Fuel Market Expansion with Influencer Marketing
What is influencer marketing?
Influencer marketing is a strategy that involves brands getting endorsements or recommendations from influencers and content creators on the internet. Most influencers are found on social media and blogs, although other creators, such as podcast hosts, can also be influential. Influencer marketing is often used to generate brand awareness but can also result in sales and conversions.
The options available to today's influencers are greater than those available to the original influencers. There are many social media platforms to choose from and many types of content to create. YouTube or TikTok are excellent options for anyone who likes video platforms. Blogs and even Facebook can benefit people who want to share long-form written content. Those who want a little of everything can turn to Instagram.
Influencer Marketing By The Numbers
If you don't want to be left behind, it's time to explore influencer marketing options. Regardless of your industry, there is sure to be an influencer who meets your needs. And don't be worried if you can only find smaller influencers in your niche because influencer marketing strategies typically generate an equivalent earned media value of $18 per $1 spent.
Social Commerce and the introduction of "buy buttons" is an obvious opportunity for influencers and companies to utilize influencers in their marketing strategies to convert leads into sales. Buy buttons, shopping-focused CTAs primarily used on social platforms, have been gaining prominence since 2015 and still show substantial conversion rates through 2022.
The value of social commerce sales in 2022 is estimated to be $958 billion.
In just one day in October 2021, two of China's top live-streamers, Li Jiaqi and Viya, sold $3 billion worth of goods. That's roughly three times Amazon's average daily sales.
By 2025, social commerce is expected to account for 17% of all eCommerce spending.
How To Build An Influencer Marketing Strategy
Now that you're ready to incorporate influencer marketing into your overall
, it's time to start with a strategy. Like any good marketing tactic, building a strategy can ensure that you're thorough and methodical. You'll know exactly what you want to get from influencer marketing, and you'll have a process for measuring it to see your progress along the way.
1. Identifying The Right Influencers
found that the biggest challenge for marketers was identifying the right influencers. 75% said that it was their biggest challenge in influencer marketing. A successful influencer outreach campaign should begin by identifying the right influencers for your brand.
2. Know your audience
is a marketing campaign's first and most crucial step. This first step will be the basis for developing the perfect marketing strategy.
Knowing what social channels they use and how they interact with them is key:
What type of content do they consume, and what is their demographic? For example, if you're targeting Millennials, platforms like Instagram, Snapchat, and YouTube might be your best option.
Check the channels and people your target audience already follows on those platforms to find out what types of influencers could most effectively reach out to your audience.
3. Research influencers
Your next step should be identifying leading influencers in your industry and determining how relevant they are to your audience.
Influencer Marketing Industry is set to grow to approximately $16.4 Billion in 2022
Influencer Marketing focused platforms raised more than $800M in funding in 2021 alone, an indication of the significant growth of the industry
The global number of Influencer Marketing related service offerings grew by 26% in 2021 alone, to reach a staggering 18,900 firms offering or specializing in Influencer Marketing services
More than 75% of brand marketers intend to dedicate a budget to influencer marketing in 2022
The growth of the Influencer Marketing Industry was strongly impacted by an estimated 9% YoY increase in usage of ad-blocking tools, with the average global desktop ad-blocking rate sitting above 43%
54% of the firms working with influencers operate eCommerce stores
2021 saw a notable increase in brands paying money to influencers. There is now an equal split between monetary payment and influencers receiving free products
68% of our marketers plan to increase their influencer marketing spend in 2022
Instagram was used by nearly 80% of the brands that engage in influencer marketing
Your brand needs to capitalize on influencer marketing if you want to raise brand awareness, increase sales, or promote your brand. Other marketing tactics don't have media value like this. To be successful with influencer marketing, you need to approach it strategically. Generating this kind of earned media equivalence only happens if you work with the right influencers in the right niche.
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