We’ve all been there: you’re browsing through your social media page when you notice someone enthusiastically promoting a product or service. Plus, there’s more. They have a sizable fan base. You’ll notice that this isn’t like the usual celebrity endorsements. Because the person you’re viewing is a social media influencer, the notion of an influencer marketing plan takes on a whole new meaning. (business marketing)
As a true millennial who has witnessed its consequences, I can attest to the need of using social media into your marketing efforts. Everything you need to know about Influencer Marketing is summarised below. This includes information on how much it costs to employ an influencer, the best social media platforms for running an influencer campaign, how to measure the success of this marketing technique, and case studies.
What is the definition of an influencer?
We called someone who has the power to “influence” potential purchasers by endorsing products on social media as an influencer. We can use several indicators to determine whether or not someone is an influencer. The most telling indicator, however, may be that the individual’s followers belong to a specific specialty and that there is active engagement between them and the genuine influencer.
Influencers are assets to a company’s social ties with whom they can cooperate to achieve Marketing goals, rather than merely “marketing tools.” This is what distinguishes a social media influencer from a celebrity endorser, and arguably makes them more successful.
When it comes to celebrity product endorsements, the emphasis is less on involvement and more on using the person’s reputation and name recognition to promote a company. In brief, the goal is to catch the attention of a larger audience, as opposed to the influencer’s specific audience.
The Price of Power
Influencers can be expensive, as you might expect, and there is no standard fee for including them in your campaign. The “one cent per follower rule” is a widespread practise among internet marketers. The $100 per 10,000 followers rule is how some marketers refer to it. Engagement rates, client budgets, and campaign lengths are all things to think about. Creative demands, production costs, timeline, and rights, according to Instagram Influencer Matt Crump (who has composed his own prices), determine the cost of employing him for your campaign. Crump noted that the number of followers he had at the moment determine the cost of a sponsored post. For 5-10k followers, the price can be as low as $100-$500, and for over 1,000,000 followers, the price can be as high as $10,000.
The Most Popular Social Media Platforms
It’s critical for marketers to figure out which platform will provide the most ROI for their influencer marketing campaign. According to Linqia, , over 68 percent of marketers recognise the most effective social network for an influencer strategy in 2019 is Instagram. Facebook came in second with 51% of the vote, followed by YouTube, Blogs, Pinterest, Twitter, and Snapchat. The takeaway is simple: If you’re thinking about implementing an Influencer Marketing approach, start with Instagram!
How to Evaluate Your Success
Despite the fact that over 60% of marketers are primarily focused on increasing brand recognition, engagement, and impressions (Linqia), it’s still crucial to track sales generation, conversions, audience sentiment, and clicks from such campaigns. Because influencer marketing is a constantly changing field. Marketers must examine their measuring procedures on a regular basis to ensure that they are held to the same high standards as other media investments.
3 Case Studies of Influencer Marketing That Worked
It’s time to look at influencer marketing ideas in action now that you know what an influencer is, how much they cost, which social media platforms to employ for your influencer marketing campaign, and how to measure its performance. Four successful influencer marketing examples are as follows:
Naked Juice-Naked Juice decided to collaborate with Instagram influencers Beth Norton and Kate La Vie through sponsored Instagram posts in order to increase their brand recognition. We can find Images of Kate La Vie’s clothing and cosmetics necessities on her website. The brand was able to strategically collaborate with her pictures as a result of this. The advertising was a huge hit. According to Social Bond, the Instagram post received over 2,000 likes and comments in less than 24 hours. Naked Juice was also able to portray themselves as a “luxury juice” brand as a result of this campaign. The corporation earned $57.4 million in sales by the end of 2017 as a result of the campaign’s success.
Sperry Boat Shoes–At the end of 2016, the well-known boat shoe manufacturer “Sperry” partnered with over 100 Instagram “micro-influencers.” “Sperry Enthusiasts” were the main inspirations here. Sperry discovered Instagram enthusiasts who were already submitting photos of their shoes in order to create compelling content for its audience. Following that, the firm invited these users to contribute to its Instagram account by creating content. The plan was successful. Sperry’s 2016 most engaged photo had 8,278 likes, according to Curalate. What were their methods for accomplishing this? Slava Daniliuk, an Instagram influencer with 4,500 followers at the time, took the photograph. Daniliuk also used the brand’s signature hashtag, #OdysseysAwait, which further boosted engagement.