More brands are using a new form of marketing – influencer marketing – in their marketing strategy. Learn more about influencer marketing and how to take advantage of it.
During 2017, companies spent more than $1 billion dollars on influencer marketing. It is safe to say that these investments will increase in 2018 as well.
Businesses should no longer ignore influencer marketing; it's not just another social media marketing infatuation. Influencer marketing is currently considered the best way for generating a high return on investment (ROI) through digital marketing. Forbes claims that influencer marketing is the most effective way of advertising.
The term "influencer marketing" has become the most searched item on the internet, after it saw an increase of 90 times from 2013 to 2016. More brands are implementing this form of marketing to boost their returns. To grow your brand in 2018, below are five influencer marketing approaches you should try.
1. Work with micro, macro, and mega influencers.
Marketing campaigns with influencers can boost the SEO of any business. The key is to find the correct type of influencers for your campaign. Generally, influencers are classified into three categories: megainfluencers (celebs), macroinfluencers and microinfluencers.
Microinfluencers were in demand throughout 2017, but 2018 will witness the unification of influencers. Brands will use a combination of the different types of influencers. Each type of influencer targets certain audiences, which helps brands expand their reach.
In 2018, campaigns won't be limited to brand promotion. Instead, they will create an experience and establish emotional connections between the brand and their target audience. There are a number of service providers you can connect with that specialize in influencer marketing.
2. Try video influencer marketing.
Video marketing is a trend that's been hard to ignore in 2017; it presently accounts for nearly three-quarters of internet traffic. According to The Next Web, videos are more effective and impactful at increasing sales compared to text-based content. Video marketing will the next biggest trend in the coming year.
Audiences are bored with seeing the same kinds of posts again and again. The pictures are processed, and everything looks perfect, which is far from reality. Audiences are looking for something original, and videos make that possible. Videos are more engaging and have less scope for manipulation. Plus, videos are fun to watch and are more genuine, which is why influencers often use videos for marketing. Video marketing is flexible – you can post them on many different social media platforms, including YouTube, Facebook, Snapchat and Instagram.
Not sure what videos to create for your business? Videos can be in the form of a product unveiling, reviews or tutorials – these are just few ideas.
3. Track your ROI and KPIs.
According to Linqia, measuring ROI in influence marketing is the biggest challenge (report 78 percent of marketers). To simplify this task, your performance indicators should be aligned with the campaign's goal and objectives, and your KPIs should be specific and measurable.
According to The Next Web, new software and influencer marketing platforms will continue to be developed. These tools can help simplify the process of calculating KPI results and ROI.
4. Invest in Instagram stories.
In 2017, Instagram proved to be the most popular platform for influencer marketing campaigns. In September 2017, Instagram reached a milestone of 800 million users using the app on a monthly basis. In the coming year, the use of Instagram as a marketing platform will increase even more.
Currently, influencer marketing is worth $1 billion on Instagram, according to Mediakix. And it is predicted that it might cross $2 billion by 2019. Instagram is a win-win opportunity for brands as well as influencers. A visually beautiful and relevant post will grab the attention of more potential customers, and it can increase the number of followers.
5. Build a strong influencer relationship.
As influencer marketing grows, so, too, does the demand for influencers. More brands are incorporating influencers into their campaigns and marketing strategies. However, along with increased demand, the costs and value of their services are increasing as well. Previously, sending influencers free samples of products or free trials of services would sometimes suffice as compensation. In the coming year, however, businesses will have to put in more effort.
For influencers, it is not all about the money. In 2018, many will want to be more careful and selective about the brands they work with, preferring to only work with brands that want to forge a long-term partnership with the influencer.
Have you already tried influencer marketing in 2017? If not, try any or all of the above-mentioned creative approaches to influencer marketing. These approaches can help your company and brand reach more people and increase revenue in 2018.