How Effective is Influencer Marketing in Attracting Customers?
There is no denying on the significance of influencer marketing for businesses. Even small pop-up stores are learning about this marketing phenomenon. It has become the standard PR and marketing strategy, but many are still unsure on how to effectively use the influence. Statistics show that:
- People between 18-34 years prefer a recommendation from a social media influencer (Media Post)
- B2B decision-makers rely on trusted online communities when buying (Forrester Research)
- All buying decisions are directed by word of mouth recommendations (McKinsey and Co.)
A case study done by Nielsen Catalina Solutions and TapInfluence, showed that influencer content generates ROI that is 11 times greater than traditional digital campaigns. (Influencer campaigns earn $6.55 for every $1.00 spent). This is not to say that it’ll work for every single business under the sun but it’s definitely worth exploring.
To create a successful influencer marketing campaign, you need to:
Determine Your Objectives
- Identify your target group of audience
- Make a financial plan
- Build up Key Performance Indicators (KPIs)
KPIs to consider include audience reach, result, views, engagement, click-throughs, increment in followers and sales.
Strategically Select Your Social Media Channels
- Social Media channels offer an assortment of engagement possibilities. The platforms you select to use will depend upon your objectives. Multi-pronged platforms are typically used to achieve a diverse audience.
- Seek channels based on target group and the sort of engagement you need to accomplish.
Find a credible influencer to be your ambassador
The influencer you select will speak for your image and will be an ambassador for your brand. Do a detailed research before moving forward with an influencer. Research ideas before getting in touch with an influencer. Do not only choose an influencer based on the number of followers. Explore small scale influencers (or better known as micro influencers) too. Micro influencers tend to have loyal, highly engaged fans. You can seek out a potential influencer by hashtag searches – to find out who is already doing posts about your brand, via a keyword research, an influencer marketing tool or ask others for recommendations (including influencer marketing agencies).
Measure Your Outcomes
The beauty of digital campaigns – you get to measure if it is performing to the best of its capacity. Review KPIs and assess if you have reached these targets.
- Have you made any progress (in terms of engagement, reach or sales conversions)?
- What did you learn from your audience?
- Which posts garnered the best results?
- Which posts are underperforming?
Influence marketing is a strategy that needs to be incorporate into the larger marketing mix. Digital marketing campaigns takes time, budget, dedication and most importantly, planning. It is imperative to build relationships with the influencers that you work with – you can’t buy your way to success. There is that unspoken risk that the results may come up short of expectations. With this awareness, brands can minimize the probability by careful selection and allocating their influencer marketing budget wisely.