Influencer-marketing has moved from being a buzzword to value creation. Want inspiration on food? Or do you need to do a recce on what car to buy next? Everyone goes online to check! Thus, it makes it imperative for brands to have reviews available on all digital platforms to communicate their brand message effectively to the right mix of target audience.
Gone are the days when attention-grabbing ads or catchy radio jingles were top marketing mantras to scale up sales. The modern marketing mix of today boosts of influencer strategy. The growing urge of connecting with consumers via social media has become mandatory. People go online to get suggestions from experts when it comes to making a brand choice.
As the name suggests, influencer marketing is an approach wherein brands focus on using ‘opinion leaders’ to drive a brand’s message to the right target audience. Instead of marketing directly to their consumers, brands let influencers advocating for them. We bring to you five reasons why influencer marketing can be the game-changer!
Unlike any other marketing approach, influencer marketing allows brands to gauge results of their campaigns really fast. As it is deliberated through social media channels like Facebook, Twitter, Instagram and blogs, the response and communication is always faster, and brands are in a better position to address the consumer’s doubt, if any. Moreover, these are organic conversions, and the brand gets the opportunity to reach out to, engage and impact consumers like never before.
Take US-based retailer, Lord & Taylor, for example; they crafted a campaign where 50 Instagrammers posted pictures of themselves wearing the same dress on the same day at the beginning of a weekend. Result – the dress got sold out promptly the following weekend.
Through their authentic content and popularity, influencers have earned trust of their followers; and brands have a lot to gain from this affinity. According to a research, 92 percent customers actually trust recommendations from strangers (i.e. influencers) over brands. Users today, trust their peers and networks more than any brand. This means, brands are in a great position to effectively drive their message through key influencers, and validate their positioning through their commanding presence.
Thanks to social media, consumers today have more power than ever, and they expect to engage with brands in real time. For consumers, social media channels are a preferred medium and they expect brands to respond proactively.
But unfortunately, social media marketing is often just a fraction of a company’s overall marketing plan. As a result, it can be hard for brands to keep track of social media interactions in real time, especially if they don’t have a team dedicated just for this. Now, this is where influencers can help.
According to a report, over 85 percent of influencers spend six or more hours a week researching, creating, posting, tracking, and responding to followers. So where brands may be unable to make social media their main priority, influencers surely can.
While spending on print, electronic advertisements and paid searches can be ridiculously expensive for brands, influencer marketing, on the other hand, can be a much more cost-effective way.
According to the Economic Impact Report, a recent survey by consulting group Tomoson revealed, influencer marketing yields an average return of $6.50 in revenue per $1 spent, with 13 percent of global brands reporting an impressive return of $20 per $1 spent.
Moreover, brands not only receive a much higher return on their investment but customers obtained through word-of-mouth have a 37 percent higher retention rate than other strategies – giving brands a chance to reap in long-term advantages of their investment in a real, human advocate who can influence potential consumers even outside a paid campaign.
Zeroing in on influencer & channels
Assuming that by now you are convinced why influencer marketing is important, finding the right influence for your business becomes the next important thing. Influencer marketing is a wasted investment if you are not working with the right influencers.
So, these influencers should be typically selected on the basis of your brand’s requirement, products, and the target audience. While it might be tempting to use definitions like unique visitors or Twitter and Instagram followers as a measure of influence, it’s important to look deeper and see how effectively an influencer can resonate with your brand. Your influencer should have the knowledge and expertise in the subject that they are going to speak about.
Once done on-boarding the right influencer, next big step is to choose the right channel. For instance, a B2B analytics and retail-solution provider company probably shouldn’t be spending much time trying to increase Instagram or Facebook engagement, since their audience is going to exist more on Twitter and LinkedIn.