To compete in this crowded marketplace, your advertising and marketing strategies need to be more effective than ever. Not only are there multiple businesses competing for the same niche in the marketplace, but there are continually new marketing strategies to take advantage of.
Although there are many marketing opportunities, you shouldn’t try to do everything. It’s all too easy to burn out chasing after the highs and lows of marketing FOMO. The marketing technique that works for Business A may not work at all for Business B.
To make matters even more complicated, not every marketing strategy will work well for your company, your industry, and your unique customer base. With the newest marketing trend being influencer marketing, you may be considering if it’s right for your business. Influencer marketing can work exceptionally well – if it’s the right strategy for your particular company. If not, it can be a colossal waste of time and money.
What is influencer marketing?
Influencer marketing is the act of reaching out to an influential person and getting them to share your product or service with their followers. It’s a way to get your brand in front of a large, trusting audience that the credible influencer has already cultivated. Influencers do not have to have huge social media followings, but they have to have the ability to persuade their audience to take action.
Who are the different types of influencers you can use?
There are many different types of influencers to consider contacting. Some will be harder to get attention than others. You don’t necessarily need a high-profile celebrity for your brand, and in many cases, a micro-influencer who’s highly targeted and credible to your niche will benefit your business.
It’s a good idea to think outside the box when it comes to finding and reaching out to an influencer for your brand. If they align with your target audience, your brand messaging, and have a credible voice in your niche, and it’s a good idea to start collaborating with them.
What’s in it for the influencer?
There are many different ways to compensate an influencer. Most internet marketing influencers prefer monetary compensation, but there are other ways you can pay the influencer.
Regardless, you need to add value to them and to maintain their image as a thought leader. Remember, they are giving you access to their audience, an audience who trusts them and one that probably took them a long time to build. Trust can be easily broken, so it’s important that your influencer is well-compensated for their efforts. This can be done through compensation (a payment for a post or content,) or through organic gifting of product or offering a free service.
So, how can you know if influencer marketing is right for you?
In many cases, influencer marketing is most effective when it comes to perception. Are you selling a lifestyle, one in which your brand relies on the customer perceiving it as being “cool”? If the customer purchases from your brand, will they be signalling to others that they possess a high social status? If status and lifestyle are integral parts of your brand, influencer marketing may be an excellent strategy to employ to grow your reach. This is especially true if your company is part of a luxury market.
It’s crucial that people trust you before they buy from you.
Trust is a critical factor in the buying process. Consumers need to know that you’re a trustworthy company whose product or service is going to solve their particular need. Current studies show that up to 49% of consumers rely on influencer recommendations to make a purchase.
If your product is the first of its kind and your company is a recent establishment, then people are going to be leery of buying from you. Your company has little track record, and minimal or no reputation, and your product is something no one has ever sold or purchased before. What reason do they have to trust you? If you can’t get people to buy from you, how can you build that crucial reputation? How can you possibly hope to get reviews for your product if everyone is too scared to buy? In these cases, a social media influencer can be incredibly beneficial to helping you get your business off the ground.
You want people to feel something when they use your products or service. And you want other people to desire that unique emotional experience that only your brand can give them. If you’re in a crowded niche, then it’s vital that you use emotions to differentiate yourself from the competition.
Getting an influencer to help you is a great way to create and cultivate these types of experiences with your target audience. Your influencers are cultural leaders within their particular group. When you get an influencer to speak positively about your brand in front of their group, then you’ll gain access to a huge, targeted audience that will want your products.
How can you make the most of influencer marketing?
Remember to look for influencers who are persuasive, able to sell to their audience, and have reach with an audience whose interests are relevant to your brand. Relevance is not only crucial for your bottom line, but it protects and can also enhance your influencer’s credibility and thought leadership with their platform.
It’s a good idea to be discerning and even picky about who you choose to market your products or services. It’s also vital that you have a way to fairly compensate the influencer for their efforts and access to their audience.
What are the significant benefits companies will see when they use influencer marketing?
- Increased brand awareness
- An emotional connection with their audience
- A growth in their customer base
- An increased web presence
- More established, deeper trust with their customers
- Increased sales and business growth
As with all things internet marketing related, you’ll need to test, tweak, hone, and pivot your strategy. While influencer marketing may not work for a competitor in your niche, it might work perfectly for your particular business. Now that you understand the ins and outs of influencer marketing, it’s time to give it a try!
Our team at Good Commerce has years of experience in the digital marketing industry. We’re well-versed in numerous, effective online marketing strategies that can help grow your business, including influencer marketing. Are you ready to take your business to the next level? Contact our team today and see what we can do for you.