What is influencer marketing? Let’s discuss the factors which affect the influencer marketing.
The corporate companies are striving for a customer’s attention on all the platforms, especially on social media.
In this competitive world, branded companies must be more elegant than ever before to gain a customer’s faith.
Many studies and researched data confirming that the traditional advertisement is no more going to help the company’s business production and sustainability in this current situation. Nowadays, many customers are not getting attention to traditional advertisements.
The social media platform is more crowded nowadays, where the companies need to put attention to target the customers. There are many ways to reach the right audience with their products’ promotions.
In the traditional advertising methods such as newspaper add, television and radio were old methods which couldn’t help the company’s growth nowadays as there are advanced advertisement platforms across the world where one can reach the right audience with just a few snaps.
Influencer marketing playing a vital role in the advertisement industry which could help the companies in getting better outcomes globally. Here, we will discuss the elements of Influence Marketing.
Theory of influence marketing
The popular persons on social media influence their followers because of the faith they had on the influencers. Nowadays the brand companies are working with influencers for promoting their products.
The followers believe the influencers, who work on one particular phenomenon, so with their experience, they could easily suggest their followers in choosing the best products in the market even influencers can review different aspects of the products of various brands available in the market.
Influencer marketing campaigns help the companies to maintain their product advertisements working towards a target to the customers’ attention.
Approaching the customer directly with a slogan saying, “our product is great”, shows a very less impact getting information from the influencer whom they trust.
If any advertisement running on television, usually we never pay attention to it. Our focus captures to some other things, such as changing the channel. There is no such a way to get out of the online advertisements on social media, for example, if the advertisement videos playing on YouTube, couldn’t avoid until the skip option pop-ups. There is one more option, where the companies can choose a non-skippable advertisement.
Influencer marketing is the new trend in marketing practice. Nowadays almost everyone’s eyeballs are on social media, where everybody is in search of key points and cons to achieve individual goals and one is keen and enthusiastic to identify the assets they recognize and feel.
The influence marketing fundamentally works on few sequence theories.
- Belief and dignity of a consumer towards influencer on social media.
- A faithful influencer recommends a product.
- Customers now believe and honor this product belongs to some brands.
Significance of influencer marketing:
Most of the customer’s draw information about some product through online reviews, a well-wisher’s suggestion, or influencer suggestions. Most of them don’t rely on banner advertisements or emails. It’s very hard to get customer’s attention in this rapidly growing market place.
Here the influence market plays a vital role, there are two main points that get the attention of customers towards the influencers, one is they might be the hub of vast information, and another point is, their skills and victory might influence the people.
So, we trust the influencers more which makes a sense like valid proof to believe in a particular brand or product. If anyone sees the person whom they respect and honor supporting a product on a social media platform, which in turn create faith in a product or brand.
Irrespective of age, everyone seeks for somebody who is deeply experienced in a particular subject such as medicine, business, and marketing.
The whole influence market works on this theory. The followers consider they are experts in a particular subject, so it creates a belief in them for the hub of knowledge.
Nowadays, influencer marketing is powerful ever been before. Celebrity commercial advertisements are great, however, if they come in the form of traditional advert, many viewers might still lose the spirit in it.
One study gave a conclusion that 86% of television viewers skipped advertisements by changing the channel. With this effect, a new concept was born with slogan advertisement free services such as Netflix. It is proof that; the consumers are not so actively paying attention to the traditional advertisements.
With this scenario, few of the television networks have reduced the volume of the commercial time in their programs.
The customer’s interest doesn’t have any fluctuations in the influence of marketing. The sponsored data is showing the same result equivalent to the non-sponsored data in getting a customer’s attention.
For an example, on social media platforms such as Facebook, Instagram, or some other platform, when the customers pay attention to the sponsored ads, usually the focus will be on the content without realizing that it’s essentially an advertisement.
The advertisement being engaged if the customer interested in it, however, they don’t get a feeling that they’re being sold. This is the elegance of influence marketing.
ROI performance of influence marketing:
Return on investment is the final goal of marketing. If the advertisements are well popular however, if it’s not generating any profits, in the end, it’s not serving actual results.
Let’s discuss how the ROI directly related to influencing marketing.
It’s not so easy to analyze the ROI over influence marketing campaigns, as it consists of different factors such as, how many individuals click through from the influencer’s advertisements and proceed for payment, however, the current customer’s opinions are non-viable.
Heads might visit the website, explore the products, spend for a while, however, there is no guarantee of these heads finally turning into consumers. So, it’s a complex concept to estimate the effect of influencer’s advertisements on their final choice to purchase a product.
Lead each campaign to its retained discount to make the influence marketing more effective. Certainly, the product might need to be sold at a grade price, however, it brings promised assurance of customer’s attention, as they prefer getting products at a discounted price and it’s very easy to record every sale happen through influencer’s marketing.
If we can able to estimate the ROI, How efficient influencer marketing outcomes in comparison with other marketing methods?
There are many examples proven that one can able to analyze the ROI of each influencer marketing campaign.
Establish an influencer marketing system with simple steps as below
Before creating the influencer marketing campaign, we need to do a deep investigation. The most important factor in choosing the demographic we are aiming at and the platform.
Based on the business and industry type, one can choose on which platform the influencer marketing campaigns created. If the company is a B2B organization, then it’s better to run the influencer marketing campaigns on LinkedIn rather than any other social media platform. If the industry belongs to video games, then using Twitch is the best option rather than any other social media platform.
One major factor to consider here is, we must make sure the campaign is reaching the right targeted audience.
After getting a clear idea of whom we are targeting, we need to come up with a complete plan of influencer marketing that includes every step from the original influencer outreach and the time period that the campaigns are going to run.
What are the clear vision and the purpose of your influencer marketing campaign? Is it for sales enhancement, to grab attention to a brand, or both of them? Setting these goals, you can analyze the performance of the campaign either it will be a success or failure?
Handling the allotted budget is an important part of the overall influencer marketing strategy. What’s the ultimate maximum budget you could offer? You need to make sure that the influencer had enough followers to give a guarantee of getting a better result.
You need to have a clear idea and vision towards the budget allocation before throwing the money at huge market rates.
Launch the well-designed campaign:
Once we get the list of relevant influencers, start contacting them and explain about your campaign execution plan.
You can easily approach the influencers who had a few thousand followers with just direct message or email, however, to approach the influencers who had greater followers need some special procedure such as inquiries page.
If you directly approach the celebrities with a direct message, they might treat this as trouble and it might lead to discouraging them working with your brand in the future. Keeping this in mind, always contact the celebrities in a formal way.
Involve all of your project team members in an email loop while reaching to the influencers (Celebrities). And be prepared with the budget plan as well.
Evaluate and analyze the influencer marketing campaign:
Keep an eye on the campaign performance and after ending the campaign take a snap break before the conclusion on the overall performance of the campaign.
The influencer marketing campaigns may not get sales directly, however, consumers get the attention of the brand and help in converting visitors into leads and make a buying journey.
Review the influencer marketing campaign’s performance after a few months after it ended. Analyze the results with the goals you have set, with this you have a chance to improve the game plan for the upcoming campaigns.
You might get different results like the influencers who had great following might end up with the lowest ROI or might need to improve in targeting a younger demographic. Work on the next influencer marketing campaign based on the previous influencer marketing campaign’s performance.
Enhancing your marketing approach is a continuing procedure, and it’s no more different from other marketing strategies.