It might sound intimidating to incorporate influencer marketing into your inbound strategy, but influencer marketing at its core has been around for hundreds of years. The only major difference between then and now is who qualifies as an influencer.
Before it meant working with celebrities—primarily actors and actresses—but within the past five to 10 years, it has evolved into working with thought leaders and bloggers in specific industries (think wellness, beauty, and fashion). A few examples are wellness blogger and yoga instructor Cat Meffan of @catmeffan (145k Instagram followers), chef and best-selling author Tieghan Gerard of @halfbakedharvest (930k Instagram followers), and fashion and culture thought leader Sarah Andelman of @sarahandelman and #ColetteForever fame (157k Instagram followers).
With the market getting more and more saturated with products, apps, and brands, people are looking for quality recommendations from people they trust—aka influencers. So what can you gain from creating an effective influencer marketing strategy, and how can it help you reach your business goals?
By choosing influencers carefully, you can ensure that your product is reaching a specific audience. This allows you to spend less time building your customer base and more time converting them into loyal brand advocates. In addition, people who follow influencers really trust their recommendations and are more likely to purchase your product.
If you’re finding it difficult to grow your audience, influencer marketing can help. When you’re working with influencers, make sure to use authentic experts who have the audience demographics you’re looking for (learn more about how the HYPR platform can help you find the right experts here). It’s also important to make sure you have a say on the content the influencer uses to promote your product so you can use your strongest copy, reach more people, and maximize engagement.
Influencer marketing has grown into a $5 billion to $10 billion dollar industry, and as influencer marketing has become more accessible and measurable, it’s become an even more effective way to reach your marketing goals, stand out from your competitors, and stay relevant.
Using an influencer marketing suite like HYPR ensures that your influencer marketing strategy is successful by helping you discover and vet influencers to make sure their audience is healthy, engaged, and authentic. You can also use the HYPR suite to manage influencer relationships by organizing your contacts, communicating with them, and tracking campaign performance, setting yourself—and your marketing plan—up for success.
According to an influencer marketing survey conducted by Mediakix, 89% of marketers found the ROI from influencer marketing to be comparable to or better than using other channels. Working with influencers also tends to come at a lower cost than working with celebrities—you can even start as low as $50 per post in some cases—and smaller influencers often work for compensation in kind (free product), low fees, or success-based payments (paid per referral). This goes to show that prioritizing influencer marketing is both good for your business and good for your budget.
As influencer marketing and celebrity endorsements on social media have drawn a lot of attention by the MSM media, the FTC has been under pressure to take measures against dishonest influencers.Read More