Influencer marketing is a business approach that involves leveraging well-known people or influencers to promote your product or brand to their respective audiences. They serve as a trusted mediator between the firm and the target audience, increasing the chances of sales conversion.
The benefits of influencer marketing over traditional advertising (ads) are appealing for any firm trying to increase brand recognition and lead conversion rates.
According to MediaKix research, 89 percent of marketers believe that the ROI from influencer marketing is equivalent to or greater than that of other marketing channels. Furthermore, according to another study, 75% of marketers have a large single budget allocated to influencer marketing.
So, what is an influencer? An influencer is someone who has a large following in a certain specialty and works as a brand advocate. In some ways, they are celebrities in their own right. They provide their audiences things in return for money, free products, or experiences.
Consider being introduced to a new company by a trusted friend. That is exactly how customers feel when they learn about your company via a trusted influencer.
Mejuri is one example of a brand that has found success with this strategy. Noura Sakkijha started the fine jewelry company in 2013, and it has developed primarily due to the power of influencer marketing. Collaboration with influencers and content producers drive their social media feed, and as a consequence, the brand has effectively established an engaged community and a thriving business.
Many online content consumers desire to have uninterrupted internet experiences. This includes the ability to choose what they see and hear at any particular time.
Marketing advertising on free platforms, on the other hand, pays to be a part of this experience. As a result, many users use ad blockers, resulting in a significant loss of income for advertisers, projected to be more than $12 billion in the United States and the United Kingdom by 2020.
Influencers are typically producers, thus their material, unlike advertisements, is quickly digested by their following, offering a greater return on investment than advertisements in many situations.
The endorsement of an influencer is a strong kind of social proof. During the epidemic, in fact, one poll found that consumers trust influencers more than brands. Use the power of influencers to gain trust through association.
Influencers devote a significant amount of time and effort to cultivating their particular audiences. Your reach to prospective new consumers grows enormously when you collaborate with an influencer who connects with your target clients.
Because earned media has a high value, companies may enhance brand recognition at a low cost by partnering with influencers. For example, for every $1 spent on Instagram influencers, companies receive $4.87 in earned media value. Isn't that a good return on investment?
Influencers provide extremely genuine user-generated content (UGC) that may be reused in a number of marketing situations. You may repackage influencers' material and use it on your company's social networks with their permission. As a result, the continual requirement for original content development in-house is reduced.
When done correctly, influencer marketing has the ability to improve brand engagement and sales conversion, but when done incorrectly, it has the potential to completely wreck it. Here's a rundown on how to do it correctly.
The first step is to determine what your unique company goals are based on the product type and intended audience. Goals for brand recognition, audience reach, and lead conversion assist in defining the scope and money available for influence marketing. With these in mind, the list of essential influencers may be readily whittled down. Finally, develop a key performance indicator (KPI) analytics strategy to determine your consumers' stage of decision making (awareness, purchase, consideration, preference, or loyalty) for return on investment (ROI) evaluation.
This is the simplest method of hiring influencers to promote your goods. It is dependent on recruiting individuals who are currently using and loving your product to join a program where they can earn a commission for selling it on their social media platforms. Placing the ambassador program on the store's landing page will draw attention to the advantages they can share with the business in exchange for promoting it. Such techniques provide a devoted marketing workforce that is only compensated when results are obtained.
Influencers are categorized here based on following and engagement numbers, as well as product niches. Because there are so many options, you'll need a well-thought-out approach to find the ideal influencers. For example, an influencer marketing agency exclusively provides the best approach to find the ideal influencer that overlaps your brand. QuikPlace on the other hand is an influencer marketplace that can assist your Shopify store in generating organic user-generated content (UGC) through your preferred influencer. Remember to share the social media campaign with your shop to enhance traffic.
Using the search engine optimization strategies adopted by influencers to increase exposure might help you identify people with specific interests that fit with your business. This may be done manually by searching for keywords in search engines like Google and Bing, or automatically by utilizing web scraping software. These influencers, however, still require screening via customized communications such as phone calls or email. Key indicators to look for include social media messages that are consistent in style and tone with your brand and engagement of more than 1%.
After you've chosen the ideal influencers for the task, negotiate and agree on content using the following criteria. The brand narrative of your Shopify shop should be properly portrayed in the campaign to provide transparency and a certain "wow" factor for the audience who will interact with the postings.
A brand narrative that demonstrates shared concepts with the target audience helps to give a product some context and foundation, making content consumers feel more linked to it. The interests of the influencer's audience will have a significant impact on your campaign's sales conversions.
After an influencer campaign, there is generally a large amount of UGC that may be gathered and shared throughout time to sustain brand engagement. Furthermore, if permission is granted by the original producers, this content can be repackaged in advertising and reviews.
Finding the appropriate influencer whose campaign can produce high-quality leads for your eCommerce business is excellent. At the end of the day, though, you must optimize your approach in order to maximize your return on investment.
Instagram posts for micro-influencers, for example, generally cost approximately $250, but those for macro-influencers cost much more.
Post engagement and Cost Per Engagement (CPE) are critical metrics to monitor if you want to know how much value the influencer is bringing to your company. The amount of time a post is seen, liked, and shared on a social media site is referred to as engagement. CPE can assist you in determining if it was a worthwhile investment to pay an influencer for a shout-out or to launch a campaign.
After CPE, the next statistic to monitor is click-through rate (CTR), which shows you how many visitors followed the link back to your Shopify store. This may be accomplished by generating a tracked link that will inform you of the site visitor's origin. The most essential measure is conversions or sales since here is where you generate income.
Following the tracked links allows you to quantify the number of conversions generated by your influencer marketing campaign or shout-outs.
Google and Facebook analytics are useful tools for analyzing influencer metrics on YouTube and Facebook/Instagram. Internal analytics solutions make it simple to measure overall interaction, likes, and shares.
The sites also provide plugins that can be inserted into the backend code of your Shopify store to measure CTR and hence CPE. Hyperauditor offers 3rd Party (unbiased) influencer analytics on millions of indexed Instagram accounts, generating AI-driven analyses on the prospective revenues from engaging a certain influencer based on their profile history.
Businesses may use this statistic to assess the potential ROI of dealing with various influencers across the channels listed.
Influencer marketing may offer benefits comparable to several various marketing channels combined, from creating a trust to growing your client base.
Start developing your influencer marketing strategy now with QuikPlace & You'll find the right marketing solutions for your business!