Influencer Marketing: Strategies to Boost Sales and Conversions
Have you noticed most brands and businesses are trying to use email and mobile advertising as a marketing medium only to generate sales and get better ROI?
Needless to say, these marketing mediums are gradually losing their effectiveness, since most consumers today are getting bored of seeing ads everywhere all day long.
The key to effective online marketing lies in taking the right steps and choosing mediums that will stay effective for times to come – and that smart move is influencer marketing!
This article covers everything you need to learn about influencer marketing; what’s influencer marketing, what’s the current state of this form of marketing, how it’s helping a myriad of savvy digital marketing agency to get the job done well, and how you too can build your own influencer marketing strategy today.
Let’s get started.
What Is An Influencer Marketing?
In simple terms, influencer marketing is nothing but leveraging the reach of an already existing influencer who has a strong brand reputation and a large following in a specific niche – which you can use to promote your brand, endorse your products or services, or even co-create content with intent to increase the brand awareness for your business and consequently drive sales.
As Anja Skrba, a marketing expert at First Site Guide, explains,
“Influencing is all about connecting with your audience, and that’s exactly what marketing of today revolves around – making people feel connected with the product and the brand that promotes that product.”
So, if you are looking for a rock-solid way to grab the attention of your target audience, you definitely need to find an “influencer”, someone who already has their attention.
How Does Influencer Marketing Help Marketers?
Did you know consumers are now turning towards installing ad blocking software on their devices to get rid of the noise of online advertisements?
When consumers are taking extreme measures to block advertising, don’t you think it makes more difficult for brands and businesses to try and keep up with the digital marketing landscape? Of course, it does!
When you take a closer look at the stats below, you will clearly understand why influencer marketing has grown to become such a popular form of online marketing to drive sales:
- Around 40% of respondents claimed that they bought a product online after seeing one of their social media influencers use it on Instagram, YouTube, or Twitter.
- Only 1% of millennials trust advertisements. But at the same time, 33% of them trust blogs for the product reviews.
- Influencer marketing typically yields a $6.50 ROI ( return on investment) for every single dollar spent towards it.
- 81% of savvy marketers who have leveraged influencer marketing found it to be very effective.
How to Build Your Influencer Marketing Strategy?
- Document your marketing goals and KPIs (key performance indicators).
The top three goals when you venture into influencer marketing are:
- Building brand awareness.
- Attracting a larger audience.
- Facilitating lead generation.
Align your top KPIs along with these goals and keep a tab on them to figure out the best influencers in your network.
- Explore the social media influencer landscape in your niche.
Here are some tips to help you execute this step:
- Expand your reach beyond top social media platforms like Instagram.
- Leverage all the available tools for finding and effectively reaching out to the influencers in your niche.
- Find micro-Influencers in your niche.
- Calculate fair compensation for your social media influencers.
Fair compensation greatly varies depending on the terms of your partnership, project scope, the size of the following audience and its quality, and also the length of the agreement.
Even though some influencers are happy with receiving gifts or free products, others prefer working on an affiliate basis and getting a commission for the sales achieved from their referrals.
Having said this, ongoing monthly fees are becoming the norm for attracting social media influencers.
Final Thoughts On Influencer Marketing
With demand for consumer attention constantly on the rise and the surge in the available product options, consumers are now beginning to lose sight of who they can actually trust. It’s becoming more important than ever to find social media influencers who can push your products or services online.
Thus, building an effective influencer marketing strategy is quintessential for growing your business online, generate better sales, and boost conversions.
For more tips and advice regarding social media marketing, don’t forget to check out this space for future updates.