Author: Regina DeMars, Director of Content Marketing & Social Media
For many businesses, social media marketing is the tool of choice for reaching new audiences and nurturing relationships. However, if you’re finding it hard to attract followers and build engagement, you might need to kick your social media strategy into a higher gear.
This is where influencer marketing could boost your efforts. By connecting with experts in your field who have a large and engaged following, you’ll build on their social proof to extend your own and reach more customers. It’s a successful marketing strategy, proven to deliver valuable ROI and sales growth.
Let’s look a little deeper into the world of influencer marketing.
Ninety percent of businesses responding to a recent survey consider influencer marketing to be effective. In fact, some research suggests that influencer marketing can deliver eleven times the return on your investment when compared to other forms of digital marketing. Other sources indicate that businesses are making $18 for every dollar spent with influencers.
No matter how you stack it, influencer marketing has the potential to help you reach more customers and rev up your sales, and it’s relatively easy to get started.
Simply look at your customers to see who they are following and engaging with on social media. For an influencer campaign to be successful, you need to identify the accounts that influence your key audience.
Next, follow some of these accounts and engage with posts to build a relationship. In doing so, you’ll learn critical success metrics, such as how quickly the influencer responds to comments and how knowledgeable they are about your industry or products.
Last, take time to explore a number of accounts. Engaging with multiple social media influencers will help you narrow in on the individuals that are right for your business. Once you do, it’s time to reach out to discuss a possible campaign.
Influencer campaigns can take many forms. If you’re working with a nano influencer–those with fewer than 15,000 followers–it might be enough to offer a free product in exchange for a media mention.
Other influencers are open to a commission-based structure. According to a recent study, nearly 10 percent of influencers meet their primary revenue goals through affiliate marketing. That means you pay a commission every time someone clicks a link to complete a purchase of your product.
However, the vast majority of influencers make a living through endorsements. Similar to traditional advertising, you contract to have the influencer discuss your brand or a particular item. Some influencers have even been known to get quite creative when endorsing a brand.
One popular example is the product unboxing. Just send a boxed item and have the influencer open it in front of their audience as they discuss its merits.
If you’re wondering just how effective an unboxing can be, here is a fun fact from Think with Google. According to the company’s research, the amount of time spent viewing unboxing videos is equivalent to watching the holiday film “Love Actually” more than 20 million times.
However, if you’re not feel the unboxing vibe, no worries. There are a variety of effective approaches that you can take when working with influencers. Just remember that influencer marketing is a form of digital advertising. As such, both influencers and your company, are required to adhere to guidelines set by the Federal Trade Commission. Be sure that you are familiar with these requirements and that you and your influencer adhere to these regulations across your campaigns.
While you’re busy looking at professional influencers, don’t forget about your own customers, who can be some of your biggest fans. Monitor social media channels for mention of your brand and begin building relationships with your advocates.
For instance, customers who take the time to check in at one of your locations or those that leave positive online reviews could be a valuable resource when it comes to promoting your company. These customers show a strong brand affinity and therefore make some of the best influencer partners.
Many businesses are using influencer marketing to grow their reach and boost sales. Influencers can lend greater authority to your brand and help you build social proof. As a result, you should see your own social media following grow while sales rise.
If you’re looking to get more out of your social media efforts, it might be time to work with an influencer.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.