In today’s competitive business environment, digital marketers opine that “Influencer Marketing is the fastest-growing channel for customer acquisition.” As more and more people join different social media platforms like Facebook, Twitter, Instagram, and others, the online marketplace keeps flourishing. Hence, it is a great place to tap new customers and engage with existing ones.
So, rather than you doing it alone, why not take a little help from the right people at the right time. This is where influencers come in. It is a very common trend that people believe recommendations from family and friends while making a purchase. These trends shape the influencer marketing in a modern way.
Around 63% of consumers trust influencers’ opinions more than what is promoted by the brand. About 58% of people have bought a new product based on influencer recommendations. So, you can imagine the impact of influencer marketing on revenue, brand value, and brand promotion. Let us look at the different types of influencers and how they work.
Different Types of Social Media Influencers
- Celebrity influencer: They have more than 1,000,000 followers and a huge fan following. They are mostly well-known people, and people accept their recommendations widely. They can reach multiple audiences across multiple channels.
- Macro Influencer: They have more than 100,000 followers and well known in the respective community or niche. They also have good engagement and have experience in working with brands.
- Micro-influencer: They have more than 1000 followers and have a close bond with their audience. They generally communicate through blogs, vlogs, forums, etc. The engagement rate is much higher in this case.
Hence, you can understand why digital marketers are willing to invest substantially in influencer marketing. According to a recent study, the total spending on influencer marketing will reach a whopping $10 billion in 2020, which was around $500 million in 2015. According to Hubspot, 80% of marketers feel that influencer marketing is effective and can generate 8 times more ROI. 89% of them say it works well or better than other marketing channels.
Among social media channels, Instagram remains the key social media platform for influencer campaigns. A recent study shows that globally, 88.9% of influencers use Instagram influencer marketing than last year. Advertisers were already spending around $1.6 billion on Instagram influencer marketing.
Influencer Marketing Tips
If you are an active Instagrammer and looking to grow your brand through influencer marketing, these tips will surely help you to master the endeavor.
1. Collaborate with micro-influencers:
Micro-influencers have maximum engagement with the audience. Take advantage of this and collaborate with them to promote your brand. According to data, they get 6.7 times more engagement than macro-influencers. They are considered a trusted source for a recommendation.
2. Reap benefits of Instagram Stories:
Statistics indicate that Instagram stories have double the number of active users than Snapchat stories. Creating shoppable Instagram stories is the key that will help in driving sales and build connections. The ‘swipe up’ feature works as an important tool for adding links that help to generate traffic.
3. Make use of IGTV:
Video content has a huge and long-lasting impact on followers. 59% of micro-influencers believe that IGTV is one of the most effective tools in terms of engagement and building brand awareness. Influencers can use IGTV to post tutorials, FAQs, unboxing videos, product demos, events, BTS footage, and a lot more to educate and engage the audience.
4. More contests and giveaways:
One way to keep the followers stick to your brand is by giving something exciting. Contests and giveaways are good ways to engage existing customers, bring in new prospects, and get traffic. It is a good idea to tie up with an opinion leader who can direct their followers to you as well.
5. Get on the influencer’s live feed:
Getting your brand on the live feed of an influencer is a great way to get noticed. Live Streams also helps you to talk about your brand, and if an influencer does it, then nothing like it.
6: Get a detailed review of your product/service:
A detailed review by an influencer about your brand can add value and attract customers as well. It helps to build trust, credibility, and authentication to your brand.
7. Make an influencer your brand ambassador:
Giving your brand a good face is very important. Look for influencers who can become your brand ambassador. Choose someone from your niche so that it is easier for the audience to connect and build a relationship with the brand.
8. Use Instagram takeovers:
In an Instagram takeover, you can collaborate with an influencer to take over your page and post on your behalf. This can be a win-win situation for both parties. On one hand, you can reach more customers via the voice of your influencer while the influencer gets to promote their personal brand and access new prospects. Here the trust factor is very important between you and the influencer.
Some important metrics help you to assess the performance of your influencer marketing campaigns. Brand awareness, Web traffic, Engagement rate, actual sales, and sales inquiries are some of the parameters to measure the impact.
Influencer Marketing Trends 2020
These are some of the major trends that will guide influencer marketing in the next year.
- Micro-influencers will keep growing (from the current 157 million already present on social media) with a higher engagement rate and influencer
- Video content will continue to thrive as a major influencer tool on Instagram
- The “No-Edit” trend will set in more with more shareable media
- Influencers will use storytelling for value-driven content and personal connect
Influencer Marketing will continue to thrive, especially on Instagram. The global spending solely on Instagram has been estimated to be around $2.3 billion, according to statistics. So, continue building your brand on Instagram and leverage the optimum benefits of influencer marketing.
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