Influencer Marketing on Social Media
Today, it’s all about Word-of-Mouth and Social Proof. If you heard someone giving good reviews about a product, you do think about it. However, if that someone is a celebrity or an influencer then you don’t have a second thought of it and you go for that particular product. Influencer marketing on social media has become the new standard form of online marketing.
As the number of influencers or celebrities is on the rise, the word influencer marketing is becoming the new trend in digital marketing. So, without any delay let’s get to know what influencer marketing on social media is all about.
What is Influencer Marketing?
Influencer marketing is a part of the social media marketing that involves brand collaboration, endorsement, and product mention from an influencer to promote their product and services. An influencer is an individual who has a massive number of social media followers and is professionals within their niche. These influencers improve brand awareness of your products or services. Further, help in increasing the traffic to your sites as well as promote your products to your ideal audience all over the social media.
Objectives of Influencer Marketing on Social Media
Create Brand Awareness
If you are all set to launch a new product or service? Influencer marketing is all you have to dive in. Influencer marketing on social media is a great way for you to increase your audience aware of the product or services. It also strengthens the brand image. Almost 86% of women use social media and made their purchase decisions after influencers post.
Target New Audiences
The influencers are well recognized on social media platforms, such as Instagram, Facebook, Youtube, etc. and are followed by millions of people. Therefore, endorsement and product mention of your services by the influencers will help you gain the target new audience.
Increase in Sales
The more increase in influencer marketing campaigns will give rise to more sales of your products. The industry is all set to reach $10 billion in worth by 2020. So, it is the right time for you to invest in influencer marketing on social media.
Enhance Brand Outreach
Influencers provide your brand strong endorsements as well as spark word-of-mouth conversation. As they have massive followings, authority, or knowledge, they do have the power to affect the purchasing decisions of others.
Strategies to Influencer Marketing on social media
Define your campaign goals
Before any marketing strategy or plan, always start by setting up your goals. These goals will help you measure the success of your campaign. Create SMART goals at the early stage, this will help you to track down the metrics. Some of the goals that you should consider for your campaign include –
- Brand Awareness
- Audience and Link Building
- Sales and Lead Generation
- Customer Loyalty
Select the best Influencer Marketing campaign
Once your goals are all set, it’s time to search and select the best influencer’s marketing campaign. It will help you generate sales as well as increasing the target audience for the brand. Hence, you can pay them for promoting your brand. Moreover, you can also give them gifts in exchange for a review or product mention.
Determine your campaign audience
Before moving forward to look for influencers, identify your audience. Select out the details with who you want to connect through your campaigns. Learn more about your buyer personas. Therefore, it will help you to determine what type of influencer and content will attract your target audience.
Choose the right influencers and Set your Budget
After determining your target audience, you can look out for the right influencers who will help you to accomplish your goals as well as connect with your target audience. There are several types of influencers such as Celebrities, Bloggers, Social media stars, etc. that you can reach out for your brand. Further, set your budget, for example – if you are a start-up, you should consider working with a micro-influencer. These influencers are cost-effective.
Review Influencer work
Keeping track of the influencer work will help you to analyze your brand success. It will provide you with answers to all your questions like –
- Does working with this influencer are increasing my sales?
- Is the target audience is active on the channel used by the influencer?
- Does this influencer fit in my brand image?
Track and Measure your Campaign Results
Selecting the best influencer marketing campaign and reaching out to the influencer is not enough. For your brand to get successful you constantly need to check the results. Use metrics and track the data for each and every influencer marketing campaigns. If you are wan to track the overall traffic and leads generated to your site, Google Analytics is the best tool to use.
Influencer Marketing Statistics of 2020
Nowadays, as the number of users on social media is rising, influencer marketing is receiving more attention from marketers. It is the fastest growing online method to obtain new customers. Moreover, marketers are willing to invest in influencer marketing on social media, as influencers are trusted by millions of consumers.
Across all the social media platforms Instagram is the most widely-used platform in the industry. Hence, marketers are all set to plan on increasing their marketing budgets.
- 65% of influencer marketing budgets are set to increase in 2020.
- 19% of marketers’ influencer budget lies between $1000 – $10,000 per year.
- 17% of the companies are going to invest half of their budget on influencer marketing.
- 90% of marketers believe the return on investment (ROI) is better from influencer marketing rather than other marketing channels.
- Instagram has become the number one influencer marketing on social media platforms. However, Snapchat is the least favorable.
Influencer marketing has become the most popular online marketing. It provides the best results to the marketers or brands investing in it. So, Hurry up, it is the best time for you to apply all the strategies above and find the influencer that is the best fit for your brand. Further, it’s a great way to connect with your target audience, increasing brand awareness, and boost your sales.
You can also search for other effective ways of marketing which will provide you with amazing results. Moreover, Here are some of the most popular marketing channels that you should consider for your brand.