Influencer marketing is one of the fastest growing segments in marketing for brands today. Influencers on social media have an impact on the purchasing decisions of their followers. This makes influencer marketing a more affordable medium for brands, as compared to traditional media channels. The community of followers that influencers have follows its recommendations closely.
Conventional marketing methods such as TV commercials and print ads are expensive. They require larger capital that most companies don’t have access to. Additionally, most viewers now skip or avoid advertisements. Majority of the public doesn’t want the seller to force a product or service upon them by constantly displaying it on their television screens, hoardings or newspapers. This is why branding on social media is essential. It helps brands to directly reach out to their specific audience.
While celebrity endorsements are also effective, they are quite expensive as well. Most celebrities have a social media presence with thousands of fans and followers. However, brand promotion by a celebrity can be a costly affair. Moreover, a lot of the times, the audience can tell that the endorsement is a paid one, and may not actually follow through with it.
Influencers on different platforms have different content and followers. More often than not, influencers specially cater to certain fields of brands. This makes it easier for brands to identify the influencers for their marketing strategy depending on their brand image.
Nevertheless, influencer marketing has its own set of risks. Many times, certain profiles may pay a certain amount to gain followers. These followers are not generic, meaning that the brand’s promotion may not get any leads. Such profiles with fake followers can prove to be a major hindrance in generating a ROI for influencer marketing. Always check for fake profiles before going through with an influencer marketing strategy.
While there is no concrete method to measure the ROI of influencer marketing, there are ways by which you can definitely boost it. Pick an influencer that can portray the image of your brand correctly. Make sure that your target audience and the followers of the influencer you choose coincide. The ultimate goal is to increase sales. The ROI for most influencer marketing strategies tends to be brand awareness. The conversion of these leads to sales is not clear. The ultimate goal of every brand’s marketing strategy is obviously to increase sales. Plan your influencer marketing strategy in the way that will help promote your brand in the best way possible. Avoid making it seem like it is paid for. The public follows influencers for genuine product recommendations and reviews. People are more likely to purchase a product when it is recommended by an influencer than when it is endorsed. It gives a personal touch to the promotion that resonates with the audience. A genuine review given by an influencer to the correct audience is guaranteed to gain more sales figures for the brand. The ROI for a well-framed influencer strategy is sure to be higher when it is designed and executed appropriately.
In conclusion, influencer marketing is a good promotion strategy, when planned well. It is definitely a cheaper, and arguably more effective, method of advertising for brands on social media.