Influencer marketing is a comparatively new form of marketing being used in a number of marketing strategies
Influencer marketing is a type of marketing which allows brands to reach out to new audiences and increase awareness through influencers communicating with their followers on various social media platforms.
During 2017, influencer marketing grew significantly, with 63% of marketers increasing their budgets and over a third of spending up to $5,000 on influencer marketing in America. Unsurprisingly, this growth looks likely to continue in 2018. A Linquia survey has predicted that the majority of marketers this year will spend between $25,000 and $50,000 on influencer marketing, with 39% also looking to increase marketing budgets for it as well.
Influencer marketing is now considered one of the best ways for generating a high return on investment (ROI) through digital marketing, and because of this, it is not something that should be ignored. Below are five influencer marketing approaches that should be attempted.
Micro, Macro, and Mega Influencers
Influencers can be split into three categories consisting of micro-influencers, macro-influencers, and mega-influencers. Use of either of these different types of influencer can boost the SEO of any business but the key here is to find the right one to fit your campaign.
In 2017 micro-influencers were the winners, but this isn’t predicted to be the same in 2018. This year we are going to see brands making use of each type of influencer in order to target certain audiences.
Campaigns this year will use these three categories of influencers in various ways to create experiences that establish emotional connections between the brand and their target audience rather than being limited to just brand promotion.
Video Influencer Marketing
Video marketing is a trend that presently accounts for nearly three-quarters of internet traffic. According to The Next Web, compared with text-based content, videos are much more impactful and effective in increasing sales.
Compared with images and text, videos are fun, engaging and original, which is exactly what audiences want. This is one of the main reasons influencers use them for marketing. Videos allow for much more flexibility as well, as they can be posted on many different social media platforms, such as YouTube, Facebook, Instagram, and Snapchat.
The topic of the video can consist of a range of things, from product unveilings, tutorials or reviews.
Keeping Track of Your ROI and KPIs
One of the biggest challenges in influencer marketing is measuring the ROI. According to Linqia, 78% of marketer’s struggle with this. Aligning your performance indicators with the campaign’s goal and objectives, will simplify this task, as well as keeping your KPIs specific and measurable.
New software and influencer marketing platforms are continuing to be developed according to The Next Web. These tools will make the process of calculating ROI and KPI results much easier in the future.
One of the most popular platforms for influencer marketing in 2017 was Instagram. In September 2017 it reached a milestone of 800 million users using the social platform monthly. This year, the usage is expected to increase even more.
According to Mediakix influencer marketing is worth $1 billion on Instagram right now, with that figure expecting to hit the $2 billion mark by 2019. Not only is this platform a win-win for influencers, but brands can also make use of it to grab the attention of more potential customers and increase the number of followers.
As brands are incorporating influencers into more and more campaigns and strategies, the demand for influencers continues to grow. But along with this increased demand comes an increase in costs of their services. In the past, sending influencers free samples of products or free trials of services would sometimes suffice but now businesses may now have to put in more effort as influencers value increases.
Fortunately, it is not all about the money for influencers, and some will want to be more selective and careful about the brands they work with – preferring to only work for brands that want to forge a long-term partnership.