Ever wonder about the Power of Influencer Marketing? As the world of marketing continues to evolve, influencer marketing continues to lead the way in 2020. According to the Influencer Marketing Hub, influencer marketing is expected to increase to $9.7 billion in 2020.
Its rise to the top of the marketing chain is understandable; it can be cost-effective, inspire consumer trust, and provides an ROI 11 times higher than traditional marketing.
Yet for brands to harness the true benefits of an influencer marketing campaign, they need to tap into some of the best practices for making influencer marketing an effective inclusion in their brand’s marketing campaign.
Fit The Right Influencers: Ensure Your Influencer’s Morals And Platforms Align With Your Company’s
A large part of having a successful influencer marketing campaign is choosing the right influencers to work with and represent your brand. Before doing this, businesses need to be clear on what they want out of their influencer marketing campaign and the kind of influencer campaign they are aiming to run. For instance, social media takeovers are great for increasing brand awareness amongst the younger marketing demographics and creating a buzz around your brand.
For instance, Sephora uses social media takeovers with beauty industry professionals and celebrity marketing artists like Tamanna Roashan, while beauty brand Fenty is known for its Instagram Stories takeovers. Similarly, other brands like Skinny Me Tea have been able to successfully utilize brand ambassador campaigns as their go-to influencer marketing tactic.
Another tip to find the right influencer for your marketing campaign is to utilize market research to find influencers talking and writing about products in your industry and your competitors. You can also choose influencers that share your brand’s target audience. For this, a target audience analysis is needed. Finally, consider the values, reach and engagement of your shortlisted influencers. For cohesiveness across the brand, you ideally want to work with an influencer that promotes the same ideals as your brand does.
Balance The Costs With Engagement Rate By Using Micro-influencers
One of the perks of using experts in promotion strategies is that it can be a great low cost but high return marketing channel. Influencer marketing is also highly effective in building customer trust. Around 63 percent of people trust influencer insights more than brand messages, according to Edelman’s 2019 Trust Barometer Special Report. Because of this, influencer marketing can be particularly effective for small businesses and startups with limited budgets. For every $1 spent on influencer marketing, businesses can earn up to $5.78. What sparked these ‘influencer marketing stats and trends‘ is the authenticity of this approach. Today customers are more likely to trust and follow the recommendations of other real people.
However, if you’re not careful, your marketing budget can go unrewarded if your influencer’s engagement rate isn’t formidable. The rising costs of working with influencers in identifying fake followers and engagement is cited as a common challenge of using influencer marketing by one-third of marketers. To steady those rising costs, businesses can explore the use of micro-influencers – those with 5,000 to 100,000 followers.
Nano influencers are also growing in popularity. Both are more affordable options, and often have a higher engagement rate with their followers (6.3 percent). They are also seen as more relatable, which inspires consumer trust. A brand that has managed to do this successfully is HiSmile, who invested a majority of the startup capital in social medial marketing and prioritized micro-influencers from the beginning.
Integrate Your Influencers Seamlessly Into Your Digital Marketing Strategy
Finally, be sure to combine your influencer marketing campaign into your digital marketing strategy to achieve a streamlined marketing message. While influencer marketing comes with great benefits, it very rarely achieves these on its own. Therefore, merging your influencer marketing efforts with other marketing channels increases visibility and impact. For those businesses with content marketing, they can have their influencers do guest posts on their blog.
Alternatively, you can include them in your other branding and promotional events – both offline and online. This creates the chance to increase interest in marketing events and provides a collaborative marketing opportunity.
There remains a lot of opportunities for businesses to benefit from influencer marketing – if it’s done right. Making a conscious effort to integrate influencer marketing into your overall marketing strategy and choosing influencers that align with your brand values and image are a great place to start.