Billions of people access social media at least once a day. This massive audience is one of the main reasons why social media marketing has become a big priority for businesses, organizations, and brands all over the world. There is a lot of potential for brand awareness and revenue growth if you can generate engagement on social media.
In recent years, influencer marketing has emerged as one of the most effective social media marketing strategies. Many brands are now directing significant chunks of their marketing budget on sponsored content.
What Does An Influencer Do?
Influencer marketing is when a company employs an influential person in their industry to increase brand awareness, improve website traffic, and generate sales. Influencers market to your target audience across different social media channels, so there is a great potential for customer engagement and revenue.
How Successful Is Influencer Marketing?
Influencer marketing is very effective because it combines two powerful marketing techniques: word-of-mouth and social proof. Customers trust the word of the people they admire, so if someone recommends a product or service to them, they are much more likely to pay for it, too.
As of 2020, over 90% of business and brand owners said that influencer marketing is an effective form of marketing that drives conversions and sales. Influencers tick many important marketing boxes: social reach, engagement, website traffic, sales, leads, downloads, and click-through rates.
How Much Do You Pay Influencers?
Influencer marketing can cost anywhere between $100 to $1 million per post. Pricing models can go two ways: pricing by existing follower count or pricing by engagement.
If you go by follower count, micro-influencers generally charge $10/1,000 followers on Instagram and $25/1,000 followers on Facebook. If you go by engagement, influencers can charge $250 or higher per 1,000 engagement (likes, shares, comments). Some influencers exceed average rates depending on your content type and your niche.
3 Ways Your Brand Can Benefit From Influencer Marketing
1. Get Around Ad Blockers
One of the reasons why influencer marketing is so popular is that some traditional marketing methods have grown ineffective over time. Ad-blocking software has become very sophisticated and efficient, so some paid ads don’t ever reach their intended audience.
Instead of wasting money on advertisements that will be blocked by over 30% of internet users, brands have turned to influencers instead. Consumers are invested in what influencers do and buy, and they are happy to respond to most content produced by influencers.
2. Consumer Trust
Word-of-mouth is far and away the most effective marketing strategy. People trust their friends, family, and co-workers to recommend products and services that are cost-effective and useful.
For many consumers on social media, this trust extends to influencers, too. If an influencer creates genuine-sounding and looking content that promotes your brand, your shared audience will likely purchase from you.
3. Brand Awareness
The main goal of influencer marketing is to generate sales. But there is another benefit that comes with sponsored content: more followers. Social media followers are free, piping-hot leads that you have a direct line to. Suppose they don’t buy from you in the beginning, but they’re curious enough to follow your account. In that case, you can create and deliver content that will eventually turn them into loyal, paying customers.
Influencer marketing is a very effective strategy used by thousands of brands, businesses, corporations, and organizations worldwide. Influencers have built a trusted audience that you can harness. If you choose the right influencer in your niche, there is a great potential for higher revenues, improved brand awareness, and long-term business growth.
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