Influencer Marketing has seen a lot of growth in the past few years. It has evolved from its Wild West roots and is now a key part of the marketing industry. Best practices have been established. While it’s not as risky as influencer marketing a few years back, marketers still need smart strategic decisions.
The latest word-of mouth strategy is to partner with influencers. This can be very effective. A recommendation from a trusted friend or influencer is a great way to increase the likelihood of someone buying a product. It’s important to consider the potential return on investment when marketing strategies are implemented.
How can companies leverage influencer marketing to their benefit? What are the advantages of this well-known strategy? Before you start, here are the facts.
Digital marketing is a constantly changing landscape. Influencer marketing is one of the most lucrative strategies in social media marketing. Mediakix reports that 90% of marketers believe influencer marketing has the highest ROI of all marketing channels.
Since ancient times, companies have used influence to market their products. Sponsorships are a way to take advantage of the influence of influential people in order to increase sales. Celebrities and athletes endorse products. Influence isn’t just for high-profile celebrities. Anyone with an engaged audience can influence.
This is a great way for companies to avoid spending a lot of money to have a celebrity promote their products. They can instead partner with smaller influencers at lower costs. This increases the effectiveness of the campaign as well as the overall ROI.
Influencer marketing increases brand awareness. This is a great way for new products to be quickly promoted and to build loyalty. Companies that they promote are influenced by the trust people place in them.
Influencer marketing is almost mandatory for businesses that sell consumer goods. These potential benefits can be huge and could lead to more word-of mouth growth.
Choose Your Platforms
After you have decided to try influencer marketing, it is time to plan your strategy. If you don’t have a strategy that is based on best practices, any marketing strategy could be a huge waste of money. Social media marketing mistakes can lead to your influencer marketing campaigns failing.
First, you need to decide which platforms to use. It is important that you focus your efforts on the apps and sites where your audience spends most of their time. It’s a recipe for disaster to spread your campaigns across as many platforms and sites as possible.
Influencer marketing is not possible on all social media platforms. Facebook, for example, is more suited for advertising than to influencer marketing. Instagram, TikTok and YouTube, which are highly visual platforms, are better options.
Think about the platform that you would like to start on. Is video content more beneficial to your brand than photo-based content for branding? Which demographics are your target audience? These factors will help you choose the right platform to promote your influencer marketing strategy.
Your Campaign Goals
Most people don’t realize that there are many types of influencer marketing campaigns that a company can run. An influencer marketing campaign could have simple goals like generating new leads or creating brand identity. It can also be used to drive sales.
Before you choose your influencers, it is crucial to define your goals. It is important to understand how your campaign goals will impact their audience and engagement. These are some examples of campaigns that you can run in collaboration with influencers.
Marketers need to stay focused. Multiplishing campaigns simultaneously is overwhelming and less likely to yield good results. Focus on only one campaign at a given time.
Macro, Micro Influencers – Which Should you Use?
Marketers also need to consider which influencers they should use. Influencers can be anyone with just a few hundred followers or celebrities with millions of followers.
Although it may seem that a larger audience will result in better influencer marketing results, this is not always true. Although a person with millions of followers may get more eyes to their content than someone with only a few thousand, they might not inspire as much trust.
Micro-influencers are small but highly engaged followers. These audiences are easier to reach and it is much easier to create targeted campaigns. The conversion rate will likely be higher. Because they have a smaller influencer network, it is also more affordable to work with them. Many will offer sponsored content in exchange for products.
Although they are more costly to work with, macro influencers can be valuable collaborators for brands. They must have at least 100,000 followers, and a minimum engagement rate of 3%.
While engagement rates for macro influencers are lower, quality content is more likely to be shared by them as they have worked with brands in the past. Working with macro-influencers may be difficult because you might only have the budget to hire one or two. It is important to clearly define your terms.
Marketers must be careful when choosing their influencers. The fastest way to waste money is to choose the wrong influencers.