Return on investment generated by influencer marketing is 11x higher than that of banner ads. A 2019 survey by The Influencer MarketingHub, studied that on average, businesses make $6.50 in revenue for each $1 they invest in influencer marketing.
If done correctly and if using the right person for a particular brand, influencer marketing can have a massive impact on the positive sentiments about a company. Using influencers who are considered‘reliable’ sources for a particular business, one that consumers deem as trustworthy, has shown to have had positive sentiment increases of up to 80%.
3. USER GENERATED CONTENT
User generated content can be one of the most effective ways of seeing a return on investment when using influencer marketing. This is because it’s seen as giving reliable and valid opinions on a brand. Influencers can motivate their audience to share their own experiences with a brand. This gives brands the opportunity to spread awareness of their business and also being able to use the content for their marketing campaigns.
4. BRAND AWARENESS
Brand awareness is one of the most important reasons that influencer marketing exists and is used in a number of ways to determine a business’ return on investment. Some look at it to drive their sales, and others utilise it to grow reach. When properly applied, an influencer can increase the brand awareness for a business and allow a company to grow to new customers, and help build stronger relationships with their audience.
HOW TO TAKE INFLUENCER MARKETING SERIOUSLY/SELECTING THE RIGHT CANDIDATE
When done correctly, influencer marketing can truly help a business thrive. To ensure it gets to this point, businesses have to make sure that the steps they’re implementing are helping their campaigns take a stepforward. An influencer may have a large following, but if they’re not the right fit for your business, it will mean little for success.
1. ENSURING RELEVANCE
Influencer marketing can go wrong if not applied correctly.It doesn’t matter if an influencer has a large following on Instagram, if what they’re trying to promote doesn’t engage with their audience, it won’t work. Background research on influencers used for campaigns is vital to ensure their values align and their audiences will be interested in what’s being promoted.
Another crucial element of influencer marketing is ensuring that the candidates used have a high enough engagement to actually reach the target audiences. The influencer industry has become increasingly saturated,and due to this, false engagement and followings became a popular tool to use in order to seem more relevant. By checking the engagement of a potential influencer, one can ensure that they are actually reaching those the brand are attempting to target.
Being authentic is a huge part of influencer marketing, andwhere the audience can define an influencer and their values based on their content. Audiences can tell very quickly if an influencer is producing real,quality content or if their page is oversaturated with paid posts. By choosing to work with someone who is deemed authentic will heighten the chances of theaudience being interested in what they’re promoting, when they do choose to do paid posts.
INVESTMENT ON INFLUENCER MARKETING
When using influencer marketing, brands need to be aware of what investment is expected from them in return for the influencers work. This can vary between clients and who is doing the work.
If working with influencers who have a high following or are verified users, generally a monetary payment will be expected for their work. This will differ based on who the person is and what is being asked of them.
Not all influencer collaborations are paid work. Some influencers will accept products in exchange for content. This will depend on what the product is, as well as the following and reach of the potential influencer.
3. COMMISSION/AFFILIATE MARKETING
This is a mutually beneficial agreement between a business and the potential influencer and is an additional incentive to help support the influencer engagement. The influencer receives a commission on all sales made from their content, and includes tactics including pay-per-sale, pay-per-click and pay-per-lead.
Using influencer marketing is very worthwhile for brands who want to look at extending their reach through social media channels.
Influencers can help target audiences that brands would otherwise have trouble accessing. No Standing offers influencer marketing across various brand verticals with great success. If you’re interested in finding out more on how to devise an influencer marketing strategy, please get in contact via our ‘Contact Us’ page.