Big brands are using influencer marketing to acquire customers and promote their brands. It’s already a multi-billion dollar industry. And it is expected to become a 5-10 billion dollar market by 2020.
A lot of money is being invested in influencer marketing. But what kind of ROI are marketers really getting? And which influencer marketing strategies are working the best for big brands?
Business owners and marketers often have these questions. If you want to learn more about influencer marketing, we have a simple guide for you.
Let’s take a look at the most important strategies and ROIs associated with influencer marketing:
Influencer Marketing Strategies
Influencers typically have large audiences on social media. They are experts in their fields. If you can get them to showcase your products or services, your brand will get more visibility. If you can partner with the right influencers, it can help you increase your sales as well.
Here are a few strategies you can use in your next influencer marketing campaign:
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Let’s get started with the Influencer Marketing Strategies.
1. Guest Blogging
Get influencers to feature your product on their website. This can also be done vice-versa. You can also ask influencers to write for your website. In both cases, you will increase your brand’s visibility and engagement. This strategy can also help you generate high-quality backlinks and improve your search rankings.
2. Discount Coupons
Encourage influencers to post a discount coupon along with your sponsored post. This way, they can give a special incentive to their followers. This strategy can help your brand to convert leads and drive more sales.
Encourage influencers to get more followers involved by organizing competitions and giveaways. It creates a sense of excitement among their fans. It also helps you reward people for commenting, sharing, and liking your sponsored posts.
L’Occitane’s giveaway campaign with New York-based beauty blogger, Alyssa Bossio, was quite successful. In less than a week, they had more than 900 likes on a post promoting their new line of products, the Aqua Reotier skincare range.
4. Brand Mentions
Ask influencers to mention your brand in their blog posts and social media posts. The more people see it, the more familiar they will be with your brand. It helps them become more aware of your brand and what you stand for. Brand mentions on multiple websites can help your brand create a buzz about your products quickly.
Product reviews are great marketing tools that do not come across as too pushy. People trust influencers and their recommendations because they are experts in their own niches. They can showcase all of the salient features of your product in a natural manner. In this way, reviews from influencers can help you to build a positive brand image.
6. Social Media Takeovers
Let influencers take over your social media handle for a day to create engaging content. This strategy will give you direct access to the influencer’s followers. And it helps keep your social media profiles fresh and exciting with new content. This can translate into an increase in engagement, traffic, and sales.
You can leverage the popularity of influencers by inviting them to your events. Invite them to your product launches, anniversary celebrations, and milestone celebrations. You can get good publicity when they share photos and videos from your event on their own channels.
Whenever you partner with an influencer, ask them for testimonials. After your influencer marketing campaign has ended, you can showcase them on your website. Their involvement with your brand gives you more credibility.
To make the most out this strategy, you should place influencer testimonials on your homepage and/or your product/service pages. You can also pin testimonials to the top of your social media profile for a while.
9. Ambassador Programs
Ambassador programs are similar to celebrity brand endorsements. But influencer ambassador programs are mainly about social media. Influencers will become the face of your brand. They will use their social media account to promote your brand. This strategy is great for brands as they can attract loyal customers.
10. Free Products
If you are new to influencer marketing and want to start small, start by giving free products to influencers. This type of promotion is not paid but does not guarantee promotion by influencers. You can send your products to influencers for them to try. If they like them, they may showcase them on their social media profiles.
Some products may need demonstrations for users. For this, you can ask influencers to create tutorial videos and articles. You can educate and promote your product together with this strategy.
12. Live Videos
Decide on a theme that is related to your brand and get an influencer to discuss it. Use Facebook and Instagram Live to get the influencer’s followers on board. Live videos are a great way to get consumers talking about your brand. And they are a quick way to improve engagement and increase brand awareness.
13. Cross Post Content
Whether you’re doing for guest blogging, tutorial videos, or any other marketing strategy, one thing remains the same. You should cross post all content. With this strategy, you can highlight that you are teaming up with an influencer to a wider audience. This will benefit both your brand and the influencer.
14. Affiliate Links
For lead generation via influencer marketing, affiliate links are a great option. Influencers can share your affiliate links in sponsored posts about your brand. Influencers can even offer special discounts to their followers through affiliate links.
This acts as an incentive for their followers to make a purchase. Many influencers are interested in affiliate links as they can get a commission on each sale. It’s also easy to track progress with affiliate links. It’s a win-win for all.
ROIs Associated With Influencer Marketing
Recently, influencer marketing has become a popular buzzword in the world of marketing. Marketers are moving away from traditional forms of marketing towards influencer marketing because it has the potential to drive higher ROI.
According to a Nielsen study, influencer marketing can result in 11 times higher ROI than traditional advertising. While a lot of companies want to launch influencer marketing campaigns, they are not clear about how they can generate or track ROI.
Each influencer marketing campaign has a different goal. Depending on your goal, you may not always see direct sales conversions.
Here are some ways you can calculate the ROI of influencer marketing campaigns:
When influencers post about your brand, you need to track the kind of response it receives from their followers. The number of likes, comments, and shares are the metrics you should look at to track engagement.
However, likes are not considered very important. That’s because a lot of people may also randomly like a post without even reading it completely. On the other hand, shares and comments show that people are really interested in the content.
A good engagement rate means that you are on the right track to building brand awareness. You are able to build stronger connections and reach your target audiences. It’s a sign that people are showing more interest in your brand.
Sales are a direct metric to gauge the success of an influencer marketing campaign. You can compare the amount that is invested against the revenue generated.
If you execute your influencer marketing campaign well, it can help you increase sales. A study by Twitter showed that purchase intent increased by 5.2x times when users were exposed to influencer and brand tweets.
3. Website Traffic
If influencers share your website link, you can expect a boost in website traffic. If your influencer marketing campaign aims to increase social reach, you should track website traffic.
Tracking website traffic will require you to look at metrics like unique visitors, time spent on your website, and more. Here are the metrics that will help you check your ROI through website traffic:
- Unique Visitors: Keep an eye on the number of unique users who are visiting your website. Then you will be able to see how much your website traffic has actually increased after your influencer marketing campaign started. Tools like Google Analytics, SEMrush. and others can help you find your daily unique visitors easily.
- Time Spent: You may be getting a lot of new users on your website, but are you able to retain them? If they scroll through your homepage for a few seconds and just click away website, that’s a bad start for you.
You want users to spend more time looking at different your content. The lower your bounce rate, the better it is for your website. Keeping track of the time spent by users can help you figure out if you need to change your content or marketing strategy.
- Referral Traffic: Referral traffic allows you to track users who are visiting your website through affiliate links. An easy way to do this is to link your campaign with Google Analytics.
- Number of Pageviews: Check the average number of pages that users visit when they’re on your website. You can leverage this information to understand how you can improve your website.
Impressions will help you track the total number of times people have viewed an influencer’s post. It’s useful to track the true reach of posts on Facebook, Twitter, and Instagram. You can also use this metric to compare the reach of multiple influencers.
Another way of looking at impressions and engagement is through sentiment. There are no numbers involved in it. Which posts do audiences connect best with? Which posts go viral? And which topics do people respond to more?
You can observe the responses to posts by influencers to understand the types of content that resonate best with your target audience.
Most people think that sales and conversions are the same. But in reality, they are often different. Conversions are related to the goal that you want to achieve through your influencer marketing campaign.
If your goal is to get 10,000 new subscribers to your blog, then every new subscriber you get is a conversion. If your goal for sales is $5,000 per week, then each sale that contributes to that goal is a conversion. To understand the ROI for each conversion, assign a value to it. For sales, it is easy to calculate. But for other goals, it may be more difficult.
7. Audience Reach
If your goal is to get your product in front as many people a possible, audience reach is important. It may not seem easy to track your audience reach when you are working with influencers. To get an estimate of it, you can see the number of followers an influencer has.
Additionally, you can check the number of shares that the influencer’s post has. However, you need to be careful while calculating this metric. Some influencers may have paid followers. These followers may not truly be interested in the influencer’s content. So, there is less of a chance of them engaging with the influencer’s content.
If you are working with influencers in your own niche, audience reach is a very important metric. Typically, these influencers will cater to an audience that is interested in your industry. You can leverage their authority in your industry by reaching out to a wider audience.
Influencer marketing can help any boost your visibility, engagement, and sales. It can also drive a high ROI if you know which influencer marketing strategies can work the best for you.
If you are not doing it right, you might end up wasting your resources. So, it’s important to understand the strategies and ROIs associated with influencer marketing before starting your campaign.
Did we miss out on any important influencer marketing strategies or ROIs? Please tell us about them in the comments section below.
Note: This is a guest post by Brandon Brown. If you have an interesting article to contribute, then check our Guest Blogging Guidelines.