Influencer marketing is one of those terms that no small business owner or marketer can afford to ignore. If you have friends, fans, followers, connections, subscribers, circles, groups, and any combination thereof, you may want to utilize the power of their influence. Here’s a brief overview of influencer marketing and how to take advantage of this popular strategy.
During 2017, companies spent more than $1 billion dollars on influencer marketing.
Influencer marketing is currently considered the best way for generating a high return on investment (ROI) through digital marketing. Forbes claims that influencer marketing is the most effective way of advertising.
The term “influencer marketing” has become the most searched item on the internet, after it saw an increase of 90 times from 2013 to 2016. More brands are implementing this form of marketing to boost their returns. To grow your brand in 2018, below are five influencer marketing approaches you should try.
1. WORK WITH MICRO, MACRO, AND MEGA INFLUENCERS.
Marketing campaigns with influencers can boost the SEO of any business. The key is to find the correct type of influencers for your campaign. Generally, influencers are classified into three categories: mega-influencers (celebs), macro-influencers and micro-influencers.*
2. TRY VIDEO INFLUENCER MARKETING.
Video marketing is a trend that’s been hard to ignore in 2017; it presently accounts for nearly three-quarters of internet traffic. According to The Next Web, videos are more effective and impactful at increasing sales compared to text-based content. Video marketing will the next biggest trend in the coming year.
3. TRACK YOUR ROI AND KPIS.
According to Linqia, measuring ROI in influence marketing is the biggest challenge(report 78 percent of marketers). To simplify this task, your performance indicators should be aligned with the campaign’s goal and objectives, and your KPIs should be specific and measurable.
4. INVEST IN INSTAGRAM STORIES.
In 2017, Instagram proved to be the most popular platform for influencer marketing campaigns. In September 2017, Instagram reached a milestone of 800 million users using the app on a monthly basis. In the coming year, the use of Instagram as a marketing platform will increase even more.
Currently, influencer marketing is worth $1 billion on Instagram, according to Mediakix. And it is predicted that it might cross $2 billion by 2019. Instagram is a win-win opportunity for brands as well as influencers. A visually beautiful and relevant post will grab the attention of more potential customers, and it can increase the number of followers.5. BUILD A STRONG INFLUENCER RELATIONSHIP.
As influencer marketing grows, so, too, does the demand for influencers. More brands are incorporating influencers into their campaigns and marketing strategies. However, along with increased demand, the costs and value of their services are increasing as well. Previously, sending influencers free samples of products or free trials of services would sometimes suffice as compensation. In the coming year, however, businesses will have to put in more effort.
*For the record, mega-influencers have more than a million followers; macro-influencers have anywhere from 10,000 and a million followers; and micro-influencers have between 500 and 10,000 followers.
Recently, veteran marketer and cartoonist, Tom Fishburne, described an “influencer marketing land grab currently underway.” His cartoon on the topic nails it, and we encourage you to read his related post in its entirety.
Have you tried influencer marketing? Feel free to share your tips and experiences in the comments section of this post.
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