Why Influencer Marketing is Getting Hotter
A lot of talk has been going on about influencer marketing and it is expected to become an integral part of marketing strategies to engage audiences on various social media platforms. Why? Because today’s audiences are more careful; so before they make any purchase decision, they are likely to read reviews and research about the products/ services. In this case, they are more prone to believe their friends, family, and other well-known public figures.
Say, you post a YouTube and it gets endorsed by YouTube makeup video blogger Michelle Phan, who has more than 7,600,000 subscribers. Can you imagine the impact? Thousands of people will view your video and subscribe to them and you will get immediate popularity! That’s exactly where the beauty of influencer marketing lies — the potential domino effect!
According to a poll conducted by online promotions firm Tomoson, marketers rated influencer marketing as the most effective way of online customer acquisition tactic, paid search, beating organic search and email marketing. It results also suggest businesses are generating huge returns by implementing influencer marketing; about $6.50 for every $1 spent.
Crowdtap, a Social influence marketing platform along with Ipsos Media, a marketing research firm found in their study (Social Influence: Marketing’s New Frontier) that audience aged between 12 and 32 spend about 30 percent of their daily media time, consuming ‘user generated’ content or ‘peer-to-peer’ content; as compared to only 13 percent of the total media time, watching live TV and 10 percent watching recorded shows. More and more people prefer user generated content as compared to other forms of media.
Why is Influencer Marketing Important?
According to a study by McKinsey, ‘marketing-inspired word-of-mouth generates more than twice the sales of paid advertising and these customers have a 37 percent higher retention rate’. Influencer marketing can be defined as the marketing strategy that focuses on identifying and targeting individuals who can influence the buying decisions of potential customers.
All the statistics indicate that influencer marketing becoming a crucial part of marketing strategy. But what is leading to the massive success of influencer marketing? Here is why influencer marketing is becoming a rage:
Greater Impact on Potential Customers
Almost 20 to 60 percent purchase decisions are driven by word-of-mouth recommendations according to studies by McKinsey, Nielsen and others.
Whether you choose journalists, celebrities or social figures, they already have a strong relationship with the potential customers and your targeted audience are likely to believe whatever these influencers have to say. So by engaging an influencer you can attract higher quality leads and the retention rates are also higher.
Influencer marketing offers an excellent ROI and is much cost-effective than online advertising. Studies show that offers endorsed by reliable influencer or brand ambassador bring in 4x – 12x higher ROI than the offers endorsed by the brands themselves.
Better Social Engagement
Facebook and blog prove to be the best platforms for engaging influencers as compared to other channels. 37 percent marketers agree blogs are the most effective platform, followed by Facebook (25 percent). So by focusing on these platforms, you can get impressive results.
With increasing budgets and marketers gaining better returns, influencer marketing is set to take over all other online marketing strategies. 92 percent of today’s consumers trust word-of-mouth from friends, family and even people they don’t know, according to Nielsen. Now you exactly know why it is wise to include influencer marketing in your regular marketing plan.
How to Identify and Engage Influencers
Influencer marketing is one of the most effective ways to expand reach and improve credibility of your brand. So it is important for brands to identify people with a wide reach who can spread the message about their companies. Here are some quick tips that will help you attract influencers and engage them successfully:
Instead of looking for high-profile influencers, it is wise to start looking for grassroot influencers who are considered influential among smaller groups. Build strong relationships with the influencers and then expand the group. As you grow your network, you will catch the attention of the bigger influencers and they will also be willing to work with you.
Finding influencers is not an easy task, however, it isn’t even impossible. There are a number of tools like Traackr that can help you locate the biggest influencers in your niche. Not only this, the tool will also help you contact the influencers and build relationships with them.
When looking for influencers, don’t just focus on the number of followers; rather look for the amount of responses and conversions. Remember, if an influencer has a widespread reach, then chances are that he/ she will receive hundreds if not thousands of requests. So take time to know the influencer and personalise your messages. Find stories shared by the influencers, comment on them, add value by adding sharing valuable information in connection with the story and build a trust factor. Once you build a relationship, you will be in a better position to ask for a favour.
Make sure to show gratitude whenever an influencer endorses your brand or shares your content. You can either send a direct message or acknowledge the efforts on a public platform. Influencer marketing is not a onetime game; it is a long-term engagement. So if you established a relationship with an influencer, you must nurture it further. Share and comment on posts and whenever possible add more value to their content (but make sure you don’t overdo things).
Influencer marketing is getting hotter and all brands must consider including it as part of their marketing plan. By involving influencers, you will not only expand your reach but you will also improve the credibility of your brand.
So if you still haven’t considered this aspect of marketing, it is high time that you start doing so. High-quality content is surely important, but delivering it to your targeted audience is even more important. So identify the influencers in your niche and engage them, so that they spread the word and make your content visible.
Have something more to add? Tell us your experiences with influencer marketing. We’d love to know!