Being an acceptable marketing practice with 25% of marketers on the platform, influencer marketing has grown because of the following factors:
- 72% of GenZ and millenials are following social media influencers.
- Around 83% of marketers have added influencer marketing to their budget planning.
- Approximately 50% of millennials trust products promoted by social media influencers.
- For every $1 invested in influencer marketing, the business generated $6.50 in revenue.
These numbers speak to the credibility of influencer marketing.
Now let’s discuss the three R’s of this new trend marketing:
1. Relevance
The first R of influencer marketing refers to the relevance of your content to your audience. If the influencer you choose for your brand aligns with the identity, niche, and products, then bingo! You hit the jackpot. The relevance helps you increase your sales and make your brand come alive on social media.
It’s also essential for the influencers to share interesting content with their followers so that they convert and become your loyal customers. The perfect example was Morphe Brushes. They collaborated with famous beauty influencer James Charles, creating campaigns on eyeshadow palettes and ranges. The collaboration went well, and the brand got exposure on social media with increased sales revenue.
2. Reach
The second pillar of influencer marketing is reach. The number of people who see your brand message will be directly proportional to the influencer’s size on social media. Influencers with higher reach will expose your brand to more people. But the term is not only defined by the number; it also depends on the influencer’s popularity and general perception of their community.
For example, a luxury watch brand, Daniel Willington, will seek an influencer marketing strategy based on a ‘reach’ mindset. They will choose 2 to 3 relevant influencers from social media so that their message goes to a larger crowd. They will attract their followers by giving them personalized discount codes. This will improve the resonance, and they can sell 1 million watches annually. The concept of ‘reach’ is perfect for brands who look for a combo of ‘micro and macro influencers.’
3. Resonance
The third and last pillar of influencer marketing is the level of engagement an influencer can make with its audience and increase the brand engagement rate. It’s a simple truth: if any influencer engages well with their followers, they can encourage them to like, comment, share, visit the website, and purchase.
According to a report, micro-influencers with a following of 10k to 50k resonate highly with their followers. You will always find their engagement rate 60% more than macro-influencers.
These three are the main pieces of the influencer marketing puzzle. But there are some tips to follow before kick-starting your journey:
1. Niche Relevance
Always go for influencers who align with your brand’s name and essence. Their content and followers must reflect your target audience and future consumers.
2. Keep Balance In Engagement And Reach
Instead of focusing on the follower count, go for the influencer’s engagement rate. An influencer with few followers but higher engagement will play a vital role in influencer marketing.
3. Resonance Over Popularity
Influencers who connect strongly with their audience are a boom for your brand. Authenticity and trust lead to a higher conversion rate.
4. Diverse Influencers Portfolio
Always go for micro and macro influencers combo to reach the broader target audience. It also helps in creating subgroups within your target audience.
5. Keep Regular Evaluation
Keep evaluating your 3Rs throughout your campaign. Adapt and modify according to your strategy to minimize your result.
Conclusion
Being a fast-moving tactic, influencer marketing can be learned only by watching the latest trends and checking audience expectations. Your product relevance with the influencer will lead you to higher engagement. For more details, visit coupons24x7.com.
FAQs:
Q1. Influencer marketing: What does it do?
Ans: Influencer marketing is how well-known social media users work with firms to promote their goods and services. This informal alliance dates back to the early days of social networking.
Q2. What makes influencer marketing so effective?
Ans: Adopting a successful influencer marketing approach necessitates speaking with the appropriate audiences through channels and influencers. Establishing your target audience for this particular campaign is the first step. Creating audience personas is an excellent way to ensure you know who you are attempting to target.
