Influencer marketing, when done right, can advance a company’s branding and lead them onto the road to success.
However, therein lies the question of the type of influencers out there to choose from. With more people joining the influencer network, here’s a good way to segregate them into categories:
- Mega-influencers: More than 1 million followers
- Macro-influencers: From 300,000 to 1 million followers
- Micro-influencers: Between 10,000 and 100,000 followers
- Nano-influencers: 100s to 10,000 followers
Keeping the overview in mind, we will focus on the benefits of using influencer marketing for your brand in this article.
#1: Track conversions instantly
If you’re in the business of app-making or selling e-commerce products, then engaging influencers to market your product can allow you to track conversions almost instantly.
In fact, fast-moving consumer goods like beverages or even affordably priced cosmetics stand a higher chance for quick sales revenue since the decision-making process for consumers is relatively short.
#2: Elevates brand awareness
For items or services that are harder to sell instantly, that’s okay. Your marketing dollar invested in engaging the right influencers will not be gone to waste just because there are no conversions.
When your influencers market your product via personal recommendations, their loyal followers get to see it. While they may not buy at once, there’s a high chance of them spreading the information to their friends and family members. This could elevate your brand awareness!
#3: Retain more sticky customers
Image Credits: retailcustomerexperience.com
Research has shown that customers generated via influencer marketing are likely to be more sticky than those attracted via other media sources.
But it’s also wise for the marketing team to plan out a long-term strategy to work with various influencers and keep the ones that help bring in sales or traffic. A one-time off partnership with an influencer may not generate much credibility, so plan for the long run and ensure your marketing budget is taken into account.
#4: Venture into new markets
With COVID-19 still raging strong after more than 1.5 years, businesses may be left in a lurch for their expansion plans.
This is where influencer marketing can help you venture into new markets because no one can speak a lingo better than the locals themselves. It will make perfect sense to engage local influencers if you plan to promote your products to a specific target audience. Try it, and you will see for yourself how effortless it is to reach global communities.
#5: A domino effect on other media spendings
As we come to a close, know that not all influencer marketing campaigns can bring in the revenue you desire (at least not immediately).
However, take heart in knowing that there is a domino effect on other media spendings. With elevated brand awareness, you will probably see more organic traffic to your website. This thus means that the cost of Google Ads may also decrease.
Final thoughts
We recommend that businesses allocate at least 10% of their marketing budget to influencer marketing.
You can choose to start small and experiment with small scale campaigns before you go big to finance your long-term influencer marketing plans. Sometimes, all it takes is a little trial and error before you get the hang of it.
Don’t miss out on the benefits of using influencer marketing for your brand!