20 Jun What You Need to Know About Influencer Marketing
Influencer marketing is experiencing incredible growth, expected to hit $13.8 billion dollars this year. COVID-19 has not put a damper on this popular marketing tool, as once feared it might. On the contrary, it has grown from its market size of $9.1 billion last year.
Influencer campaigns are a highly effective strategy, with brands large and small achieving success with their promotional and marketing efforts. Well established brands and startups alike are enjoying the powerful return on investment from working with influencers. For every dollar invested in influencer marketing, brands are enjoying an average of $18 in return. Not too shabby.
There are various ways to work with influencers, which SocialCow’s founder explains in this New Level News article.
Once you decide on the right campaign for you, the next step is to select the right influencers to work with. If you are focused on growing your following, loop giveaway campaigns can be found here.
While you can scour their profiles manually, using an influencer management system can help you streamline the process. This technology contains all the information you need regarding the personalities who are available as well as their reach. Using data analytics, you can drill down and make targeted decisions on a complex range of data points, so you’re spending your campaign money wisely.
This type of campaign is valuable for raising awareness but it also increases sales, in ways that are measurable. Setting up your influencer program properly from the very start, it is possible to measure the aspects that show if the campaign is working in three key categories: brand lift, online sales lift and retail sales lift. One way to track the effectiveness of the campaign is to assign promo codes to each influencer so you’ll know without questions which influencer is giving you the most bang for your buck in sales. Affiliate links are the industry standard in being able to gauge sales and keep track across all of the apps that exist.
Next, be patient. You’re establishing a relationship with the influencer and this needs to be nurtured like any other partnership. Your campaign takes time to sink in with the key demographic that you are trying to reach. In traditional advertising, using an annual sale or other type of incentive, the reaction of the consumer is noticeably faster. Give your influencer campaign at least a one quarter, or three months, to penetrate the audience. If you can devote six month to an influencer cycle, that’s even better. At the three month mark, regardless of the duration of the flight, take a serious look at the revenue, new customers and number of orders that have been generated by this work. If you need to fine tune messaging or product selection, that’s the time to pivot but stay the course.
When it comes to creative for your social media ads, influencer videos are sheer gold. Your best, most thoughtful creative will never compare to the view-through and click-through rates of popular influencers for one main reason: their videos don’t feel like advertisements to the people watching them. The influencer is the trusted advisor and their videos will outperform anything that you can construct. When you iron out the details of the campaign with the influencer, secure the rights to show their videos as ads on social media.
At SocialCow, an influencer marketing agency in New York, we believe in the power of bringing the right influencers to our clients. Call (631) 212-8402 to find out how influencer marketing can work for you.