Hey there!
Are you struggling to sell your products online? If so, this blog is specially for you. We will talk about a marketing strategy that will never disappoint. Yes, we are talking about Influencer Marketing- an industry which is worth $22 billion. Big money…Isn’t it?
In this blog, we will tell you how to direct the flow of this money toward your pockets by making an investment that will yield high returns.
According to the 2024 estimates of Dash, every brand that invested $1 of its budget into influencer marketing has reaped $4.12 out of that. Given the increased potential of influencer marketing in improving your brand’s sales, we will inform you in detail about what influencer marketing is, its benefits, and how you can capitalize on it for your brand’s success.
So, scroll down for deeper insights!
What is Influencer Marketing?
Influencer marketing is a part of digital marketing that involves collaborating with famous internet personalities to promote one’s products or services. In this regard, brands search for famous personalities relevant to their niche. For example, if someone has a food restaurant, they will choose a popular food vlogger to promote his business online among his targeted audience. This way, brands use popular internet personalities to increase the visibility and reach of their business.
Why do Businesses Use Influencer Marketing?
No action in the world of business is taken without assessing its potential benefits. Brands look for customers to sell their products, while customers look for cheap yet credible brands to buy the products they are interested in. Between these give-and-take relationships are the influencers who provide businesses with potential customers and inform customers about trustworthy and high-quality products. Indeed, due to influencers’ ability to connect brands with the relevant audience, they are considered highly valuable for promotion purposes.
Importance of Influencer Marketing
Since micro-influencers these days have more influence over their audience behavior than TV personalities, brands usually resort to them to promote things online. Micro-influencers build small but loyal audiences due to the element of relatability, making them excellent partners for creating brand awareness, identity, and visibility.
Here are a few benefits of influencer marketing for brands:
- It builds social proof and ultimately helps increase sales.
- It makes the brand popular among the targeted audience radars.
- It motivates people to buy from the brand to fit into the bandwagon.
- If a brand has launched a new product, then influencer marketing is an ideal way of creating hype around that product. More specifically, the use of relevant hashtags attracts millions of customers.
- All businesses looking to export their products to new untapped markets can partner with local influencers to give a strong start to their products at a new place.
- Before buying products, people mostly check the online reviews and feedback of the brand. In this regard, influencer marketing builds a good feedback profile of businesses, increasing the credibility and authoritativeness of the brand.
- Influencer marketing also helps educate customers about the brand’s products in an engaging and interactive manner.
Challenges of Influencer Marketing
Influencer marketing campaigns are easier to launch as compared to traditional advertising and marketing strategies, but there are still some challenges that must be taken into account.
- The first thing is to overcome the challenge of finding the right influencers for your brand, product, or service. For that, you must profoundly and critically examine whether the influencer is profitable for promotion. Check for their audience size, engagement rate, niche specificity, online reputation, and fees.
- The second challenge for the brand is to establish a consistent professional relationship with influencers. Since influencers sometimes collaborate with multiple brands, setting the priorities clear from the start is imperative. Otherwise, the lack of consistency may interrupt the stable growth of results from the consumer end.
- Another challenge is to comply with the Federal Trade Commission influencer marketing guidelines. This is especially true with startups that are reluctant to reveal any material connection with influencers. Under the guidelines, brands can’t collaborate with influencers without disclosing complete information about their products, nor can they use deceptive advertising strategies.
- People are attracted to influencers because of their unique style of engagement and interaction. Not giving creative freedom to influencers promoting the product can be disastrous for the effectiveness of brand’s influencer marketing campaigns. More prominent brands often try to control the style of advertising. However, it is better to let influencers handle things in their own unique style because, in the end, they know better than anyone what intrigues their audience the most.
Measuring the Success of Influencer Marketing Campaigns
Measuring the success of your influencing marketing campaigns is key to assessing what’s working for you and what’s not. For this, you have to evaluate key performance indicators (KPI) like:
- Reach- how many people are viewing the content shared by influencers.
- Engagement- how many people actively participate in the influencer’s shared content by liking, commenting, and sharing it.
- Impressions- how many people see the promotion ads of influencers on their screens?
- Qualified leads Acquired- How effective are influencer’s marketing campaigns in helping you acquire the consumer’s data?
- Conversion rate- How many people have taken action to buy a product after seeing an influencer marketing campaign?
- Return on Investment (ROI)-How much profit does a brand earn by investing in a particular influencer marketing campaign?
Final Thoughts
Indeed, the influencer marketing campaign is a productive strategy for expanding the brand’s consumer base and shortening the sales cycle. It saves time and multiplies the money invested, yielding sustainable results. Since influencer marketing comes with specific challenges, delegating your task to professionals in digital marketing like UnityDiv is paramount for overcoming the possible obstacles. This is more so in the case of starting an influencer marketing campaign in a completely new market about which you have no practical knowledge.
For that reason, it is best to delegate your digital marketing campaign to UnityDiv highbrains. Feel free to contact us now to get the best quote.
