Influencer Marketing — A Social Media Strategy On The Rise
A Social Media Strategy that Works!
In the past months Influencer Marketing has been drawing increased attention. Several companies are using Influencer Marketing as a social media strategy to increase sales & brand awareness at a low cost. With a return of up to 20$ for every 1$ spent, it’s no wonder that many are scrambling to get in on the action. While some marketers have figured it all out, there are many that are still confused — What is Influencer Marketing? Why does it work? How do I use it in 2017? In the video below, we discuss Influencer Marketing and how effective it can be.
Enter Influencer Marketing
Is marketing dead? They say people are getting too smart for marketing! Indeed, consumers are getting resourceful. Traditional marketing — like advertising, public relations etcetera — don’t seem to hold the same weight they used to. People are simply not buying into these campaigns — they take matters into their own hands and do their own research.
So how do marketers tackle this situation? Is there a social media strategy that is reliable? Enter: Influencer Marketing
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What Is Influencer Marketing?
What is influencer marketing? Well, it’s the type of marketing where you don’t communicate directly to your audience. But instead, you pinpoint key-leaders of a community — and you drive your message through them.
These “key-leaders” are people that have earned the trust of your target audience. Malcolm Gladwell talks about this in his book — The Tipping Point. He refers to them as “Mavens” — information brokers who share their knowledge and thoughts simply to help others. In the process of doing so — they build a foundation of trust with their audience
Influencer Marketing leverages these ‘Mavens’ to deliver their message. It’s like Apple going up to Superman and saying “Hey, could you tell all your fans that you love the new iPhone?”
Social Media Strategy: An Action Example of Influencer Marketing
Here’s a real example:
In 2015, Lord & Taylor — a retail giant — collaborated with around 50 instagrammers and asked them to post of picture of themselves wearing a specific dress on a specific day. With a 1000$ to 4000$ incentive, the instagrammers happily obliged and posted the pics on the given date.
The posts reached a total of 11.4 million instagram users — which prompted 328,000 brand engagements on Lord & Taylor’s account. The dress sold out in no time.
Most of the buyers, didn’t even know they were being advertised. Nor did they care — Because the ad didn’t disrupt their experience ON Instagram. If anything — it enhanced it.
That’s how effective Influencer marketing can be! Let’s look at a few stats to see why.
The Numbers Don’t Lie — This Social Media Strategy Works!
92% of customers said they trust recommendations from strangers over brands. And Of all marketers who have used Influencer Marketing as their social media strategy, 81% said they saw succes. That’s a pretty high success rate.
Another study showed that — for every dollar spent on influencer marketing — marketers are generating up to 20$ in return (Averaging at $6.50). With these strong returns, everyone’s scrambling to get in on the action before it’s too lat. Soon this social media strategy will be convoluted.
Here’s the thing, at the moment the value generated from Influencer Marketing is worth WAY more than what you’re paying for. But this won’t last long. Soon, there’ll be more marketing campaigns than there are trusted influencers. Prices for will go up, and margins will thin.
How do you get in on the action before it’s too late? Platforms like TapInfluence, MuseFind and Tomoson are making it easier than ever for marketers to target influencers.
Influencer Marketing — Do Your Research!
But before approaching an Influencer, do your research. Ensure that the influencer has the desired relevance and reach. And if you do decide on an influencer, let him be himself! The reason influencer marketing works so well, is because the message delivered is authentic. Holding an influencer to a script ruins that.
It’s important to realize that Influencer Marketing is by no means a quick & easy hack. It requires time and investment, but the returns can definitely be worthwhile!
About the Author: Shawn Dexter is an Entrepreneur, Product Manager, and former Software Developer. After completing his MSc in Computer Science and accumulating years of work experience, Shawn was ready to pursue his MBA in a top school.
But after extensive research Shawn decided to self-study an MBA. You can join Shawn on his journey to a self-directed MBA at http://SkipMBA.com
