Influencer marketing is essentially product placement. Whereas, in the past it would have been James Bond modelling your company's stylish new watch on the silver screen, now because of Instagram stars, influencer marketing it is much more accessible.
The general idea is that, instead of trying to reach everyone in your target market, you instead utilise a social media 'star' who has influence over that group. So first it means identifying appropriate people who have substantial audiences in your target market. Someone with 10k+ likes on Instagram is a good starting point. (Remember, they must appeal to your target market.) Next you need to either convince them to feature your business because of how wonderful and deserving the product is, or you can just pay them.
The concept of using star appeal to sell a product is far from new. Today, influencer marketing works well with content and social media marketing efforts to bolster your appeal and increase your audience, whilst all the while increasing the appeal of what you offer.
Sales & Branding
In this current climate of mass content generation and noise, audiences turn to the key influencers they trust to make informed judgements about brands, products and issues. Building relationships with the right influencers can therefore be the catalyst to improving brand value and increasing sales. Being associated with the leading influencers gives brands a credibility and trust that they cannot get anywhere else. It is a halfway house between advertising and PR that many brands feel is the best way for them to communicate their messages effectively.
What's the Return on Investment (ROI) of influencer marketing?
The short answer to this questions is - it's very hard to tell. While a spike in sales would be the dream key performance indicator (KPI) for influencer marketing, brands only really see a massive uplift in sales when its products are featured by big hitters like beauty vlogger Zoella or million-followers-plus accounts like Kayla Itsines. That means that the focus is more on brand awareness and ensuring your brand has a bigger share of voice than its competitors.
If you would like to discuss how influencer marketing could work for you brand, get in contact with our expert team today.