As social media platforms became an integrated part of society, it offered all people a place to let their voices be heard.
Inevitably, a few voices rose up from the group to the interest of many. These people became a new type of celebrity, creating content and establishing followings and followers alike.
These people are now known as influencers, named due to the considerable amount of influence they hold among their community.
Just like celebrities advertising a product in a commercial, so too do these influencers continue to play a part in marketing.
Utilizing the fame, followers, and various groups or niches of these influencers to advertise a product or a brand is a marketing practice called influencer marketing.
We’re here today to share a few things you didn’t know about the effective marketing practice that is influencer marketing.
Things You Need to Know About Influencer Marketing
Influencer Marketing Statistics
In order to see how effective and important influencer marketing has become, let’s look at key pieces of data and statistics that have been collected over the past years.
In 2018, approximately 40% of companies planned to invest more of their budget in influencers. Two years later, this number has grown to more than 60%, showing just how important brands see what these influencers can do.
In the same year of 2020, it was also seen that 17% of companies will be spending half or more of their budget on influencers marketing a product or brand. While this number may seem small, it still shows how certain companies or brands value what these influencers bring to the table.
In terms of returns on investment (ROI), this statistic may shock some people. Almost 90% of companies or marketing agencies say that the ROI from influencers is equal to, if not greater than, traditional marketing channels.
There are many social media platforms out on the internet right now. However, there is one platform that has risen to the top. This platform is Instagram.
While YouTube and Facebook remain viable social media platforms, Instagram offers something that the other platforms don’t. This “x-factor” comes in the medium of the content, namely photos.
The fact that people are able to create and share content easily allows for more people to market on Instagram easier. In fact, in these past years, millions of sponsored posts from influencers have been posted, making Instagram the current promised land for influencer marketing.
Moreover, the easy posting of photos has allowed for the rise of “micro influencers” or those that have groups that are between 10,000 to 50,000 followers. These micro influencers allow for a brand or product to reach a target audience at a fraction of the price.
Goals of Influencer Marketing
Just like in traditional marketing, influencer marketing has a variety of goals. Understanding the goal of the marketing campaign will help identify the required actions and provide a general direction for it.
Marketers have cited five goals that companies or brands should choose from.
The first is increasing brand awareness. This is one of the most popular goals. It means getting as much visibility on a product, service, or brand. This is measured via impressions, engagement metrics, and reach.
The next is reaching new audiences. Each influencer has a following or community with distinct demographics. These include age groups, gender, location, and the interests that they have among others.
Selecting the right influencer that aligns with a target audience is important. However, utilizing an influencer with a totally different audience is also as important.
The third goal is generating sales. Many influencers are able to drive sales, with the best part being that these sales can be tracked to specific influencers. These come in the form of custom landing pages, custom links, and custom discount codes.
The second to the last goal is increased brand advocacy. Influencers can do something as simple yet as effective as talking about a brand. These real conversations with their followers can help to bring more support to a brand, product, or service.
The final goal we have is driving lead generation. With the help of influencers, the collection of emails, names, subscriptions, and new accounts can be facilitated.
With influencer marketing being so effective, many may be wondering how one would approach influencers. The first thing to do is build a relationship with them. Follow their content and social media accounts. Most importantly, interact with their content and community.
This will allow for these brands to get to know the influencer and their following. Like anything in marketing, research is important. It is no different with influencers.
Once the influencers begin to take notice, reach out to them by sending an email. If the influencer is big though, there may be an agent or publicist that you need to connect with first.
Unleash the Power of Influencer Marketing
Influencer marketing has recently come to the fore, and has no signs of slowing down. Statistics say that spending on influencers will likely increase, with their ROI being as good if not better than traditional marketing.
There are a plethora of goals that brands can choose from. These allow influencers a wide array of actions to reach certain goals. The only thing to do is decide which goal you’d like to pursue and partnering with the right influencer for the job.