become an extremely competitive space and businesses can no longer rely solely on traditional marketing means like TV and Radio ads, billboards and journalism. Companies have found themselves constantly turning to channels like influencer marketing for a solution. But why?
Even the most expensive paid ads are not enough to reach your audience as 42% of internet users have been reported to use ad blocking technology. In addition, users' timelines on and off social media have become increasingly personalized, with users dictating the type of content they want to see and accounts that they follow. In effect, businesses can't effectively reach the masses as indiscriminately as they used to.
Why Influencer marketing?
With time, companies found a way to use this predicament to their advantage. With the increased personalization of social media accounts by background, interests, demographics and topics, businesses were able to curate personalized and more-directed marketing campaigns.
By identifying and utilizing individuals with large followings in relevant industries and niches, companies could boost engagement and drive sales even more effectively than before. It's not surprising that 37% of people using social media report that they trust influencers even more than the brands that they represent.
Therefore in the digital age, it has become one of the most effective marketing strategies for businesses. With the rise of social media, it has proven to be an impactful way for brands to reach and engage with their target audience.
According to a report by Influencer Marketing Hub, businesses earned $5.20 for every dollar invested in influencer marketing in 2020. With such high returns, it is no wonder that more and more brands are leveraging its power.
Still not convinced? Check out these industry statistics
80% of consumers have purchased products due to some sort of social media influence.
49% say they rely on influencer recommendations.
51% of marketers say influencers help obtain more quality customers.
71% of businesses plan to increase their influencer budget within the next year.
89% pf companies say influencer marketing Return on Investment (ROI) is as good or better than other digital marketing channels.
So what exactly is Influencer Marketing?
Influencer marketing is a form of social media marketing that involves collaborating with individuals who have a significant following on social media, and whose followers value their opinions and recommendations.
Influencers have established themselves as experts in their niche, and brands partner with them to promote their products or services to their followers. This marketing technique leverages the influencer's credibility and social proof to reach a larger audience.
The Benefits.
Influencer marketing provides numerous benefits to businesses. Here are some of the most significant benefits:
Increased Brand Awareness: Collaborating with influencers can help businesses reach a wider audience and improve brand awareness. Influencers have a loyal following who trust and engage with their content. Partnering with influencers can help businesses gain exposure to this audience and expand their reach.
Improved Engagement: Influencers have a highly engaged following, which can help businesses increase engagement with their target audience. When an influencer promotes a product or service, their followers are more likely to engage with the content, leading to increased likes, comments, shares, and overall engagement.
Enhanced Credibility: Influencers have established themselves as experts in their niche, and their followers trust their recommendations. When an influencer endorses a product or service, it provides social proof and credibility, which can lead to increased trust and loyalty among followers.
Higher Conversions: Influencer marketing has been shown to have a high conversion rate. According to a survey by Linqia, 39% of marketers said that they had seen more success from influencer marketing than from other marketing channels. This is because influencers have a highly targeted and engaged following who are more likely to convert into customers.
Best practices for Influencer Marketing
To make the most out of influencer marketing, businesses must follow certain best practices. Here are some of the most important ones:
Define Your Goals: Before starting any influencer campaign, it is crucial to define your goals. Determine what you want to achieve from your influencer marketing campaign, such as increased brand awareness, lead generation, or sales. Defining your goals will help you measure the success of your campaign and make data-driven decisions.
Choose the Right Influencer: Assuming you already know your target audience, choosing the right influencer is the next critical step in ensuring the success of your campaign. Look for influencers who have a significant following in your niche, and whose values and content align with your brand. Check their engagement rates, content quality, and authenticity before partnering with them.
Develop a Content Strategy: Once you have chosen the right influencer, it is essential to develop a content strategy that aligns with your brand's goals. Provide the influencer with clear guidelines on the type of content you want them to create and ensure that it aligns with your brand's values and messaging.
Build Long-Term Relationships: Building long-term relationships with influencers can be beneficial for your brand. Long-term partnerships can help create a sense of authenticity and trust with your audience, which can lead to increased engagement and loyalty.
Measure and Analyze: Measuring and analyzing the performance of your influencer campaigns is crucial for determining their success. Use metrics such as engagement rates, click-through rates, and sales to evaluate the effectiveness of your campaigns and make data-driven decisions for future campaigns.
Developing the right Influencer Marketing Content Strategy
Your strategy should inspire customers to engage with your content and make a purchase decision and keep your influencers interested in the process.
Sponsored Posts and Guest Posts
Sponsored posts are one of the most common types of influencer marketing. Brands pay influencers to create posts promoting their products or services, and the influencers post the content on their social media accounts.
Giveaways and Contests
Giveaways and contests are a great way to increase engagement and generate buzz around your brand. Partner with an influencer to host a giveaway or contest, where followers can enter to win prizes by engaging with your brand.
Product Reviews
Product reviews are an effective way to build social proof and credibility for your brand. Partner with influencers to review your products and share their honest opinions with their followers.
Affiliate Marketing
Affiliate marketing is another popular strategy for influencer marketing. Brands provide influencers with unique affiliate links, and the influencers earn a commission for every sale made through their links.
Others; Mentions, discount codes and take overs.
Bottom line
Influencer marketing is a powerful tool that can help your brand reach a wider audience, build credibility, and drive sales. By following the best practices and strategies outlined in this article, you can create effective influencer campaigns that align with your brand's goals and deliver results.
