As social media platforms continue to flourish, so does the impact of influencer marketing. According to the Influencer Marketing Hub, the influencer industry has an expected value of $13.8 billion in 2021, compared to only 1.7 billion in 2016. That’s over an 800% increase in only six years!
Why is influencer marketing so popular?
- According to a poll of marketing professionals conducted by Tomoson, businesses are making $6.50 for every $1 spent on influencer marketing.
- A case study found that 40% of customers use ad-blocking technology on their laptops and 15% on mobile. Partnering with an influencer will help you get around these ad blocks and still engage potential customers through a source they trust.
- Forbes and Elite Daily found that only 1% of millennials trust advertisements. However, 33% of them trust blog reviews for their purchases.
How do I create an influencer marketing strategy?
- Set your goals
- Are you hoping to increase brand awareness, sales, social media engagement, or followers? Whatever your goals may be, it’s best to define them early on.
- Choose the campaign type
- There is an abundance of marketing campaign formats to choose from, but some of the most efficient are:
- Affiliate Links
- Contest & Giveaways
- Discount Codes
- There is an abundance of marketing campaign formats to choose from, but some of the most efficient are:
- Find your influencer
- A few key factors to consider when searching for influencers to partner with include:
- How often do they post branded content? If it is over 50% of their posts, then your ad runs the risk of being lost in the background.
- How engaged are their followers? Accounts with large followings and very low engagements may be scam accounts or have experienced a loss of popularity which means your campaign won’t reach as many people.
- Do they post content that relates to your field? For example, suppose you’re a gaming console designer. In that case, you’ll want to find an influencer who posts about video games or gaming technology because their audience is the most likely to engage with your ad.
- A few key factors to consider when searching for influencers to partner with include:
- Reaching out
- Check their bio or website for their contact information.
- Influencer compensation
- What influencers charge depends on their following, campaign format, and the type of content you are requesting. As a common standard, though, most influencers prefer charging a set fee or receiving a percentage of the sales made through their campaign.
- Launching the campaign
- If your campaign relies on the influencer posting through their personal accounts, it is essential to check their posts and ensure they follow FTC requirements and their platform(s) sponsored post guidelines.
- Review and improve
- Once your campaign is complete, it’s time to look at the analytics. Use this time to figure out what aspects you would like to keep for future campaigns and what you want to change. The more you do this, the more success you will see in your influencer marketing.
Looking for some inspiration?
JBL’s Campus Student Ambassadorships are an excellent example of influencer marketing done right. They work with their student ambassadors to create buzz-worthy social media content, develop networks, and host engaging events to market their speakers, headphones, and gaming accessories. This initiative has successfully improved their campus brand awareness, making them a top choice for students worldwide.
Want to learn more about influencer marketing? Let us know in the comments!
Sources: influencermarketinghub.com, tomoson.com, forbes.com, sproutsocial.com, marketingland.com, ftc.gov
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