In the digital age, all brands can benefit from a deep understanding of influencer marketing because the way consumers have made purchases has shifted dramatically. 

In addition, 9 out of 10 brands use influencer marketing as a significant portion of their campaign efforts, so it is critical in increasing your brand’s recognition and prominence. We will examine key factors of influencer marketing to help your brand along its journey.

What is Influencer Marketing?

Influencer marketing is the collaboration, cooperation, partnership, and advertisement marketing style whereby companies work with creators and key opinion leaders (KOLs) to have them market their products. For example, a multinational company sends products to an influencer in exchange for promotion through a blog, social media post, or video content. The idea is often, but not always, a review of the product or service and can involve the influencer receiving payment for the collaboration. TikTok, YouTube, Instagram, and Facebook are popular platforms for brands to partner with influencers.

It is crucial for all brands, both well-established and new ones, to have a deep understanding of influencer marketing to make good use of it, as it can be a critical way to market your products and services and increase your conversion rate.

Why Should You Implement Influencer Marketing Campaigns in Your Brand? 

Influencer marketing can be a cost-effective way to share your products with the world, as studies show that, on average, influencer marketing campaigns have a value of $6 - $18 earned for every $1 spent. Thus your social media campaigns will likely yield high returns on investment (ROI) and increase your brand’s widespread publicity. Of course, who your products are being marketed to matters as much as what it is you are selling. Consumers are not the same and do not have similar spending habits, but typically brands find that the quality of customers who engage with their products via influencer marketing campaigns is higher than any other sort of marketing. For example, 51% of brands saw better results and better quality customers from influencer marketing campaigns compared to different campaign styles.

Influencer marketing campaigns have a value of $6 - $18 earned for every $1 spent

It is apparent that influencer marketing produces high ROI and usually yields high conversion rates with high-quality customers, so the next question could be, “what is the best way to market my products via influencer campaigns”? According to research conducted by Tomoson, blogs have the highest ROI and are also the most impactful in the realm of influencer marketing. 37% of brands surveyed stated that blog posts yielded the best results for their marketing campaigns, and 25% said that Facebook yielded the best results. While Youtube, Twitter, and Instagram all had single-digit rates. This insight points to a preference among brands to work with bloggers and Facebook influencers since their products sell more on those platforms.

Influencer marketing is a booming channel for selling products compared to email or search engine marketing. According to Tomoson, 22% of brands said that influencer marketing is the fastest-growing channel for companies to market products. It is a new wave in the marketing space, although it existed in its earliest form in 2006. However, full-fledged marketing of this type did not become popular until the mid-2010s. 

22% of brands said that influencer marketing is the fastest-growing channel for companies to market products

So, whether to incorporate influencer marketing into their strategy, brands and businesses should consider that it is an impactful, growing, cost-effective avenue to showcase products or services to the world and a great way to build rapport with their audiences.

How to Build a Successful Influencer Marketing Strategy?

Like any other marketing, influencer marketing should be approached carefully and tactfully to ensure successful campaigns and partnerships. However, there are a few things you can do to ensure success in your influencer marketing strategy and the longevity of your brand.

Understanding Influencers

Different types of brands require different types of influencers. As a brand, you must figure out how your products fit into the social media landscape and the correct influencers for your campaigns. Some influencers occupy small niches or attract specific audiences that may be good, bad, or neutral for your brand, and you want to ensure that you are working with the best and most appropriate influencers. This process requires research, time, and planning. For example, do you choose a mega influencer with millions of followers, a nano influencer with 5,000 followers, or someone somewhere in between? What is your brand image, and how do this influencer’s content style and niche fit? These are some questions you can ask yourself when considering who to reach out to for partnerships—you always want to ensure it is the right fit for both parties.

Knowing Your Audience

It is always essential to know your customers and search for influencers likely to attract audiences that include existing and potential customers.

You must know your audience to make meaningful strides in influencer marketing.

Do It

One of the only ways to see if your proposed social media marketing strategy will work is to partner with an influencer to see how it pans out. Measuring your key performance indicators (KPI) can be crucial to gauging a successful or unsuccessful campaign. For example, tracking how many people sign up for emails, buy products, increase in followers on your social media pages, traffic on your website, etc., can all be metrics you use to see how an influencer marketing campaign goes.